Diabetes Care Devices Market Overview
Diabetes is a group of metabolic disorders, chronic condition which is associated with abnormally high level of sugar (glucose) in the blood. The diabetes patient pool is expected to reach 380 million by 2023 because of drastic rise in population, sedentary lifestyle, unhealthy dietary patterns etc.
The market driven by factors like increasing pool of patients suffering from diabetes, more investments in R&D resulting in technological innovations, diabetes diagnosis and treatments with minimally to noninvasive techniques. Furthermore, by increasing awareness, improving diagnosis and treatment rates, a growing need among people for safer, faster and effective methods will lead to increased adoption rates for diabetes care devices. However, market is restricted by high cost associated with diagnosis and treatment. Moreover, reimbursement issues and patent expiry are also an issue.
Diabetes Care Devices Market Forecast Report (2018-2023)
Global Diabetes Care Devices Market has been estimated at USD 19.29 Billion in 2018 and is projected to reach USD 25.49 Billion by 2023, at a CAGR of 5.73% during the forecast period from 2018 to 2023.
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Diabetes Care Devices Market Segmentation
The diabetes care devices offer solution to diabetes patients to manage glucose in blood. Here in with, the diabetes care device market is segmented by device type and by country. By type the market has been segmented in to Diabetes monitoring devices, Insulin delivery Systems and Diabetes Control Solutions. Further, the Diabetes Monitoring Devices market is segmented into Self Blood Glucose Monitoring Devices and CGM Systems. Accordingly, Insulin Delivery Systems is segregated under Insulin Pens, Insulin Pumps, Jet Injectors and Insulin Syringes.
Geographically Global diabetes care devices market has been segmented into North America, Asia-Pacific, Europe, Latin America and Middle-East & Africa. Among these the North America held the largest share in the global diabetes care products market. Europe and Asia-Pacific follows the North America’s way. Especially the Asia-Pacific region provides significant opportunities for the diabetes care in which China (1.3 billion) and India (1.2 billion) being the most populous countries in this region, contributes for the demand for diabetes care devices. According to the International Diabetes Federation, China had the largest number of diabetic patients with around 96.2 million and India had around 66.8 million diabetic patients. As of 2018, approximately 45% of the global diabetic populations are from China and India. So many global diabetes care devices companies show interest to invest in these countries.
The major companies dominating this market for its products and services are
- Roche Diagnostics
- Johnson & Johnson,
- LifeScan, Inc.
- Animas Inc.
- Novo Nordisk
- Bayer AG
- Abbott Laboratories
- Ypsomed AG,
- Medtronic plc,
- Insulet Inc.
- Terumo Corporation,
- Dexcom, Inc. (U.S.),
- Tandem Diabetes Care, Inc.
The scope of the report:
1. Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the untapped regions.
2. Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
3. Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
4. Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
5. Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
6. A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
7. Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
8. An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
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