Mar 27, 2020 (AmericaNewsHour) -- The Global Diabetes Devices Market was valued at $18.5 billion in 2015 and is expected to grow at a CAGR of 5.93% to reach $30.25 billion by 2021. Glucose monitoring devices will be the largest growing category in the market with a CAGR of 6.02 % followed by insulin delivery devices forecasted to grow at a CAGR of 5.59 %. Diabetes is a metabolic disorder in which the pancreas ability to produce or use insulin is affected and hence blood glucose levels rises than the normal level of glucose. Diabetes devices are used for monitoring and management of the level of glucose in a diabetic patient's body. These devices also facilitate the delivery of insulin in the patient's body.
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Market Dynamics:The Diabetes Market is driven by large diabetic patient pool caused by rapid urbanization and sedentary lifestyle. In addition, factors such as more R&D in diabetes diagnosis, technological advancements in the field of diabetes devices and a demand for faster and safer diagnosis & treatment of diabetes are adding to growth. The growing demand for minimally or non-invasive products is expected to propel the market growth further.There are certain restraints in the market such as high cost associated with the diagnosis and treatment, irregular reimbursement and patent expiry. In addition, certain devices don't give an exact figure but a range in which a certain parameter may lie, for example, blood glucose monitoring devices give a range about the blood glucose level of a patient.
Market Segmentation:The market is segmented intoGlucose Monitoring Devices MarketBlood glucose metersTesting stripsBlood glucose testing stripsContinuous glucose monitoring deviceLancetsInsulin Delivery Devices Market GlucoseInsulin syringesInsulin pumpsInsulin pensInsulin injectors
Geographic Analysis:North America has the largest market share of around 32% in 2015 and is expected to grow at a CAGR of 5.9%. The US is the major revenue pocket in this region. In 2015, Europe was the second largest market followed by Asia-Pacific. Asia-Pacific will be the fastest growing segment in this market especially countries like China and India owing to the high prevalence of diabetes, growing disposable income, rising awareness regarding these devices among others.Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10064923
Key Companies:The key players profiled in this market are Abbott Laboratories, Dexcom Inc., ACON Laboratories Inc., Becton, Dickinson and Company, Johnson & Johnson, Dexcom Inc., F. Hoffmann-La Roche Ltd, Medtronic plc and Terumo Corporation.
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The post Diabetes Devices Market 2016: Dynamics, Segments and Supply Demand Forecast 2022 appeared first on America News Hour.
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