SAN FRANCISCO, March 16, 2020 /PRNewswire/ -- The global diabetes devices market size is expected to reach USD 41.6 billion by 2027, registering a CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by factors such as increasing incidence of diabetes, technological advancements, and innovative product launches. Increasing adoption of advanced diabetes management solutions in developing region, government policies, and rising medical tourism are some of the major factors contributing to the market growth. Furthermore, rising government initiatives to spread awareness about diabetes and increasing R&D expenditure of major players are the factors expected to boost the market growth.
Key suggestions from the report:
North America accounted for the largest share in 2019, in terms of revenue, owing to favorable reimbursement policies, presence of key players, and frequent product launches
By product, the insulin delivery devices segment accounted for the largest market share and is also expected to grow at the fastest rate
In the Blood Glucose Monitoring (BGM) segment, self-monitoring devices dominated the market owing to their low cost and high usage
In Self-monitoring of Blood Glucose (SMBG) devices, testing strips segment dominated the market while blood glucose meters are expected to grow at a significant pace owing to high adoption and technological advancements
In the Continuous Glucose Monitoring (CGM) devices segment, transmitters accounted for the largest share owing to high cost of devices and high usage
In insulin delivery devices, pens segment dominated the market since it is easy to carry, easy to use, and has low cost as compared to other delivery devices
By distribution channel, hospital pharmacy segment dominated the market owing to rise in sales of diabetes devices in these pharmacies
By end use, hospital segment accounted for the largest market share owing to improving healthcare infrastructure due to rising investment
The leading players present in the diabetes devices market are Medtronic plc; Abbott Laboratories; F.Hoffmann-La-Ltd; Bayer AG; Lifescan, Inc.; B Braun Melsungen AG; Lifescan, Inc.; Dexcom Inc.; Insulet Corporation; Ypsomed Holdings; Companion Medical; Sanofi; Valeritas Holding Inc.; Novo Nordisk; Arkray, Inc.; among others.
According to a study published on National Center for Biotechnology Information (NCBI), global health expenditure on diabetes is expected to reach USD 490 billion in 2030 from 376 billion in 2010. Obesity, sedentary lifestyle, and fast food culture are some of the factors expected to have significant impact on the market growth. According to Harvard T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it is expected to increase up to 50% by 2030.
In addition, increasing number of new market players, who focus on patient convenience with the help of artificial intelligence technology, are also transforming the market. They are leveraging technological advancements to improve diabetes care solutions like CGM devices, non-invasive insulin delivery systems, and digital diabetes management platforms. For instance, in December 2017, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S. It is the only FDA approved device that can combine insulin injector pen with a smart app.
Grand View Research has segmented the global diabetes devices market based on product, distribution channel, end use, and region:
Diabetes Devices Product Outlook (Revenue, USD Million, 2016 - 2027)
Blood Glucose Meter
Continuous Glucose Monitoring Devices
Insulin Delivery Devices
Diabetes Devices Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Diabetes Clinics/ Centers
Diabetes Devices End-Use Outlook (Revenue, USD Million, 2016 - 2027)
Diabetes Devices Regional Outlook (Revenue, USD Million, 2016 - 2027)
BRIC Diabetes Care Devices Market– The BRIC diabetes care devices market size was valued at USD 3.22 billion in 2018 and is expected to expand at a CAGR of 5.28% during the forecast period.
Europe Diabetes Devices Market– The Europe diabetes devices market size was valued at USD 6.4 billion in 2018 and is projected to grow at a CAGR of 4.0% over the forecast period.
Endodontic Devices Market– The global endodontic devices market size was valued at USD 1.56 billion in 2018 and is expected to expand at a CAGR of 4.1% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.