The global diabetes devices market is expected to reach USD 35.5 billion by the year 2024, according to a new report published by Grand View Research, Inc. Major drivers of the market include the growing number of diabetic patients owing to the sedentary lifestyles and unhealthy food habits.
The growing demand for the advanced and minimally invasive, diagnostic as well as monitoring devices is expected to propel the market growth during the forecast period.
The rising awareness with regard to the technologically advanced monitoring tools, such as the continuous glucose monitor, is a crucial factor expected to spur the growth of the market. The demand for affordable monitoring devices in the developed as well as the less-developed countries is expected to propel the market growth of products, such as glucose test strips.
The existence of relatively smooth product approval procedures in most of the developed countries including the U.S and European countries are expected to boost the insulin devices market.
The rising popularity of the compact, easy to carry monitoring devices, and the introduction of minimally invasive, highly efficient devices is expected to drive the market growth at a lucrative rate. However, the disparity in the reimbursement policies is primarily challenging the overall growth of this market.
Further key findings from the study suggest:
- The demand for the diabetes devices is expected to surge owing to the factors such as the constantly increasing geriatric population prone to diabetes, the government initiatives taken to support better management of diabetes, and the growing awareness regarding diabetes devices
- In 2015, the test-strips sub-segment captured the largest market share in the blood glucose monitoring and diagnostic devices segment. The insulin pens accounted for the largest share of the insulin delivery devices segment. The global diabetes devices market is expected to reach USD 35.4 billion in 2024.
- The monitoring and diagnostic devices segment captured the largest market share of the overall market in 2015. The segment accounted for around 71% of the total market owing to repeat purchases.
- The monitoring and diagnostic devices segment is expected to maintain its dominance during the forecast period owing to the introduction of technologically advanced products coupled with the high adoption of these products in the near future
- North America captured the largest market share of around 32% in the year 2015. The domination of the market is expected to continue with a CAGR of 5.9%. The growing diabetic population, the availability of technologically advanced devices, and the presence of skilled professionals are the factors contributing to the growth of the market in North America.
- Asia Pacific is the fastest growing segment of the market. Countries, such as China and India are expected to show a swift growth owing to the high prevalence of diabetes, the rising awareness regarding commercially available devices, and the growing disposable income in these countries
- The key players in diabetes devices market include Abbott Laboratories, Inc., Bayer Healthcare AG, Johnson& Johnson, F. Hoffmann La-Roche Ltd., Becton Dickinson and Company, Medtronic, Inc., Novo Nordisk A/S, and Sanofi.