Diabetes Devices Market Is Predicted To Reach USD 35.5 Billion By 2024: By Grand View Research, Inc.
The global diabetes devices market is expected to reach USD
35.5 billion by the year 2024, according to a new report published by Grand
View Research, Inc. Major drivers of the market include the growing number of
diabetic patients owing to the sedentary lifestyles and unhealthy food habits.
The growing demand for the advanced and minimally invasive, diagnostic as well
as monitoring devices is expected to propel the market growth during the
forecast period.
The rising awareness with regard
to the technologically advanced monitoring tools, such as the continuous
glucose monitor, is a crucial factor expected to spur the growth of the market.
The demand for affordable monitoring devices in the developed as well as the
less-developed countries is expected to propel the market growth of products,
such as glucose test strips.
The existence of relatively
smooth product approval procedures in most of the developed countries including
the U.S and European countries are expected to boost the insulin devices
market. The rising popularity of the compact, easy to carry monitoring devices,
and the introduction of minimally invasive, highly efficient devices is
expected to drive the market growth at a lucrative rate. However, the disparity
in the reimbursement policies is primarily challenging the overall growth of
this market.
China Diabetes Device Market, By monitoring and
diagnostic devices type, 2014 - 2024 (USD Million)
Browse full research report on Diabetes
Devices Market
Further key findings from the report suggest:
- The demand
for the diabetes devices is expected to surge owing to the factors such as
the constantly increasing geriatric population prone to diabetes, the
government initiatives taken to support better management of diabetes, and
the growing awareness regarding diabetes devices
- In 2015, the
test-strips sub-segment captured the largest market share in the blood
glucose monitoring and diagnostic devices segment. The insulin pens
accounted for the largest share of the insulin delivery devices segment.
The global diabetes devices market is expected to reach USD 35.4 billion
in 2024.
- The
monitoring and diagnostic devices segment captured the largest market
share of the overall market in 2015. The segment accounted for around 71%
of the total market owing to repeat purchases.
- The
monitoring and diagnostic devices segment is expected to maintain its
dominance during the forecast period owing to the introduction of
technologically advanced products coupled with the high adoption of these
products in the near future
- North America
captured the largest market share of around 32% in the year 2015. The
domination of the market is expected to continue with a CAGR of 5.9%. The
growing diabetic population, the availability of technologically advanced
devices, and the presence of skilled professionals are the factors
contributing to the growth of the market in North America.
- Asia Pacific
is the fastest growing segment of the market. Countries, such as China and
India are expected to show a swift growth owing to the high prevalence of
diabetes, the rising awareness regarding commercially available devices,
and the growing disposable income in these countries
- The key
players in diabetes devices market include Abbott Laboratories, Inc.,
Bayer Healthcare AG, Johnson& Johnson, F. Hoffmann La-Roche Ltd.,
Becton Dickinson and Company, Medtronic, Inc., Novo Nordisk A/S, and
Sanofi.
For more information:
http://www.grandviewresearch.com
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