ALBANY, New York, December 12, 2017 /PRNewswire/ --
Transparency Market Research observes that the competitive landscape in the diabetes devices market is moderately consolidated. Some of the leading companies in this market are Medtronic plc, Eli Lilly and Company, Sanofi S.A., F. Hoffmann-La Roche Ltd, and Novo Nordisk A/S. Most of these companies are focusing on expanding their business in developing parts of the world to tap into the wide consumer base. Furthermore, developing and commercializing diabetes devices that are simple yet affordable will be a winning strategy of these players in the near future.
According to the research report, the global diabetes devices market is expected to be worth US$66,053.1 mn by the end of 2025 from US$37,220.8 mn in 2016. During the forecast period of 2017 and 2025, the global market is expected to rise at a CAGR of 6.7%. Out of the wide range of products to manage diabetes, the global market is likely to be driven by glucose monitoring devices and the products available under this segment. As of 2016, the blood glucose meters held a share of 59.1% in terms of revenue in the global market. Geographically, the global market is dominated by North America due to higher awareness about the disease.
Rising Diagnostic Rate of Diabetes Ups Usage of Diabetes Devices
The global diabetes devices market is primarily being driven by the soaring diagnostic rate of diabetes across the globe. The high occurrence of this disease is attributable to the highly sedentary lifestyles, excessive stressful living, poor dietary choices, and high alcohol consumption. The improving rate of diagnoses has also 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. The analysts state the growing awareness about way to manage the disease better is also projected to spike the demand in the global market.
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Rise in the number of diabetics due to occurrence of conditions such as jaundice, dengue, pregnancy, and old age has also created a spur in the demand of diabetes devices. Thus, a large pool of patients is projected to fuel market growth in the near future. Growing investments in developing better home diagnostic machines and efficient solutions are expected to generate greater revenues. Convenience of using these devices enabled by their simple design has also been identified as a key market growth for the global market. Thus, the ability to make a safer and effective diagnosis of diabetes is expected to benefit the vendors in the global market.
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Lack of Disease Management Knowledge to Impede Global Market
On the downside, the global market is being affected by the lack of awareness about diabetes and its management in the rural parts of the world. The poor rate of knowledge and low rate of inclination to treat the disease has created a major negative impact on the overall market. Furthermore, diabetes devices continue to be unaffordable to several patients in the low-income category. Thus, the relative high cost of these devices and treatment coupled with lack of reimbursement issues is likely to hamper the market growth.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research