ALBANY, N.Y., July 22, 2020
- Insulin delivery devices will be a notable product-type in the market over the forecast period; hospital pharmacies will be prominent distribution channel
- North American region will dominate regional charts; APAC will chart high compound annual growth rate from 2019 to 2027
- Poor lifestyle choices to be significant market growth contributor
ALBANY, N.Y., July 22, 2020 /PRNewswire/ -- Growing prevalence of diabetes is pushing up demand for diabetes devices. It is helping market grow considerably. Over the next few years, factors such as technological advancement and increase in research and development activities will also drive global diabetes devices market forward.
Transparency Market Research notes, "The global diabetes devices market would grow at a rate of 6.4%, compounded annually, from 2019 to 2027. In 2018, the market was valued at USD 41.8 billion. Over the stated period, it will reach valuation of USD 73.4 billion."
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Key Findings of Global Diabetes Devices Market Study:
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Key Drivers of Growth in Global Diabetes Devices Market:
Growing prevalence of diabetes is leading to growth in the global diabetes devices market over the forecast period. Transparency Market Research notes that a slew of contributing factors mark the landscape, driving it on a high growth trajectory. A glimpse into such growth factors is provided below:
For a detailed analysis of global diabetes devices market by product-type, distribution channel, and region, visit TOC at https://www.transparencymarketresearch.com/report-toc/14
Regional Analysis of Global Diabetes Devices Market:
Analyze global diabetes devices market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study https://www.transparencymarketresearch.com/sample/sample.php
Competitive Landscape of Global Diabetes Devices Market:
The fragmented vendor landscape of global diabetes devices market has no dearth of strong players. Some of the top ones are profiled by Transparency Market Research. These include Medtronic, Novo Nordisk A/S, Sanofi, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Tandem Diabetes Care, Inc, Abbott Laboratories, Cellnovo, Insulet Corporation, LifeScan, Inc., and Owen Mumford Ltd, among others. The report also carries details into business strategies, product portfolio, and recent developments led by these players.
Top focus areas for most players operating in the diabetes devices vendor landscape are launching new products, gaining regulatory approvals, and striving for innovation. Launch of slim X2 insulin pump with control-IQ technology by Tandem Diabetes Care in January 2020 is one such example. Collaborative agreements, partnerships, and mergers and acquisitions are also crucial strategies aimed at achieving growth.
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The global diabetes devices market has been segmented as follows:
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Insulin Delivery Devices Market: According to the report, the global insulin delivery devices market was valued at US$ 10,385.0 Mn in 2017 and is projected to reach US$ 21,783.3 Mn by 2026, expanding at a high CAGR of 8.7% from 2018 to 2026. Increase in the prevalence rate of diabetes and related diseases across the world is anticipated to fuel the global insulin delivery devices market during the forecast period
Blood Glucose Monitoring Systems Market: Technological advancements continue to drive innovations in the blood glucose monitoring systems market and improve diagnostic techniques and equipment. Research and development activities continue to explore and discover new non-invasive glucose monitoring techniques. At the back of these factors coupled with favorable government policies, the global blood glucose monitoring systems market is expected to reach ~US$ 25 Bn by the end of 2027
Insulin Pumps Market: The global insulin pumps market is anticipated to stretch around a value of US$9.50 bn before the finish of the conjecture time frame, which was assessed in 2016, to be around worth US$4.18 bn. The market is foreseen to thrive at a CAGR of 9.80% inside the forecast period from 2017 to 2025.
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