Diabetes Care Devices Market Size Worth USD 81.5 billion by 2031| Rising prevalence of diabetes, Says Growth Plus Reports
November 25, 2021
/EIN News/ -- Pune, Nov. 25, 2021 (GLOBE NEWSWIRE) -- According to the latest Trending report Titled “Diabetes Care Devices Market– Global Outlook & Forecast 2021-2031” The Global Diabetes Care Devices Market is expected to clock US$ ~81.5 billion by 2031 diabetes care devices market is expected to grow at a CAGR of ~9.0% from 2021-2031 owing to rising prevalence of diabetes and growing awareness among people regarding self-management of diabetes.
Diabetes is a chronic disease that occurs when a person’s pancreas does not produce sufficient insulin. Insulin is a regulatory hormone that keeps blood sugar in control. There are several types of diabetes type 1, type 2, and gestational diabetes. There are several devices that help patients monitor and manage sugar levels. These devices include blood glucose monitors, lancets, testing strips, insulin pens, jet injectors, insulin pumps, among others.
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- Millions of people have diabetes and every year millions of new cases of diabetes re-diagnosed.
- According to the U.S. Department of Health and Human Services, Centers for Disease Control and Prevention, in 2020, 34.2 million people had diabetes i.e. 10.5% of the US population, and 1.5 million new cases of diabetes or 6.9 per 1,000 persons were diagnosed. With such higher incidences of diabetes the need for care devices that help monitor blood glucose levels and control it is increasing. This is one of the leading factors that is boosting the growth of the diabetes care market.
- Moreover, rising awareness among patients for self-monitoring has also led to rising demand for these devices as they help them to measure glucose levels anytime and anywhere.
Covid-19 Impact on Diabetes Care Devices Market
- Diabetes is one of the comorbidities reported among patients with Covid-19. It has also been observed through studies that higher mortality was found in patients with diabetes. The spreading Covid-19 can be minimized by remote monitoring.
- To manage this several companies in the market took initiatives for launching new products in the market that helped patients monitor their blood glucose levels sitting in the comfort of their homes. For instance, in Nov 2020 Abbott launched FreeStyle Libre system in India, a glucose monitoring device that offers patients to check glucose levels anytime and anywhere. Such new launches have fueled the market growth.
- Companies have also taken other initiatives such as donating these glucose meters in hospitals and medical centers. For instance, the American Diabetes Association (ADA), Insulin for Life USA and Diabetes Disaster Response Coalition, and Abbott in partnership donated 25,000 FreeStyle Libre 14 day sensors to U.S. hospitals and medical centers in outbreak hotspots.
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Prominent players operating in the global market:
- F. Hoffmann-La Roche Ltd
- Novo Nordisk A/S
- Terumo Corporation
- B. Braun Melsungen AG
- ARKRAY USA, Inc
- ACON Laboratories, Inc
The global diabetes care devices market has been analyzed from three perspectives: Type, End-User, and Region.
|Forecast Period||2021 to 2031|
|Forecast Period 2021 to 2031 CAGR||9.0%|
|2031 Market Value||USD 81.5 billion|
|Historical Data||2018 and 2019|
|Number of pages||100 - 120|
|Segment Covered||Type And End-User|
Excerpts from ‘By Type Segmentation’
The global diabetes care devices market has been segmented majorly into two distinct categories depending on type, viz. monitoring devices and management/treatment devices. The monitoring devices are further categorized into self-monitoring devices (blood glucose meter, lancets/ lancing devices, and testing strips/ test papers) and continuous blood glucose monitoring devices (sensors, transmitters and receiver). Whereas, management/treatment devices are further categorized into insulin pumps, insulin pens, insulin syringes and needles, and jet injectors. The monitoring devices segment holds the largest share in the diabetes care devices market. The growth of the segment can be attributed to the rising incidence of diabetes coupled with the increasing adoption of self-monitoring blood glucose devices.
VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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