ALBANY, New York, November 20, 2018
ALBANY, New York, November 20, 2018 /PRNewswire/ --
According to TMR, the diabetes devices market was valued at US$37220.8 mn in 2016 and expected to attain a value of US$66,053.1 mn by the end of 2025. The market is expected to expand with a CAGR of 6.7% over the forecast period from 2017 to 2025. Based on the product type, the glucose meter is dominated to the global market for diabetes devices in 2016 by accounting the 59.1% of the total revenue. Based on the region, North America dominated the market owing to higher expenditure on the healthcare systems in the region.
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Awareness about Health and Cost-Effectiveness of Product to Propel Growth
The global diabetes devices market is gaining traction due to growing incidences of diabetes due to a sedentary lifestyle, growing stress level coupled with growing alcohol consumption. Additionally, increasing awareness levels globally for the availability of diabetes controlling devices is propelling adoption of diabetes devices and likely to fuel the growth of the global diabetes devices market. In addition, raising awareness about the availability of diabetes management is bolstering growth of the global diabetes devices market. Furthermore, the cost-effectiveness of lancets, blood glucose meters, and testing strips are influencing on demand of the diabetes devices and fuelling growth of the diabetes devices market.
The demand for global diabetes devices market is experiencing a growth owing to the number of new entrants which are offering the devices with advanced features. Growing acceptance toward new and cost-effective products is boosting the growth of the market. Additionally, growing research for product improvement and development of the novel product is propelling the growth of the global diabetes devices market.
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Evolving Technology to Offer Lucrative Opportunities
Despite these factors, the rising adoption of alternative treatments such as oral drugs, insulin, and supplements are limiting adoption of diabetes devices and likely to hamper the growth of the global diabetes devices market. Additionally, lack of awareness about the availability of products among the people living in the ruler areas of developing countries is also restraining growth of the diabetes devices market. Nonetheless, continuous evolving technology and growing advancement in the product is likely to offer lucrative opportunities for growth over the forecast period. Moreover, improving home monitoring devices are also boosting demand for the home friendly devices to be used at home due to their ease of using and convenience. These factors are expected to create lucrative opportunities for growth of the diabetes devices market.
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The diabetes devices market has consolidated vendor landscape owing to the domination of very few players, TMR observes. The key players such as F. Hoffmann-La Roche Ltd., Sanofi S.A., Medtronic plc, Novo Nordisk A/S, and Eli Lilly and Company. The primary reason for their domination is the wide product offering; thus, the other companies operating in the market are increasingly focusing on product development and improvement. Also, these companies are taking part in a merger, acquisition, and partnerships for product advancement and business expansion. Additionally, the players are trying to offer the manufacturing the devices in lowered prices.
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The brief information on the topic is covered in the new report by TMR, titled "Diabetes Devices Market (Product Type - Glucose Monitoring Devices (Self-monitoring Blood Glucose Meters, Blood Glucose Testing Strips, Lancets, and Continuous Glucose Monitoring Devices), Insulin Delivery Devices (Insulin Syringes, Insulin Pens, and Insulin Pumps), Diabetes Monitoring Software, and Artificial Pancreas System; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Diabetes Clinics/Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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