The
global diabetes
devices market has been observed to feature a moderately
consolidated vendor landscape, according to a report from
Transparency Market Research (TMR. Prominent names in the global
diabetes devices market include Medtronic plc, Sanofi S.A., Eli Lilly
and Company, Novo Nordisk A/S, and F. Hoffmann-La Roche Ltd. The
extensive geographical presence and a varied product portfolio
account for the dominance of these players.
Majority
of these companies are focused on penetrating into emerging markets
and tap growth opportunities due to economic development.
Nevertheless, development and commercialization of simple and
affordable diabetes devices will remain the winning strategy of these
players in the future. Geographical expansion by means of mergers and
acquisitions and strategic partnerships will continue to remain one
of the key growth strategies for key players in this market.
According
to estimates of TMR report, the global diabetes devices market will
be worth US$66,053.1 mn by the end of 2025 from US$37,220.8 mn in
2016 at a CAGR of 6.7% therein. Among the various products to manage
diabetes, glucose monitoring devices and the various products under
this segment are likely to dominate the market. Vis-à-vis revenue,
the glucose meters segment held 59.1% market share of the global
market in 2016.
Region-wise,
North America holds supremacy in the global market due to an
ultra-modern healthcare system and higher awareness about
therapeutics for diabetes.
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Improved
Rate of Diabetes Diagnosis Ups Demand
First
and foremost, the global diabetes devices market is driven by the
increasing diagnosis of diabetes globally. Due to sedentary
lifestyles, poor dietary choices, high alcohol consumption, and
personal and professional stress the incidence of diabetes in on the
rise. The improving rate of diabetes diagnosis has led to the
increased demand for diabetes devices in recent years.
The
availability of affordable devices such as lancets, testing strips,
self-monitoring blood glucose meters, and continuous monitoring
devices is having a positive influence on the overall market.
Furthermore, rising awareness regarding therapeutics for diabetes and
increasing awareness about diabetes management is also predicted to
bode well for the diabetes devices market.
Technological
advances leading to the introduction of novel products has also been
bolstering the market’s growth. For instance, the introduction of
novel insulin delivery devices is likely to up the demand for
diabetic devices for home disease management. Research and
development pursuits and investments to introduce improved home
monitoring devices are likely to increase the uptake of diabetes
devices for home use. Design simplicity and ease of use have also
been identified as crucial features that are leading to the uptake of
diabetes devices for domestic use. Manufacturers are introducing safe
and effective devices for diabetes management, which is leading to
their swift uptake.
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