The global diabetes devices market size is expected to reach USD 41.6 billion by 2027, registering a CAGR of 7.8% over the forecast period, according to a new report by Radiant Insights, Inc. The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches. Increasing adoption of advanced diabetes management solutions in developing region, government policies, and rising medical tourism are some of the major factors contributing to the market growth. Furthermore, rising government initiatives to spread awareness about diabetes and increasing R&D expenditure of major players are the factors expected to boost the market growth.
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According to a study published on National Center for Biotechnology Information (NCBI), global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010. Obesity, sedentary lifestyle, and fast food culture are some of the factors expected to have significant impact on the market growth. According to Harvard T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it is expected to increase up to 50% by 2030.
In addition, increasing number of new market players, who focus on patient convenience with the help of artificial intelligence technology, are also transforming the market. They are leveraging technological advancements to improve diabetes care solutions like CGM devices, non-invasive insulin delivery systems, and digital diabetes management platforms. For instance, in December 2017, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA approved device that can combine insulin injector pen with a smart app.
Further key findings from the report suggest:
• North America accounted for the largest share in 2019, in terms of revenue, owing to favorable reimbursement policies, presence of key players, and frequent product launches
• By product, the insulin delivery devices segment accounted for the largest market share and is also expected to grow at the fastest rate
• In the Blood Glucose Monitoring (BGM) segment, self-monitoring devices dominated the market owing to their low cost and high usage
• In Self-monitoring of Blood Glucose (SMBG) devices, testing strips segment dominated the market while blood glucose meters are expected to grow at a significant pace owing to high adoption and technological advancements
• In the Continuous Glucose Monitoring (CGM) devices segment, transmitters accounted for the largest share owing to high cost of devices and high usage
• In insulin delivery devices, pens segment dominated the market since it is easy to carry, easy to use, and has low cost as compared to other delivery devices
• By distribution channel, hospital pharmacy segment dominated the market owing to rise in sales of diabetes devices in these pharmacies
• By end use, hospital segment accounted for the largest market share owing to improving healthcare infrastructure due to rising investment
• The leading players present in the diabetes devices market are Medtronic plc; Abbott Laboratories; F.Hoffmann-La-Ltd; Bayer AG; Lifescan, Inc.; B Braun Melsungen AG; Lifescan, Inc.; Dexcom Inc.; Insulet Corporation; Ypsomed Holdings; Companion Medical; Sanofi; Valeritas Holding Inc.; Novo Nordisk; Arkray, Inc.; among others.
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Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.1.1. Product
1.1.2. Distribution Channels Type
1.1.3. End Use Type
1.1.4. Region scope
1.1.5. Estimates and forecast timeline
1.2. Research Methodology
1.3. Information Procurement
1.3.1. Purchased database
1.3.2. Radiant Insights, Inc. internal database
1.3.3. Secondary sources
1.3.4. Primary research
1.3.5. Details of primary research
1.4. Information or Data Analysis
1.4.1. Data analysis models
1.5. Market Formulation & Validation
1.6. Model Details
1.6.1. Commodity flow analysis (Model 1)
1.6.1.1. Approach 1: Commodity flow approach
1.6.2. Volume price analysis (Model 2)
1.6.2.1. Approach 2: Volume price analysis
1.7. List of Secondary Sources
1.8. List of Primary Sources
1.9. Objectives
1.9.1. Objective 1
1.9.2. Objective 2
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.2.1. Product Outlook
2.2.2. Regional outlook
2.3. Competitive Insights
Chapter 3. Diabetes Devices Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Reimbursement framework
3.4. Market Dynamics
3.4.1. Market driver analysis
3.4.1.1. Rising prevalence of diabetes
3.4.1.2. Increasing geriatric population
3.4.1.3. Technological advancement in Diabetes Devices
3.4.1.4. Rising awareness about diabetes preventive care
3.4.2. Market restraint analysis
3.4.2.1. Low per capita expenditure on diabetes
3.4.2.2. Lack of reimbursement and stringent regulations in few countries
3.4.3. Industry challenges
Continued…
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The global diabetes devices market size is expected to reach USD 41.6 billion by 2027, registering a CAGR of 7.8% over the forecast period, according to a new report by Radiant Insights, Inc.
