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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High Product Price and Lack of Reimbursement Policies Crimps Demand
On the flip side, lack of awareness about therapeutics for diabetes and lack of awareness of diabetes management in rural areas is limiting the growth of diabetes devices market. Low level of knowledge and low rate of inclination to treat the condition is negatively impacting market growth. In addition, diabetes devices are unaffordable for several patients among the low-income strata. Thus, the relatively high cost of diabetes devices combined with lack of reimbursement policies is anticipated to challenge the market’s growth.
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