Global diabetes care devices market projected to grow with significant CAGR over the forecast period

Diabetes: disease, management and devices market:
Global diabetes care devices market: Diabetes is a metabolic disorder where insulin is less or not present at all for the normal functioning of the body. The insulin deficiency is the major cause of diabetes which is secreted by the beta cells of islets of Langerhans in the pancreas. Factors such genetic inheritance, sedentary lifestyle and unhealthy food choices can cause diabetes. With blood sugar levels always uncontrolled, there are various severe effects on the body. Diabetes can be kept in check by monitoring blood glucose levels at regular intervals. Diabetes devices are small, compact and user-friendly. As discussed, there are two types of diabetes disease-one is caused due to the inability of insulin production and another is due to lack of response to the insulin. A blood glucose monitoring device is a must throughout the life, as it helps in monitoring the levels before and after the food intake.

The global market for diabetic care device is growing at a significant rate due to increase in the incidence of diabetes, especially in adults. Factors such as newer and better technologies, minimal or non-invasive products and increasing diabetic population are contributing to the market growth of the diabetes care devices. Similarly, availability of devices which are user-friendly, safe, faster and compact are also adding to the market growth of the diabetes care devices. Even the government and private investment are in R & D, the high cost of the new devices, lack of awareness and strict regulatory policies are some of the key factors which can hamper the growth diabetes care devices market.

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Global diabetes care devices market has been segmented on the basis of product type, and end-users.

1. Product type
• Blood glucose monitoring devices
o Self-monitoring Blood Glucose Meters
o Continuous Glucose Meters
o Consumables
o Others
• Insulin delivery devices
o Insulin Syringes
o Insulin Pens
o Insulin Pumps
o Insulin Jet Injectors

2. End-users
Hospital pharmacies, retail pharmacies, Online Pharmacies and others.

And lastly, it is categorized on the basis of geographical regions-North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America dominates the markets due to its increasing number of diabetic patients followed by Europe and Asia-Pacific. According to American Diabetes Association, the prevalence of diabetes in 2015 was 30.3 million i.e. 9.4% U.S population. Europe is the second largest region for global diabetes care devices market and Asia-Pacific is growing into a budding market due to increasing number of diabetic patients, and rising awareness are adding factors to the market growth. According to the International Diabetes Federation (IDF), China has the largest number of diabetic patients with around 96.2 million and India has around 66.8 million diabetic patients, which represents approximately 45% of the global diabetic population.

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Some of the key players in global diabetes care devices market are Abbott Laboratories (Abbott, Inc.) (U.S.), Dexcom Inc. (U.S.), Johnson & Johnson Services Inc.(U.S.), Merck & Co, Inc. (U.S.), F. Hoffman-La Roche (Switzerland), Becton-Dickinson and Company (U.S.), Novo Nordisk A/S (Denmark), Bayer AG (Germany), Medtronic plc. (Ireland), Terumo Corporation, Inc. (Japan), Ascensia Diabetes Care (U.S.) Panasonic Healthcare Holdings Co. Ltd. (Japan) and Eli Lilly and Company (U.S.) to name a few. In 2015, Novo Nordisk and IBM Watson Health partnered to create diabetes solutions built on the Watson Health Cloud. Also, in 2015, Panasonic Healthcare acquired Bayer diabetes unit’s Contour portfolio of blood glucose monitoring meters and strips.

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Globally, diabetes is the fourth leading cause of death. According to the International Diabetes Federation (IDF), seven Mn people are added every year to the pool of 246 million diabetics, which is projected to increase approximately 438 million by 2030. Moreover, about 3.8 Mn people die each year from diabetes. For the development of new products, and enhance the competitiveness, most vendors partnering with other vendors in the global diabetes care devices market. For e.g. in 2016, Ascensia Diabetes Care collaborated with Medtronic for developing marketing diabetes management solutions. Further market of test strips and blood glucose meters companies are getting into alliances which allows the market players newer opportunities in the global market. A blood glucose monitoring system which measures and stores the reading from the machine from anywhere 3 to 7 days. For e.g. Medtronic (Enlite, Guardian Realtime), Abbott (Freestyle Navigator II), and Dexcom’s (G4 Platinum) are some of the names of the blood glucose monitoring system.

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