Diabetes Care Devices Market By Product (Blood Glucose Monitoring Devices And Insulin Delivery Devices)
The global diabetes care devices market was valued at $6,867 million in 2016, and is growing at a CAGR of 5.8% from 2017 to 2023 to reach $10,208 million by 2023. Diabetes care devices are used to check the blood glucose or the insulin level in a patient’s body.
The major factor that contributes to the growth of the diabetes care devices market include the increase in incidence rate of diabetes caused by rapid urbanization and sedentary lifestyle. Moreover, technological advancements in the field of diabetes devices, rise in obese population, consumption of junk food, and surge in need for faster and safer diagnosis and treatment of diabetes further boosts the market growth.
However, blood glucose monitoring devices do not measure the exact level of glucose in blood and give a range in which the blood glucose level of a patient may lie. In addition, adverse effects associated with some of the diabetes care devices also hinder the market growth.
In addition, rise in awareness about diabetes monitoring devices, and untapped market opportunities in the developing regions are expected to provide numerous opportunities for the market growth.
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Diabetes care devices market is segmented on the basis of type and region. Based on type, the market is bifurcated into blood glucose monitoring devices and insulin delivery devices.
Blood glucose monitoring devices are categorized into testing strips, self-monitoring blood glucose meters, lancets, and continuous glucose monitoring devices. Insulin delivery devices segment is further divided into insulin syringes, insulin pens, insulin pumps, and insulin jet injectors.
By geography, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
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POTENTIAL BENEFITS FOR STAKEHOLDERS:
- The study provides an in-depth analysis of the market with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides information about the current and upcoming trends in the market from 2016 to 2023, which helps to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a global and regional scale are provided.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the global market.
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