According to the Zion Market Research analysts, the valuation of the global diabetes care devices market in 2018 was around USD 8,659.56 Million and is projected to observe a growth of more than 5.8% CAGR during the forecast period. The key players participating vigorously in the diabetes care devices market consist of Johnson & Johnson (LifeScan, Inc.), Abbott Laboratories, Becton Dickinson & Company, Eli Lilly & Company, and Medtronic plc, among others. There have been continuous inventions propelled by manufacturers to struggle and contest in the market. To cite, the US Food and Drug Administration had approved the Guardian Connect continuous glucose monitoring (CGM) system of Medtronic PLC in March 2018, the device is used for patients with diabetes aged between 14 and 75 years.
Increasing Incidence Of Diabetes To Boost The Global Diabetes Care Devices Market Growth
Diabetes care devices are utilized to supervise the glucose level in the body of a diabetic patient. Also, these devices enable insulin delivery into the body of the patient. The major factor driving the growth of the diabetes care devices market is the rise in the prevalence rate of diabetes because of rapid urbanization and a sedentary lifestyle. Furthermore, technological developments in the diabetes devices field, intake of junk food, increase in obese population, and rise in need for safer & faster treatment & diagnosis of diabetes are anticipated to propel the market growth. Nevertheless, blood glucose monitoring devices don’t calculate the precise blood glucose levels and provide a range wherein the level of glucose in the blood of a patient might lie. Additionally, adverse impacts related to a few of the diabetes care devices are expected to hamper the growth of the market.
Monitoring Devices Segment Of The Market Likely To Witness Considerable Growth
The global diabetes care devices market is bifurcated based on monitoring devices, management devices, and region. The monitoring devices segment is segmented into self-monitoring blood glucose and continuous glucose monitoring. Further, the self-monitoring blood glucose is sub-categorized into personal use and hospital. The management devices segment of the market is classified into insulin pens, insulin pumps, cartridges, jet injectors, and syringes. In 2018, the blood glucose monitoring devices product market registered the biggest market share of around USD 16.7 billion. Rising approval of blood glucose monitoring devices for the management of diabetes is expected to boost market growth during the forecast period.
Rising Number Of People Suffering From Diabetes To Help North America Rule The Market
In 2018, the highest revenue share was registered by the US diabetes care devices market with 90.9%. The increasing number of people developing diabetes along with the rising expenses on diabetes care per individual will extremely influence the stipulation for diabetes care devices. Additionally, acceptance of new devices for diabetes control and monitoring in the country will further boost the growth avenues for the US diabetes care devices market in the years to come. Further, Asia Pacific is also projected to develop considerably on account of factors like the rising obese population, high incidence of diabetes, and government initiatives of spreading words of wakefulness about diabetic care.
This review is based on a report by Zion Market Research, titled “Global Diabetes Care Devices Market By Monitoring Devices (Continuous Glucose Monitoring And Self-Monitoring Blood Glucose (Personal Use And Hospital)), By Management Devices (Insulin Pens, Insulin Pumps, Cartridges, Jet Injectors, And Syringes) And By Region – Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2025”