SAN FRANCISCO, June 29, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Diabetes Diagnostics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 18; Released: April 2021
Executive Engagements: 9091
Companies: 91 - Players covered include A.Menarini Diagnostics Ltd.; Abbott Diabetes Care, Inc.; Acon Laboratories, Inc.; AgaMatrix, Inc.; Apex Biotechnology Corporation; ARKRAY, Inc.; Ascensia Diabetes Care Holdings AG; B. Braun Melsungen AG; Becton, Dickinson and Company; BIONIME Corporation; Bio-Rad Laboratories, Inc.; Danaher Corporation; Beckman Coulter, Inc.; HemoCueÂ® AB; DexCom, Inc.; Diazyme Laboratories Inc.; EKF Diagnostics Holdings Plc; LifeScan, Inc.; Medtronic PLC; Nova Biomedical Corporation; OSANG Healthcare Co., Ltd.; Roche Diabetes Care, Inc.; Sanofi S.A.; Sanwa Kagaku Kenkyusho Co, Ltd.; Siemens Healthineers; Sinocare, Inc.; PTS Diagnostics; Trividia Health, Inc.; TaiDoc Technology Corporation; Tandem Diabetes Care, Inc.; Terumo Corporation; Tosoh Bioscience, Inc.; Trinity Biotech plc; Ypsomed AG and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Test Strips, Lancets, Analog Glucose Monitors, Continuous Glucose Monitors, Syringes, Pens, Pumps, Injectors); End-Use (Hospitals, Home Care, Diagnostic Centers, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Diabetes Diagnostics Market to Reach $42.4 Billion by 2026
Diabetes diagnostics systems are used to measure blood glucose levels or blood sugar levels, which indicates whether or not a person is suffering from diabetes. Demand for diabetes diagnostics devices and systems is being driven by the need for easier, economic, and efficient management of the global diabetes epidemic, improving ease-of-use and accuracy of devices, and development of non-invasive techniques to simplify regular glucose testing. The spread of diabetes at epidemic proportions is driving the requirement for pre-diabetics testing and post-prandial glucose-level monitoring. With increasing levels of patient education on possible ways of preventing and delaying the onset of Type II diabetes, more and more pre-diabetics are expected to start testing blood glucose. Added to this, patients undergoing tests on account of complications arising from undiagnosed condition, such as heart attacks, are likely to spur market potential. Increasing obesity levels globally coupled with growing requirements of aging patients at both facility-based geriatric care as well as home-based managed care facilities is also expected to drive demand for various diabetes diagnostic devices and systems. Technology advancements in diabetes diagnostics that are poised to benefit market prospects in the near term include mHealth Solutions for diabetes diagnosis; wearable glucose testing devices; implantable continuous glucose monitor; and cloud-enabled CGM devices, among others.
Amid the COVID-19 crisis, the global market for Diabetes Diagnostics estimated at US$26.5 Billion in the year 2020, is projected to reach a revised size of US$42.4 Billion by 2026, growing at a CAGR of 8.1% over the analysis period. Test Strips, one of the segments analyzed in the report, is projected to record a 8.3% CAGR and reach US$11.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lancets segment is readjusted to a revised 7.5% CAGR for the next 7-year period. Blood glucose test strips are small disposable strips of plastic that enable people with diabetes to measure and monitor their blood sugar levels at home. Each test strip is a laminate of plastic and chemicals that provides a single-use diagnostic test for measuring blood sugar. Persistent growth in the blood glucose test strips market has been driven to a greater extent by an increase in number of diabetics, and also by technological innovations. Blood sugar lancets play a vital role in the early detection of diabetes. The rising prevalence of diabetes, favorable reimbursement policies in developed countries, rising geriatric population, continuous technological advancements, and faster product approvals are some of the key factors spurring demand.
The U.S. Market is Estimated at $10.8 Billion, While China is Forecast to Reach $5.2 Billion by 2026
The Diabetes Diagnostics market in the U.S. is estimated at US$10.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.2 Billion by the year 2026 trailing a CAGR of 9.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 7.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.1% CAGR. Growing prevalence of diabetes and other lifestyle and chronic diseases, ageing population, well-established healthcare infrastructure and wider access to care services, higher healthcare awareness among population, and consumer affluence strongly influence the demand for care and diagnostics services in developed countries. Asia-Pacific represents a rapidly expanding market for diabetes diagnostics. Increased convenience, shift towards high-calorie energy-rich foods, and increasingly sedentary lifestyles are contributing to an alarming rise in incidence of diabetes in India and China making the countries the global hub for the disease with the highest number of diabetic adults.
Analog Glucose Monitors Segment to Reach $5.2 Billion by 2026
Analog glucose monitors are traditional blood glucose meters that uses a blood sample drawn from pricking a patient's finger or another place on the body. In the global Analog Glucose Monitors segment, USA, Canada, Japan, China and Europe will drive the 6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.9 Billion in the year 2020 will reach a projected size of US$4.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$579.9 Million by the year 2026, while Latin America will expand at a 7.5% CAGR through the analysis period. More
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