The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches.
Increasing adoption of advanced diabetes management solutions in developing region, government policies, and rising medical tourism are some of the major factors contributing to the market growth.
According to a study published on National Center for Biotechnology Information (NCBI), global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010.
Download Free Sample Report @ https://www.radiantinsights.com/research/diabetes-devices-market/request-sample In addition, increasing number of new market players, who focus on patient convenience with the help of artificial intelligence technology, are also transforming the market.
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/diabetes-devices-market Table of Contents Chapter 1.
Transparency Market Research (TMR) has published a new report titled, ‘Diabetes Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
According to the report, the global diabetes devices market was valued at US$ 41.8 Bn in 2018 and is projected to expand at a CAGR of 6.4% from 2019 to 2027.Read Report Overview - https://www.transparencymarketresearch.com/diabetes-devices-market.htmlOverviewDiabetes is a global issue affecting millions of people every year.
Global diabetes care devices market exhibits a great potential and is estimated to grow exponentially by Diabetes care devices are used to diagnose and monitor the blood glucose level into a diabetic patient’s body.
Large diabetes population, higher awareness, significant health care spending in the overall national budget, early availability of advanced technologies, and higher penetration of health care services across the U.S. and Canada are expected to drive the market in North America.Asia Pacific is likely to be a highly lucrative market for diabetes devices and it is expected to expand at a high CAGR during the forecast periodRequest Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=14Rise in Incidence of Pediatric and Geriatric Diabetes to Drive MarketThe world’s population is aging rapidly, especially in some of the developed economies such as the U.S. and Japan.
Hence, rise in pediatric and geriatric diabetes is expected to fuel the growth of the diabetes devices market.Glucose Monitoring Devices Segment to Dominate MarketBased on product type, the global diabetes devices market has been divided into glucose monitoring devices insulin delivery devices diabetes monitoring software, and artificial pancreas systems.
Wide availability of glucose monitoring devices with advanced sensors for the detection of blood sugar levels is a major driver for the segment.Moreover, the use of wireless technology in CGM for transmitting glucose readings collected from the interstitial fluid between the patient’s skin cells, has become an important tool for monitoring type 1 diabetes.Request COVID Analysis on Diabetes Devices Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=14Hospital Pharmacy to be Highly Lucrative SegmentIn terms of distribution channel, the global diabetes devices market has been classified into hospital pharmacy, retail pharmacy, online pharmacy, and diabetes clinics/ centers.Hospital pharmacies is projected to be the most attractive segment during the forecast period.High prevalence of type 2 and 1 diabetes is anticipated to increase hospital visits.
The Global Diabetes Devices Market is anticipated to exhibit an impressive CAGR of 5.5% on account of rising prevalence of diabetes.
Key insights into this fast growing market, valued at US$ 32,441.3 mn in 2018, have been shared by Fortune Business Insights in its report, titled “Diabetes Devices Market Size, Share and Global Trend By Product (Monitoring Devices, Treatment Devices), By Distribution Channel (Institutional Sales, Retail Sales) and Geography Forecast till 2026”.Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/diabetes-devices-market-100803The report brings out the key aspects that will influence the market in the forecast period.
Diabetes is a metabolic disease in which the body is unable to process glucose, leading to elevated levels of blood sugar.
This happens as the body does not make enough insulin (a hormone made by the pancreas), which helps the glucose enter the cells and supply the body with energy to function.
Diabetes devices such as insulin pumps and continuous glucose monitors are used by medical professionals and patients to regulate and monitor blood glucose levels.Certain Misgivings May Restrain Market Growth The global diabetes devices market is expected to grow on the basis of steadily rising adoption rates of various monitoring devices.
But, there is a fear that patients might get infected at the catheter site.
