The key growth associated with the growth of the diabetes devices market is the surging incidences of obesity in global population especially in the United States and Europe region. Globally around 38 million children were under the age of 5 were overweight or obese in 2019, according to WHO. According to Harvard T.H. Chan School of Public Health, U.S. has the highest rates of obesity and it is projected to increase by up to 50% by 2030.
According to MarkNtel Advisors’ research report “Global Diabetes Devices Market Analysis, 2020”, the Global Diabetes Devices market is anticipated to grow at a CAGR of around 7.2% during 2020-25. Other key factors that propel the growth of the diabetes devices market are rapid urbanization and the sedentary lifestyle of the individuals. Additionally, upsurge in the funding by government organizations to catalyse the research activities for treatment solutions and galvanizing R&D expenditure by the key players in the market is expected to burgeon the demand through 2025.
Hospital Segment Outpacing the Other Segments
In 2019, the hospital segment was witnessed to grab the major market share owing to the ongoing advances made in the healthcare infrastructure in developing countries along with rising expenditure. However, the measuring cost of blood sugar levels at hospitals is more as compared to the home care segment. The home care segment is registering a robust growth as compared to the hospital segment due to the introduction of self-blood monitoring devices such as syringes, pumps, and pens. Also, the incidence of diabetes is now very common thus, the patient’s preference is shifting towards self-monitoring devices as these need a daily dose of insulin as revealed by the MarkNtel Advisors’ research report “Global Diabetes Devices Market Analysis, 2020”.
North America Segment Registered the Highest Market Share
The United States in the North America region is contributing to the highest market share in 2019 owing to the rising patients of diabetes. The total healthcare expenditure incurred in the United States in 2019 was around USD 294.6 billion. The annual expenditure per person diagnosed with diabetes was the highest in the United States that accounted to be around USD 9,506 followed by Canada accounted to be around USD 4,397. The Nation Institute of Diabetes and Digestive and Kidney Diseases projected that around 23.1 million people in the United States are diagnosed with diabetes. Asia-Pacific region is considered as the medical tourism hub on account of low prices of treatments in countries such as China and India. The region shows an enormous rise in the cases of diabetes. According to IDF, USD 324.5 billion was spent on diabetes in the region, which is 42.7% of the total global health expenditure on diabetes in 2019.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Diabetes Devices market include Medtronics, Abbott Laboratories, Bayer Corporation, Sanofi, Arkray Inc., Dexcom, LifeScan Inc,, Novo Nordisk, F. Hoffmann-La Roche, B. Barun Melsungen AG etc.
“Global Diabetes Devices Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Diabetes Devices providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Diabetes Centers/Clinics, Online Pharmacies, Others),
2. By End-User (Hospitals, Homecare, Diagnostic Centers),
3. By Type (Blood Glucose Monitoring Devices and Treatment Devices),
4. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, Spain, China, India, Japan, South Korea, Australia, UAE, Saudi Arabia),
5. By Company (Medtronics, Abbott Laboratories, Bayer Corporation, Sanofi, Arkray Inc., Dexcom, LifeScan Inc,, Novo Nordisk, F. Hoffmann-La Roche, B. Barun Melsungen AG, etc)
Key questions answered in the study:
1. What are the current and future market trends of the Diabetes Devices industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Diabetes Devices industry?
5. What are the customer orientation, purchase behavior, and expectations from the Diabetes Devices firms across various regions?