Ottawa, Oct. 29, 2021 (GLOBE NEWSWIRE) — Precedence Research, Recently Announced Report on “Diabetes Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030”.
The various diabetes devices such as blood glucose monitoring systems, insulin pens, insulin umps, and jet injectors are commonly used to check blood glucose levels and it helps an individual in diabetes management. The global diabetes devices market is primarily driven by the rising prevalence of diabetes among the population owing to the factors such as unhealthy food habits, consumption of tobacco, increasing obese population, and lack of awareness. Unhealthy food habits and obesity are extensively contributing towards the growth of diabetes among the people. According to the World Health Organization (WHO), around 422 million of the global population were suffering from diabetes. Rising awareness regarding the availability of various diabetes devices is influencing the market growth.
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Crucial factors accountable for market growth are:
- Growing prevalence of diabetes
- Unhealthy food habits and sedentary lifestyle
- Growing awareness regarding diabetes control
- Rapid growth of online pharmacy
- Rapidly increasing diabetic population in underdeveloped and developing nations
- Technological advancements and developments in the diabetes management devices
Report Scope of the Diabetes Devices Market
|Market Size in 2020||US$ 26.7 Billion|
|Growth Rate From 2021 to 2030||CAGR of 6.2%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
The global diabetes devices market is dominated by the North America, closely followed by Europe and Asia Pacific regions. North America is a matured market for the diabetes devices because a decline in the rate of diabetic population has been witnessed in the US since 2008. New diabetes cases in the US is prevailing among the Hispanic and non-Hispanic black population, the immigrant population. Increased awareness regarding diabetes, high disposable income, increasing consumer expenditure on healthcare products, developed healthcare infrastructure, and higher adoption rate of technologically advanced products in North America has exponentially contributed towards the growth of the diabetes devices market in the region.
The prevalence of type 2 diabetes is rapidly growing in the low and middle income countries that makes the Asia Pacific and Africa the most opportunistic market for the diabetes devices. Furthermore, rising government expenditure for the development of sophisticated healthcare infrastructure and increase in the marketing and promotional activities by the private brands is significantly grabbing the attention of the geriatric population and stimulating them to make a purchase of the diabetes device. Moreover, development of advanced and low cost devices is significantly boosting the adoption rate of the diabetes devices among the population.
- By type, the insulin delivery devices segment led the global diabetes devices market owing to the higher adoption of insulin pen among the consumers. The convenience and comfort of injecting insulin helps to control diabetes in today’s busy and hectic lifestyle without applying much efforts.
- By distribution channel, the hospital pharmacy segment led the global diabetes devices market with remarkable revenue share in 2020. The hospital pharmacists provide proper counseling to their patients regarding the product and their appropriate time to take medications. Hence, the diabetes related services provide by the pharmacists has fostered the segmental growth.
- By end use, the hospital segment led the global diabetes devices market because most of the frequent hospital visits and admissions of the diabetic patients and hence, the use of diabetes device is more in hospitals.
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Drivers – The primary driver of the diabetes devices market is the rising prevalence of diabetes among the population. According to the WHO, the type 2 diabetes is the dominant type of diabetes that is affecting most of the people along with the children. Type 2 diabetes is a result of inactivity and excess weight of the body. Hence, the rising prevalence of type 2 diabetes is a major factor driving the growth of the market.
Restraints – The lack of awareness and low income of the people especially in the underdeveloped nations may act as a major constraint for the diabetes devices market.
Opportunities – The introduction of artificial intelligence in the diabetes devices is a key trend in the market. Eli Lilly and Bigfoot Biomedical entered into a partnership in 2019 to develop a system that uses artificial intelligence technology for dosing insulin.
Challenges – Lack of proper healthcare infrastructure and developed distribution channel in the emerging and underdeveloped markets is a major challenge posed against the market players.
Segments Covered in the Report
- Blood Glucose Monitoring
- Continuous Glucose Monitoring
- Insulin Delivery Devices
- Jet Injectors
By Distribution Channel
- Retail Pharmacy
- Hospital Pharmacy
- Online Pharmacy
By End Use
- Diagnostic Center
- Home Care
- North America
- Asia Pacific
- South Korea
- Rest of the World
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