Diabetes Devices Market Size to Reach US$ 35,956.7 Mn By 2027: Acumen Research and Consulting
The global diabetes devices market size is projected to reach US$ 35,956.7 Mn by 2027 and growing at a CAGR of around 6.0% from 2020 to 2027.
LOS ANGELES, May 5, 2020 /PRNewswire/ -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Diabetes Devices Market (By Product Types: Monitoring Devices, Treatment Devices; By End User: Diagnostic Centers, Hospitals, Home Care, Ambulatory Surgery Centers; By Distribution Channels: Hospitals Pharmacies, Retail Pharmacies, Diabetes Clinics/Centers, Online Pharmacies, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".
The devices which help in monitoring and treatment of diabetes patients are termed as diabetes devices. There is variety of devices available in the market for the monitoring and treatment of type-1, type-2, and prediabetes patients. The technological advancement coupled with the ongoing research and development activities across the globe associated with the diabetes devices is supporting the market growth. Apart from these, changing lifestyles and rapidly increasing diabetes patients worldwide is additionally bolstering the market value.
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The global diabetes devices market is segmented on the basis of product type, end-user, and distribution channel. By product types, the market is divided into self-monitoring blood glucose devices (SMBG), and continuous blood glucose monitoring (CGM). In terms of end-user, diabetes devices are segmented into diagnostic centers, hospitals, home care, and ambulatory surgery centers. Furthermore, hospital pharmacies, retail pharmacies, diabetes clinics/centers, online pharmacies, and others are the segments on the basis of distribution channels.
By product types, the treatment device segment accounted for the major share in terms of value in 2019. The treatment devices are sub-segmented into insulin pens, insulin pumps, insulin jet injectors, insulin syringes, and others. The increasing need for faster, safer and effective methods of diabetes treatment is driving the segment growth. The insulin pumps segment is expected to experience the fastest growth owing to the technological advancement and emergence of smart insulin pumps.
On the basis of end-user, the hospital segment is leading the global diabetes devices market. The segment is particularly gaining growth owing to the increasing investment for the infrastructural development of hospitals. The favorable government policies and rising awareness about diabetes devices are driving the market value. Moreover, home care diabetes devices are projected to experience the fastest growth with major CAGR over the forecast timeframe from 2020 to 2027. The portability and easy to use factors associated with the home care devices are supporting the major growth.
Hospital pharmacies accounted for the major share by distribution channels in 2019. The high demand from doctors, surgeons, medical consultants, nurses, hospital buyers, medical payers, and healthcare authorities are driving the market value. The availability of a variety of products in hospital pharmacies is further supporting the market value.
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In 2019, North America held the major share of the global market for diabetes devices. The presence of a huge population with diabetes is primarily driving the market value. The availability of advance and a variety of diabetes care devices in the regional market by major manufacturers is further supporting the market value. Furthermore, Asia Pacific is projected to experience maximum CAGR (%) over the forecast timeframe from 2020 to 2027. The increasing investment in the healthcare sector by major manufacturers, hospital authorities and government, as well as non-governmental bodies, is additionally contributing to the significant growth in the regional market.
Some of the leading competitors are Abbott Laboratories, Arkray, Inc., B Braun Melsungen AG, Bayer AG; Lifescan, Inc., Companion Medical, Dexcom Inc., F.Hoffmann-La RocheLtd., Insulet Corporation, Lifescan, Inc., Medtronic plc, Novo Nordisk, Sanofi, Valeritas Holding Inc., and Ypsomed Holdings. Diabetes devises companies have announced mergers and acquisitions to expand their business in the diabetes devices industry. Major players are also moving into new regions or advanced technologies. For instance, Novo Nordisk collaborated with Medtronic Plc. in 2019 to develop a solution that enables patients and healthcare professionals to view both glucose and insulin data together. Also, Medtronic Plc has collaborated with Eris Lifesciences in 2019 to develop a smart continuous glucose monitoring system.
Some of the key observations regarding diabetes devices industry include:
- In 2016, Novo Nordisk launched a diabetes awareness campaign in Nigeria to Promote Early Diagnosis.
- Companion Medical Launched Inpen in 2017, which was the company's first smart insulin pen system in the U.S. market. The pen was FDA approved and can combine with a smart app.
- Medtronic and Tidepool have announced the partnership in 2019 to develop an automated insulin pump system.
- The Australian government has announced the funding of US$ 100 million in 2018, to subsidize continuous glucose monitoring products through the National Diabetes Services Scheme.
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