The global diabetes devices market size was valued at USD 1,857.9 million in 2015.The rising prevalence of diabetes owing to sedentary lifestyles is the prime factor for the growth of the diabetes devices market. Moreover, the steadily increasing funding followed by the intensified research and development efforts that are aimed at enhancing treatment solutions for the control of diabetes is driving the global market towards swift growth.
The availability of a wide range of devices with quick and accurate results is supporting the market growth. The global diabetes devices market is innovation-led. Market players are focusing on the development of minimally invasive and user-friendly devices to add to their portfolio as the demand for these devices is rapidly rising. Furthermore, the technological advancement of these devices is resulting in the constant addition of innovative products into the market.
China Diabetes Device Market, By monitoring and diagnostic devices type, 2014 - 2024 (USD Million)
On the other hand, the high product cost, disparities in reimbursement coverage, and the availability of alternative treatments, such as Ayurveda, Chinese Medicine, and Homeopathy are some of the prime factors challenging the growth of this market.
In addition, patent expiration for leading products in the market is leading to the shrinkage of profit margins. Furthermore, the high entry barriers are discouraging the new players to enter the market. Thus, altogether, patent expiration and high entry barriers are hindering the overall growth of the global market.
The global diabetes devices market has been segmented into blood monitoring &diagnostic devices and insulin delivery devices based on the device type. Blood glucose monitoring & diagnostic devices include glucose test strips, lancets, analog glucose meter, and continuous glucose monitor (CGM). The insulin delivery devices segment comprises pumps, injectors, pens, and insulin syringes.
Test strips captured the largest market share of the monitoring and diagnostic devices segment in 2015. However, the continuous glucose monitoring (CGM) devices segment is anticipated to grow at the fastest rate from 2016 to 2024. The escalating adoption of these devices by professionals and patients owing to the shift towards remote patient monitoring and home healthcare services is estimated to support the growth of the market during the forecast period.
In 2015, the insulin pens segment accounted for the largest market share among other delivery devices segments. Factors, such as user-friendly design, high adoption rates, and higher awareness levels among consumers contributed to the largest revenue share of this segment.
The global market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America dominated the diabetes devices market in 2015. The dominance of this segment in this region was majorly attributed to the presence of a large target population coupled with the high adoption of commercially available, technologically advanced products. North America is expected to maintain its dominance throughout the forecast period owing to the presence of highly developed healthcare infrastructure, the rising adoption of remote monitoring and home healthcare devices, and the rise in disposable income in this region.
Asia Pacific is anticipated to show the fastest growth with a CAGR of over 8.5% during the forecast period. India and China together have the largest population of diabetic patients in the world. Therefore, in the near future, growing awareness levels regarding the commercially available products, the rise in the adoption of self-monitoring devices, and an increase in the healthcare expenditure are some of the factors expected to drive the growth of this market in Asia Pacific.
Latin America is anticipated to exhibit the second fastest growth rate after Asia Pacific from 2016 to 2024. The presence of emerging economies, such as Brazil, Mexico, and Argentina is expected to contribute to the growth of the region in the coming years. Factors such as booming medical tourism industry and the existence of a relatively smooth, product approval process are expected to affect the Latin America market positively. In addition, government initiatives to improve the healthcare infrastructure in the respective country are anticipated to augment the growth of the market during the forecast period.
A large number of small and big players are competing with each other in the global market. Manufacturers are strategically expanding their product offerings with technologically advanced products to expand their market share. In addition, competitive pricing is one of the commonly observed strategic trends observed in the market.
Some of the market players contributing in the market include Abbott Laboratories, Inc., Bayer Healthcare AG, Johnson & Johnson, F. Hoffmann La-Roche Ltd., Becton Dickinson and Company, Medtronic, Inc., Novo Nordisk A/S, and Sanofi.
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