The rising number of diabetes and obesity cases and continuous product innovation and development are the major factors that are boosting the growth of the market in the coming years.
The key drivers boosting the demand of the diabetes care devices market include the increasing incidence of diabetes & obesity and the growing technological advancements as well as spending on the healthcare sector across the globe. As per the WHO, the worldwide prevalence rate of diabetes disease touched 8.5% in 2014. The prevalence rate for diabetes has been increasing drastically, especially in middle to low-income economies. In 2015, around 1.6 million deaths were directly related to diabetes, and approximately half of the patients were below the age of 70 years. The growing consumption of junk food and alcohol intake are the significant factors that are strengthening the growth of the diabetes care devices market size.
Numerous manufacturers are emphasizing on bringing technological development in the product to deliver more accurate results. Moreover, increasing product innovation will bring numerous growth opportunities in the global diabetes care devices market. Furthermore, the rapid urbanization and the growing disposable income of middle-class families are promoting the customers to opt for diabetes care devices for regular self-monitoring and tracking of diabetes. On the other edge of the spectrum, the increasing consumer awareness related to the side effects of the diabetes care devices is likely to restrain the growth of the market.
On the basis of product type, the blood glucose monitoring device segment exhibits substantial growth potential and is expected to gain traction over the forecast period. This is attributed to the rising number of modifications and technological development in diabetes care devices. The glucose monitoring device offers an accurate measurement of the glucose level and provides a warning if the glucose level goes too low or too high. In contrast, the insulin delivery devices segment is expected to witness a higher CAGR during the forecast period owing to the rising adoption of these devices among the healthcare professionals and patients as a result of the exceptional benefits offered by them, such as high stability and technologically advanced properties.
Based on the end-user, the home care settings segment is anticipated to witness considerable growth in the next six years. This is due to its user-friendly nature and easy availability at an affordable price range. The end-users have shifted towards the usage of diabetes care devices at home instead of visiting clinics or healthcare centers for regular health check-ups. In addition to this, increasing technological advancement in these devices, along with the rising number of research and development activities to make the devices more user-friendly, will further boost the demand of the market over the coming years.
On the basis of the region, the Asia-pacific region is anticipated to be the fastest growing region in the diabetes care devices market in the next six years. The rising government and private funding towards healthcare infrastructure in the Asia Pacific countries is the key driver that is boosting the demand of the market in this region. The growing population rate in the developing economies, such as India, China, and Japan, and the rising consumer awareness regarding the exceptional advantages offered by these devices will promote the consumers towards the usage of diabetes care devices during the forecast period. The continuous advancement in technologies and the various initiatives taken by the government to spread awareness will further accelerate the market’s growth in this region.
The key players of the diabetes care devices market include Bayer Healthcare, Biotronik SE, Roche Holding AG, Abbott Laboratories, Becton Dickinson and Company, Medtronic plc, Dexcom Inc, and GlaxoSmithKline, among others.
The research report on the diabetes care devices market provides an in-depth analysis of the market revenue based on product type, end-users, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.