Dec 12, 2019 (The Expresswire) -- The global diabetes care devices market is estimated to grow significantly at a CAGR of 6.5% during the forecast period. Various pivotal factors are boosting the market growth which includes rising incidence and prevalence rate of diabetes across the globe, increasing awareness among the population towards diabetes and availability of a variety of diabetes care devices in the market.
The rapid evolution of the diabetes care devices industry has led to the emergence of advanced devices such as smart insulin and artificial pancreas for the detection and treatment of diabetes. Smart insulin is also known as glucose-responsive insulin, would be able to act automatically according to the patient's blood sugar levels. Higher the blood sugar level, the more insulin will be activated and vice versa. This innovative drug could prove to be a game-changer in the global diabetes care devices market as smart insulin, once launched would eliminate repetitive injections and blood sugar level testing. With smart insulin, the patient would be relieved of routine hassles of blood glucose monitoring. Presently, the research for the development of smart insulin is under process.
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Merck is the first company to be in the first phase of human trials of smart insulin. Other companies such as Sanofi have also entered a research partnership with JRDF (Juvenile Diabetes Research Foundation). The two organizations will jointly fund researchers to develop new and different approaches to glucose-responsive insulin. Moreover, Eli Lilly has acquired Glycostasis Inc. -a start-up company working on smart insulin technology and is funding its research on smart insulin. Further, Denmark based Novo Nordisk A/S is also focusing on the RandD of smart insulin. Organizations such as JDRF, Sanofi, and the ADA Pathways Program are supporting many of these projects by funding Novo Nordisk. This is expected to expand the market size of the global diabetes care devices industry.
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Furthermore, increasing focus on the RandD of artificial pancreas technology is also boosting the growth of the global diabetes care devices market. Artificial pancreas technology can be stated as the next step in the field of integrating insulin delivery systems and glucose monitoring. It is projected to boost the global diabetes care device market as a major breakthrough in treating and management of diabetes. The US FDA and JRDF are working in collaboration with continuous glucose monitoring system manufacturers in order to develop an artificial pancreas device system. Artificial pancreas is being developed with the aim to enhance the insulin delivery system as well as to help in attaining normal glucose levels. Continuous glucose monitoring systems attached to the insulin delivery systems would automatically trigger insulin delivery.
Current Market Trends Covered in the Global Diabetes Care Devices Market Report
• On the basis of the product type, the blood glucose monitoring devices segment is estimated to hold a dominating market share during the forecast period.• Asia-Pacific is estimated to gain maximum traction in the global diabetes care devices market during the forecast period.• Based on the end-use segment, the diagnostic centers segment is estimated to foresee an optimistic growth rate over the forecast period.
Global Diabetes Care Devices Market Segmentation
By Product Type
• Blood Glucose Monitoring Devices• Insulin Delivery Devices
By End-Use
• Hospitals• Diagnostic Centers• Ambulatory Surgery Centers (ASCs)• Homecare
Global Diabetes Care Devices Market Segment by Region
North America
• US• Canada
Europe
• UK• Germany• Italy• Spain• France
Asia-Pacific
• China• India• Japan• Rest of Asia-Pacific
Rest of the World
• Middle East and Africa• Latin America
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COMTEX_359250122/2598/2019-12-12T07:25:12
