Diabetes Devices Market: High Product Price and Lack of Reimbursement Policies Crimps Demand
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.
Albany, NY -- (SBWire) -- 03/14/2018 --Global Diabetes Devices Market: Overview
Diabetes mellitus, often referred as diabetes, is a chronic condition that results when there are elevated levels of glucose in the blood. High blood glucose levels occur when our body is unable to produce any or enough of the hormone insulin or use it effectively. Insulin is produced in the pancreas and is an essential hormone for transporting glucose from our blood stream into the body cells where it gets converted into energy. The lack of insulin or the inability of the cells to respond to insulin leads to high levels of blood glucose, or hyperglycemia, which causes diabetes. If diabetes is undiagnosed and treatment for it is not taken correctly, it leads to damage of other body organs and development of life-threatening health complications such as neuropathy, cardiovascular disease, nephropathy and eye disease, leading to retinopathy and blindness. Presently 415 million people are living with diabetes.
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According to the research report, the global diabetes devices market is expected to be worth US$66,053.1 mn by the end of 2025 from US$37,220.8 mn in 2016. During the forecast years of 2017 and 2025, the global market is estimated to exhibit a CAGR of 6.7%.
Glucose Monitoring Devices to Remain Popular Disease Management Tools
The global diabetes devices market has been segmented based on product type, distribution channels and geography. Considering the product type the global diabetes devices market is classified in to major segments- glucose monitoring devices, insulin delivery devices, diabetes monitoring software, and artificial pancreas system. The glucose monitoring devices includes four main sub-segments such as self -monitoring blood glucose meters, blood glucose testing strips, lancets and continuous glucose monitoring meters. Insulin delivery devices segment includes insulin syringes, insulin pens and insulin pumps. Different types of pens and pumps with various designs are available in the market depending upon the customer's requirement. In 2016 glucose monitoring devices accounted for the major market share in terms of revenue. Growth in incidence of diabetes and development of innovative technology for insulin delivery is likely to drive the market the market during forecast period.
Insulin pumps accounts for the prominent share in the diabetes devices market. Rising number of oral drugs and supplements for diabetes treatment is restraining the market during the forecasted period. However, continuous developments in medical device technology will lead a significant growth in the diabetes devices market during the forecasted period. Based on distribution channel the global diabetes devices market can be divided into hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics/centers. The hospital pharmacy segment contributes maximum share in terms of revenue in the forecast period. Also rise in the number of online platforms providing prescription and non-prescription diabetes care devices is estimated to drive the segment during the forecast period.
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Asia Pacific Shows Promise of Growth as Incidence of Diabetes Remains on the Rise
Geographically, the diabetes devices market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America contributed for the largest share of 37.5% of the global diabetes devices market in 2016, followed by Europe with 34.4% market share. This is attributed to developed economy and advanced health care infrastructure coupled with awareness of population regarding the treatment of diabetes and associated diseases. In North America and Europe the glucose monitoring device segment of diabetes devices market contributes the maximum share. Asia Pacific may show a promising market for the diabetes devices business because of increasing population and increasing healthcare facilities and developing economy. Additionally the Asia pacific, Latin America regions are focusing on increasing diabetes clinics which will be driving the market during forecast period.
In the global diabetes devices market the major operating players are Medtronic plc, Sanofi S.A., Eli Lilly and Company, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd. and others. These are the major players of diabetes devices market and exhibit the largest geographical outreach with presence of range of worldwide.
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