Category : Healthcare and Pharmaceuticals | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC262
The global diabetes devices market was valued at around $15 billion in 2016 and is expected to witness a growth over 4% during the forecast period from 2017 to 2024. Diabetes is a metabolic disorder that is caused by the rise in sugar level in the blood. This can be due to body’s ability to produce sufficient amount of insulin or incapability of body cells to respond to insulin. Depending on the cause, diabetes can be categorized into three types - Type 1 diabetes (pancreas stops producing insulin), Type 2 diabetes (body cells do not respond to the insulin) and Type 3 gestational diabetes (which occurs in pregnant women). Among these types, the type 2 diabetes is most common form, with around 90% of the total diabetic patients suffering from Type 2 diabetes. Type 1 diabetes is most common in children and young adults, which can be treated by injection of insulin. Elderly population and youth are more prone to Type 2 diabetes; however, it can be controlled with regular exercise and diet. During the course of time, most patients need oral medication for the treatment. The International Diabetes Federation (IDF) estimated that total number of patients suffering from diabetes would reach around 640 million by 2040 from 415 million in 2015. In addition, IDF estimated that the global healthcare expenditure for diabetes care to surpass $802 billion by 2040 from $673 billion in 2015, which represents 12% of overall healthcare spending.
The global diabetes devices market is segmented based on the type of device and geography. Based on type of device, the market is segmented into monitoring devices (SMBG and CGM), and treatment devices (manual insulin injection devices and pumps). Further, based on region, the market is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa (MEA). Amongst these regions, North America dominated the market in 2016 and is expected to maintain its dominance throughout the forecast period. The growth in North America is attributed by the presence of large number of diabetic patients, technological advancements, faster adoption of advanced products by the healthcare professionals and consumers, and higher healthcare spending.
This research report is designed to analyze and estimate the performance, market demand, and size of the global diabetes devices market. This report offers information on historical data, forecasts and market size, value chain, product sales, their forecasts, pipeline products and various other key factors that are boosting or impeding the growth of this market. Some of the major factors driving this market include rising awareness towards advanced treatment products, increasing number of patients suffering from diabetes, growing demand for minimally invasive and non-invasive treatment options, technological advancements, and improving healthcare infrastructure in the emerging markets. In addition, growing supportive government policies and increasing demand from emerging countries are further expected to drive the market growth.
Currently, the cost associated with diabetes treatment is enormous and continuously growing. North America led the global market in total expenditure on diabetes treatment, while Africa has the lowest expenditure among all the regions. The combined diabetes spending in the United States, China and Germany, accounted to almost 60% of global healthcare expenditure on diabetes. India has the second highest number of diabetes population, globally, and spends only 3% of total expenditure on diabetes. Considering all these factors, there is a huge growth opportunity for players in diabetes treatment in emerging markets.
Some of the key companies profiled in the report and hold considerable share in the market include Abbott Laboratories, AstraZeneca plc, B. Braun Melsungen AG, Bayer HealthCare AG, Becton, Dickinson and Company, Johnson & Johnson, Medtronic, Roche, DexCom, Insulet, Sanofi, and Novo Nordisk.
