Diabetes Care Devices Market to Record an Impressive Growth $26.00 bn by 2021

Diabetes Care Devices Market to Record an Impressive Growth $26.00 bn by 2021

According to the report, the global diabetic care device market was valued at around USD18.50 billion in 2015 and is expected to reach around USD26.00 billion by 2021, growing at a CAGR of around 5.9% between 2016 and 2021.

Diabetes mellitus (DM) is a group of metabolic disorder characterized by   high blood sugar levels or high blood glucose level. Various symptoms associated with diabetes disorder include recurrent urination, increased thirst, and increased hunger. Diabetes can cause many complications for prolong the duration of time if left untreated. Some nonlife-threatening acute complications include diabetic ketoacidosis, nonketotic hyperosmolar coma, and delayed wound healing. Serious long-term complications include heart disease, stroke, chronic kidney failure, foot ulcers, and damage to the eyes. Life-threatening disorder includes necrosis, heart failure or death.

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Globally, diabetes care devices market has been accelerated by increasing/rising population associated with diabetes both type1 and type 2.Moreover,low diagnosis rate is the key factors for fueling the growth of diabetes care devices market.Furthermore, government initiatives and active participation of various international companies are considered factor for the growth of diabetes care devices market. However, illiteracy among the population regarding the use of devices, nonawareness among the population of various developing country coupled with high cost of device/ test are such limitation which directly affects the growth of diabetes care devices market. Nonetheless, ongoing research and development in the healthcare sector technologies are expected to open growth avenues for the diabetes care devices market over the years.

Based on glucose monitoring device, the global market for diabetes care device is bifurcated into six types: blood glucose meters, blood glucose test strips, HbA1c testing kits, lancing devices, continuous glucose monitoring devices and others.Blood glucose monitors accounted for the largest market share in terms of revenue in 2015. Approximately 99% global market is shared by blood glucose meter which includes finger prick method in which capillary blood is tested via strips. This is due to increase awareness, self-analysis and ease in handling blood glucose monitor devices.

Based on insulin delivery device type, the global market for diabetes care devices market is bifurcated into three types: insulin pumps, insulin syringes, and insulin pens. Insulin spring dominated the insulin delivery device market in 2015 followed by the insulin pump. Insulin spring accounted for the largest market share in terms of revenue, because it offers a self-injecting ability of the patient to have insulin in a body.

Based on geographies, the global market for diabetes care devices market is bifurcated into five types: North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. These segments are further bifurcated into the U.S., UK, Germany, France, China, Japan, India, and Brazil.North America held the largest share in the global diabetes care products market followed by Europe and Asia-Pacific. This growth of North America was attributed due to high literacy rate and more awareness among the people to control the blood glucose level. In addition, this region also associated with advance research related to blood monitoring device. The diabetes care devices market is expected to witness the highest growth in Asia-Pacific region in upcoming years due government initiatives, awareness, increasing demand of diabetes drug and excessive increase of health care. According to the International Diabetes Federation, China has the largest number of diabetic patients with around 96.2 million diabetic patients.

Key market players of diabetes care devices market include Abbott Laboratories, Dexcom Inc., Johnson & Johnson, Merck & Co., Becton, Dickinson and Company, Roche Diagnostics Ltd., Bayer AG, Acon Laboratories, Inc., Ypsomed AG, Novo Nordisk A/S, Medtronic plc, ARKRAY Inc, Terumo Corporation, Dexcom, Inc., and Sanofi.