09 May 2019 | Reports/white papers
Obesity is a primary driver for growing prevalence of diabetes.
The Diabetes Care Devices Market is set to grow from its current market value of more than $27 billion to over $41 billion by 2025; as reported in the latest study by Global Market Insights, Inc.
Obesity is a primary driver for growing prevalence of diabetes. Increasing adoption of unhealthy diet, growing alcohol consumption and tobacco smoking coupled with physical inactivity has escalated obese population base to a great extent. As per the Pan American Health Organization (PAHO), nearly 305,000 people died due to type 2 diabetes in America in the year 2014, hence propelling the market growth.
Technological advancements in devices used for monitoring blood glucose levels and insulin delivery will drive diabetes care devices market over the forecast timeframe. Growing population of health-conscious people adopting continuous glucose monitoring devices and rising awareness regarding body weight management will positively impact global diabetes care devices industry growth.
Several initiatives undertaken by organizations such as the International Diabetes Federation (IDF) to create awareness regarding diabetes care should positively impact market growth. However, lack of reimbursement and insurance coverage along with low per capita spending on diabetes management will hamper diabetes care devices business to a certain extent over the coming years.
Blood glucose monitoring devices product segment accounted for more than 60% market share in 2018 and is projected to witness considerable growth over the forecast period. Rising awareness regarding diabetes management, and growing number of health-conscious people leading to high adoption of diabetes monitoring devices should drive blood glucose monitoring devices market.
Homecare end-use segment will witness 6.4% CAGR during the forecast period. Skyrocketing growth of home healthcare sector, development of user-friendly and affordable devices along with rising prevalence of diabetes will favor homecare diabetes care devices market growth during the forecast timeframe.
U.S. market is estimated to exceed USD 14.5 billion by 2025 owing to increasing incidence of target diseases and rising adoption of sedentary lifestyle. Increasing healthcare spending coupled with technological advancements in diabetes care devices should stimulate U.S. diabetes care devices market growth.
China held more than 30% market share of Asia Pacific diabetes care devices market in 2018. Nearly 10.9% total adult population of China suffer from diabetes, as per the IDF. High prevalence of diabetes, increasing rates of obesity and overweight along with physical inactivity will drive China market over the coming years.
Few notable players operating in diabetes care devices market are Abbott Laboratories, B. Braun Melsungen AG, Bayer Corporation, Roche among others. Companies are currently focusing on developing innovative and user-friendly diabetes management devices that are cost-effective as well as efficient. Market players are resorting to strategies such as partnerships and strategic collaborations with other participants in value chain to expand consumer base and gain competitive edge over other companies functioning in the market.