July 20, 2020
According to the research report titled ‘Global Diabetes Devices Market Analysis, 2020‘, available with Market Study Report LLC, global diabetes devices market is expected to grow with a CAGR of 7.2% during 2020-2025.
Constant rise in the cases of diabetes along with surging aging population are driving the growth of global diabetes devices market. Other factors such as technological developments and emergence of innovative products are fueling the demand for diabetes devices. Furthermore, long working hours, change in eating habits, and unhealthy diet patterns, alongside increase in food adulteration practices have also contributed to upsurge in number of diabetes patients. Integration of AI technology in diabetes monitoring & treatment devices by leading players will further augment the market outlook.
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With respect to the distribution channel, global diabetes devices market is segmented into online pharmacies, retail pharmacies, hospital pharmacies, diabetes centers/clinics and others. Based on end-user spectrum, the industry is divided into homecare, hospitals, and diagnostic centers.
Based on the type, the industry is segmented into blood glucose monitoring devices and treatment devices. Blood glucose monitoring devices include self-monitoring blood glucose systems and continuous monitoring blood glucose systems. Treatment devices include insulin syringes, insulin jet injectors, insulin pumps, and insulin pens.
As per the report, self-monitoring blood glucose systems segment is poised to record significant progress over the forecast period, due to ease in self-measuring of blood sugar levels offered by these devices. Easy usability and affordability of testing strips is further impelling product demand. Meanwhile, insulin pens and insulin pumps are also gaining decent traction, due to technological advancements and introduction of new products by market platers.
Geographically, global diabetes devices market is segmented into Asia Pacific, North America, Europe, South America and MEA. Key players include Sanofi, B. Barun Melsungen AG, Dexcom, LifeScan Inc., Medtronics, Bayer Corporation, Arkray Inc., Abbott Laboratories, Novo Nordisk, and F. Hoffmann-La Roche among others.