Industry Trend Analysis
Diabetes devices market is expected to be around $35 billion by 2025. This market has witnessed enormous growth in the past few years and is driven by increasing prevalence of diabetes, growing research on diabetes, low diagnosis rate, various government initiatives and international collaborations for diabetic research. Diabetes is fourth leading cause of death among people. As per World Health Organization (WHO), in 2014, around 422 million people were living with diabetes across the globe as compared to 108 million in 1980. This prevalence has almost double since 1980, growing from 4.7% to 8.5% in the adult population. Therefore, increasing incidence of diabetes due to changes in sedentary lifestyle is the major factor contributing to the market growth.
Advancement in technology and easy availability of wide range of user friendly devices has further enhanced the growth of this market. Diabetic devices market is innovation driven and majority of companies are focusing on innovation to develop user friendly devices which will further boost the growth of the market. However, high cost of production, availability of economical alternate treatments, low awareness about diabetes and its prevention, can hamper the market growth.
Product Outlook and Trend Analysis
Glucose monitoring and insulin delivery devices segment accounted for the largest share of the overall market in 2016. Glucose monitoring devices are used to monitor fluctuations in blood glucose levels. It includes continuous glucose monitoring devices such as blood glucose meters, blood glucose testing strips, and lancets. The market for glucose monitoring devices will show moderate growth in coming years whereas continuous glucose monitoring devices will show innovations leading to increase in demand of such products and are expected to grow at fastest rate over the forecast period.
Insulin delivery devices are those devices which are used to deliver insulin with devices such as insulin syringe, insulin pen, and insulin pump. The market share of insulin syringe will decrease whereas demand for insulin pen and insulin pump will substantially increase in next five years. This can be attributed to the regulatory framework to minimize needle related injuries, increased utilization of engineered devices, and patients looking for easy methods for insulin delivery in the body.
Regional Outlook and Trend Analysis
North America dominates the global market with highest share market in 2016. This is because of presence of large targeted population with high adoption of technologically advanced products. It will continue to maintain its leading position during the forecast period, due to rising adoption of home monitoring devices and developed healthcare infrastructure.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to high diabetic population and increase in disposable income of the people. Latin America is expected to be second fastest growing market because of developing economies such as Argentina and Brazil. With increase in awareness about diabetes and its treatment, increase in healthcare expenditures and various governments’ initiative will further boost the market growth.
A large number of companies compete with each other to increase their market share and sustain their positions at global level. Therefore, they have been introducing large number of innovative and technologically advanced products to the market. For instance, in May 2016, Ascensia Diabetes Care obtained CE Mark for its new CONTOUR NEXT ONE and CONTOUR PLUS ONE blood glucose monitoring systems. This is one of the major developments in the evolution of self-monitoring of blood glucose for diabetic people.
Some of the major players in the market are Novo Nordisk A/S, Bayer Healthcare AG, Johnson & Johnson, Abbott Laboratories, Inc., F. Hoffmann La-Roche Ltd., Becton Dickinson and Company, Medtronic, Inc., and Sanofi.
The healthcare devices market is driven by technology and innovation. Companies are striving hard to design and developed products that will change the way in which diabetes is measured. Products like Bluetooth enable glucose monitoring devices, Smart insulin deliver devices which injects Insulin based on body requirement, devices to keep constant check on glucose with warning signals when glucose level fluctuates will soon be reality in market place. The market for diabetic devices will see tremendous growth with new products coming up that will enhance customer experience with ease of usage of products.
Diabetes Devices Market Segmentation
Monitoring and Diagnostic Devices
Continuous Glucose Monitors
Analog Glucose Meters
Glucose Test Strips
Insulin Delivery Devices
Rest of Europe
Rest of Asia-Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2016 and forecast from 2017 to 2025?
What will be the industry market growth from 2017 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?