Growing Demand for Glucose Monitoring Tools Flourishing Global Diabetes Devices Market Rapidly with 6.7% CAGR through 2025

Published on : Jan 11, 2018

Albany, New York, January 11, 2018: In recent years, the demand for the diabetes devices is expected to surge owing to the factors such as the constantly increasing geriatric population prone to diabetes. Also, the government initiatives were taken to support better management of diabetes, and the growing awareness regarding diabetes devices are supporting market growth for diabetes devices market. Market Research Hub (MRH) has freshly included a new study titled “Diabetes Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025” to its vast repository, which offers a complete perspective on global diabetes devices market’s evolution throughout the above-mentioned forecast period in terms of revenue (in US$ Mn).

Furthermore, the geographical segmentation is also included in the report which analyzes the scope of the market in different regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It has been analyzed that globally around 415 million people are living with diabetes. Half of the world’s population suffering from diabetes still remains undiagnosed. It is studied that 90% of diabetes cases are of type 2 diabetes. Therefore, the diabetes devices market has a huge scope during the forecast period. As per the analyst predictions, the global diabetes devices market is projected to be worth US$66,053.1 mn by the end of 2025 from its value of US$37,220.8 mn in 2016. During the forecast years of 2017 and 2025, the global market is estimated to display a CAGR of 6.7%.

Segmental Analysis by Product Type, Distribution Channel and Region

The study finds that the improving rate of diagnoses has led to increased uptake of diabetes devices in recent years. Furthermore, affordable price of devices such as self-monitoring blood glucose meters, lancets, testing strips, and continuous monitoring devices are have also had a positive influence on the overall market. Out of variety of products, the global market is likely to be driven by glucose monitoring devices. As of 2016, the blood glucose meters held a share of 59.1% in terms of revenue in the global market.

Based on distribution channel the global diabetes devices market can be divided into diabetes clinics/centers, retail pharmacies, hospital pharmacies, and online pharmacies. Currently, the hospital pharmacy segment contributes maximum share in terms of revenue.

Geographically, the global diabetes devices market has been categorized into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Amongst, North America contributed for the largest share of 37.5% of the global diabetes devices market in 2016, due to the higher awareness about the disease. However, the global market is being affected by the lack of awareness about diabetes and its management in the rural parts of the world.

Another vital section of the report is competitive landscape featuring some of the top companies, their products and business strategies, and their standing in the global market. Key companies profiled in the report include Eli Lilly and Company, Medtronic plc, Sanofi S.A., Novo Nordisk A/S and F. Hoffmann-La Roche Ltd.

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