September 24, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Diabetes care devices Market Growth 2019-2024’, the worldwide diabetes care devices market is anticipated to surpass US $25700 million by the year 2024.
Diabetes is a metabolic disorder that upset the ability of pancreas to use or produce insulin. Insulin is a hormone secreted in the pancreas to transform glucose into energy and transport it to cells. Lack of insulin increases the blood sugar level, causing diabetes. While, Type 1 is insulin dependent diabetes mellitus, Type 2 is noninsulin dependent diabetes mellitus.
Increasing incidences of diabetes owing to growing obesity rates, dietary & lifestyle changes, and rising geriatric population will propel the diabetes care devices market growth. Diabetes currently affects 386 million people globally and this number is predicted to grow to 592 million people by the year 2035. This upsurge in diabetic cases, along with its financial implication will further boost the demand for devices.
Diabetes care devices include glucose monitoring device such as lancing devices, blood glucose strips, continuous glucose monitoring devices, blood glucose meters, and HbA1c testing kits, and insulin delivery device like insulin pens, insulin syringes, and insulin pumps.
The global diabetes care devices market was worth US $20000 million in 2019 and is anticipated to record a growth rate of 5.1% CAGR by the year 2024. The report studies the market thoroughly to understand the opportunities, challenges, trends and drivers affecting the industry growth.
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Considering the product type, the diabetes care devices market is segmented as insulin pumps, blood glucose test strips, insulin syringes, and blood glucose meters. Speaking of the application spectrum, the market is segmented as personal care and medical care. While based on the regional landscape, the market is divided into four main regions which are Americas, Europe, Asia Pacific (APAC), and Middle East & Africa.
The prominent companies operating in diabetes care devices market include Alere, Roche, I-sens, J&J, Sanofi, Abbott, Sannuo, Ascensia Diabetes Care, Ypsomed, BD, Terumo Corporation, Medtronic plc, Dexcom, B. Braun and ARKRAY Inc.