The Global Diabetes Devices Market is anticipated to exhibit an impressive CAGR of 5.5% on account of rising prevalence of diabetes. Key insights into this fast growing market, valued at US$ 32,441.3 mn in 2018, have been shared by Fortune Business Insights in its report, titled “Diabetes Devices Market Size, Share and Global Trend By Product (Monitoring Devices, Treatment Devices), By Distribution Channel (Institutional Sales, Retail Sales) and Geography Forecast till 2026”. The report brings out the key aspects that will influence the market in the forecast period. Diabetes is a metabolic disease in which the body is unable to process glucose, leading to elevated levels of blood sugar. This happens as the body does not make enough insulin (a hormone made by the pancreas), which helps the glucose enter the cells and supply the body with energy to function. Diabetes devices such as insulin pumps and continuous glucose monitors are used by medical professionals and patients to regulate and monitor blood glucose levels.
Top Key Players Covered:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the global Diabetes Devices market. Some of the companies operating the global Diabetes Devices market are;
- Hoffmann-La Roche Ltd.
- Tandem Diabetes Care, Inc.
- Eli Lilly
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key industry developments
- In September 2018, DiaMonTech GmbH, in, launched a shoebox-sized device that can diagnose the blood glucose levels by using an infrared light beam through the skin.
- In February 2019, Tandem Diabetes Care, Inc., received FDA approval for the marketing of the first insulin pump with interoperable technology for children and adults with diabetes. t: Slim X2 insulin pump is the first device to be classified under a new de novo premarket review pathway.
- In July 2019, F. Hoffmann-La Roche Ltd. received safety approval for the launch of the Accu-Chek Solo insulin patch pump and wireless touchscreen handheld in Europe.
Increasing Incidence of Diabetes to Fuel the Market
The International Diabetes Foundation has estimated that by 2040, the number of people affected by diabetes will reach 642 million. Diabetes is a lifelong condition and an increasing prevalence of the disease bodes well for the global diabetes devices market. Increasing sedentary lifestyles, lack of exercise, obesity, excessive consumption of fatty and sugar-laced food, and rising stress levels are enhancing the risk of diabetes among people. The market size is expected to expand as novel devices are introduced in the market such as wearable glucose monitoring devices and smart insulin pumps. This expansion will happen on account of rising demand for non-invasive techniques to monitor and regulate blood sugar levels in real-time.
Additionally, aging populations are increasing in the world, especially the western countries, and the incidence rate of Type 2 diabetes is expected to rise in tandem. This factor will be a major booster for the global diabetes devices market in the forecast period.
Growing Competition to Spruce Up the Market
The fast-growing global diabetes devices market being augmented by innovation of key players. Increased investment in research and development by pharmaceutical companies is leading to development of innovative products such as non-invasive reusable devices. For example, in June 2019, Nemaura Medical commercially launched its non-invasive and needle-free continuous glucose monitor, SugarBEAT, in Germany and Europe. The device is also the world’s first of its kind. Among the major participants, Hoffman-La Roche has emerged as a market leader owing to its diverse product portfolio of diabetes devices and a well-established global distribution network.
Key players who currently have impressive market share have been identified by Fortune Business Insights. They include Abbott, Sanofi, Hoffmann-La Roche Ltd, Medtronic, Braun Melsungen AG, and a few others.
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