PUNE, India, August 26, 2015 /PRNewswire/ --
According to a new market research report "Diabetes Care Devices Market In Brazil, Russia, India & China (BRIC) by Product (Self-Monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing Strips, Lancets, Insulin Pumps, Insulin Pens, Insulin Syringes) - Forecast to 2020", published by MarketsandMarkets, The Diabetes Care Devices Market is expected to reach around 2.3 Billion USD by 2020 at a CAGR of 6.3% from 2015 to 2020.
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The BRIC Diabetes Care Devices Market has witnessed major growth in the past few years, and is largely driven by the increasing number of diabetic patients across BRIC countries, growing research on diabetes, and increasing international research collaborations. The rising obese population and rapid industrialization and urbanization have also contributed to the growth of this market. However, high cost of diabetes care devices, disparity in reimbursement, availability of alternative treatments, and lack of awareness inhibit the growth of this market.
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This report also covers major market drivers, restraints, opportunities, and challenges for the BRIC diabetes care devices market. This market is expected to reach USD 2.3 Billion by 2020 and is poised to grow at a CAGR of 6.3% during the forecast period.
The BRIC diabetes care devices market is segmented on the basis of type and country. By type, the market has been segmented into blood glucose monitoring devices and insulin delivery devices. Blood glucose monitoring devices are further classified into testing strips, self-monitoring blood glucose meters, lancets, continuous glucose monitors, and others. On the other hand, insulin drug delivery devices are subsegmented into insulin syringes, insulin pens, insulin pumps, and insulin jet injectors.
In 2014, the testing strips segment accounted for the largest share of the blood glucose monitoring devices market; whereas, the insulin pens segment accounted for the largest share of the insulin delivery devices market. The large share of the insulin pens segment is mainly attributed to the high adoption rate of insulin pens in China and Russia. Moreover, the increasing adoption of insulin pens and easy availability of recently launched affordable insulin pens in India have further contributed to the growth of this segment. Continuous blood glucose monitoring systems is the fastest-growing subsegment of the blood glucose monitoring devices market. Growth in this segment is mainly attributed to the rising adoption of continuous blood glucose monitoring systems by healthcare professionals to monitor real-time blood glucose levels for better management of diabetes.
China is estimated to be the largest market for the BRIC diabetes care devices market, followed by Brazil, India, and Russia. India is expected to witness the highest growth rate during the forecast period, due to the increasing prevalence of diabetes, lifestyle changes, and growing research on diabetes and its management.
Some of the major players in this market include Becton, Dickinson and Company (U.S.), Roche Diagnostics Ltd. (Switzerland), Johnson and Johnson (U.S.), Bayer AG (Germany), Abbott Laboratories (U.S.), Acon Laboratories, Inc. (U.S.), Ypsomed AG (Switzerland), Novo Nordisk A/S (Denmark), Medtronic plc (Ireland), ARKRAY Inc. (Japan), Terumo Corporation (Japan), Dexcom, Inc. (U.S.), and Sanofi (France).
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