Diabetes Devices Market Is Predicted To Grow Swiftly Due To Rising Prevalence Of Diabetes Owing To Sedentary Lifestyles Till 2024: 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.
Browse full research report on Diabetes
Devices Market: http://www.grandviewresearch.com/industry-analysis/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.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-diabetes-devices-market
About
Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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