Diabetes Care Devices Market Segment Analysis By Product Type
Based on product type, the market for Diabetes Care Devices is segmented into Blood Glucose Monitoring Device and Insulin Delivery Device. Blood Glucose Monitoring Device held the largest share in the Diabetes Care Devices Market in 2020. The blood glucose monitoring device measures glucose levels accurately and alerts if glucose level drop too low or rise too high. Growing technological advancement of diabetes care devices in blood glucose monitoring devices which increasing Diabetes Care Devices market. However, Insulin Delivery Device is estimated to register a higher CAGR of 18.45% during the forecast period 2021-2026 owing to rising usage of insulin delivery device among health professionals and patients owing to its advantages such as excellent stability and technologically advanced qualities.
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Diabetes Care Devices Market Segment Analysis By End User
On the basis of end-user, the market for Diabetes Care Devices is categorized in Hospitals & Clinics, Homecare, and Diagnostic Centres. Hospitals & Clinics held the largest share in the Diabetes Care Devices Market in 2020. An increasing number of diabetic people are being admitted to hospitals owing to it provide patients with the best care and diagnosis. The increasing improvement in healthcare infrastructure thereby increasing Diabetes Care Devices market. However, Homecare is estimated to register a higher CAGR of 19.65% during the forecast period 2021-2026 owing to the rising shift towards the use of diabetes care devices at home rather than going to clinics or healthcare centers for frequent health checks owing to its cost-effectiveness and user-friendliness.
Diabetes Care Devices Market Segment Analysis By Geography
North America dominated the Diabetes Care Devices market with a major share of 40% in 2020. This is attributed to rising in diabetes patients is mostly owing to a rise in obesity among people, which is caused by poor diets and sedentary lifestyles in this region. According to the Centers for Disease Control and Prevention (CDC), in 2020 around 34.2 million people in America have diabetes. Furthermore, technological advancement and innovation in diabetes care devices by key players in this region which are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the rising elderly population in this region. Increasing usage of technologically advanced blood glucose devices and rising healthcare expenditure in this region is also increasing the growth of the market in this region.
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Diabetes Care Devices Market Drivers
Increasing Introduction of Novel, and Technological Advanced Products by Key Players
The increasing introduction of technologically advanced and novel products in diabetes monitoring systems across the globe is increasing the growth of the Diabetes Care Devices Market. For instance, in 2019, Tandem Diabetes Care Inc. received FDA approval to launch the worlds first interoperable insulin pump for administering insulin under the skin for children and adults with diabetes. : The Slim X2 insulin pump is the first device to be categorized using a new de novo premarket review procedure. Additionally, growing awareness about diabetes care devices among people is also predicted to increase the growth of the Diabetes Care Devices market during the forecast period 2021-2026.
Increasing Prevalence of Diabetes across the Globe Owing to Sedentary Lifestyle
The increasing prevalence of diabetes across the globe owing to the rise in urbanization and sedentary lifestyle is increasing the growth of the Diabetes Care Devices market. According to, World Health Organization (WHO), diabetes affects around 422 million people globally, the majority of whom live in low- and middle-income countries and diabetes is directly responsible for 1.6 million deaths per year. The growing number of obesity cases among people is predicted to directly increase the number of people suffering from diabetes thereby, increasing the growth of the Diabetes Care Devices Market during the forecast period 2021-2026.
Diabetes Care Devices Market Challenges
High Price of Diabetes Care Devices and Issues with Reimbursement for New Technology
The major factor that is set to impede the growth of the Diabetes Care Devices market is the high price of Diabetes Care Devices. Another factor that hampers the growth of the market is reimbursement for new technology and limited access to healthcare services in developing countries.
Diabetes Care Devices Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Diabetes Care Devices Market. In 2020, the Diabetes Care Devices Market share is consolidated by the top ten players present in the market. In the Diabetes Care Devices Market, the top 10 companies are:
Becton Dickinson and Company
Ascensia Diabetes Care Holdings AG
Johnson & Johnson
Diabetes Care Devices Market Development:
In February 2020, Insulet Corporation partnered with DexCom, Inc. to develop the Omnipod HorizonTM System for automated insulin delivery, which combines Dexcom’s trusted tubeless insulin delivery Pod with current and future Dexcom continuous glucose monitoring systems (CGM).
North America dominated the Diabetes Care Devices Market in 2020 owing to rising number of diabetic population in this region. The Diabetes Care Devices Market scope for different regions will be provided in the final report.
Increasing technological advancement in Diabetes Care Devices is set to aid the market growth of the Diabetes Care Devices Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the Diabetes Care Devices market will be provided in the report.
High price of Diabetes Care Devices is poised to create the hurdles for the Diabetes Care Devices Market.
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