According to the latest information published by Credence Research, Inc. “Diabetes Devices industry Growth, Future Prospects and Competitive Analysis, 2016-2022,” the global diabetes devices industry was valued at USD 20.4 Bn in 2015, and is expected to reach USD 28.2 Bn by 2022, expanding at a CAGR of 4.6% from 2016 to 2022.
With approximately 385 Mn diabetic patients and a burden of 175 Mn undiagnosed population, the burden of diabetes is significant. Lifestyle, increase in obesity prevalence, dietary changes and ageing are some of the critical factors contributing to the growing prevalence of diabetes worldwide. The global diabetes management industry is majorly driven by rising disease prevalence, technological innovation, growing preference for automated disease management solutions are the prime drivers of diabetes devices industry.
Growth of the global diabetes management devices industry is also supported by significant investments, scope of penetration in middle- and low-income countries and increasing awareness in patient population about effective diabetes management and thereby prevention of disease related complications. On the other hand, high costs of novel diabetes management products and monitors, compliance issues, safety concerns and reimbursement issues are some of the industry hindrances faced by the diabetes device manufacturers.
Browse the full information Diabetes Devices: industry Growth, Future Prospects and Competitive Analysis, 2016-2022 information at http://www.credenceresearch.com/report/diabetes-devices-market
This information classifies the overall diabetes devices industry into insulin delivery devices and glucose monitoring devices segments. The insulin delivery devices segment studies individual industry for insulin pumps, insulin syringes, insulin pens and insulin inhalers. The glucose monitoring products studied in this information include test strips, lancing devices and lancets, glucose meters and continuous glucose monitors. Insulin delivery devices currently take the larger share of the overall diabetes devices industry and it is anticipated that the demand for these products shall remain high through the forecast period. Additionally, continuous glucose monitors is anticipated to be the fastest growing segment in the total industry, where the growth is facilitated by rapid technological innovation in this field by players such as Dexcom and prove efficiency of these devices in management of both type 1 and type 2 diabetes.
Geographically, North America and Europe are the largest regional industrys for diabetes devices. High awareness, diabetes prevalence and evolved reimburse systems for novel drug delivery and monitoring systems are the prime industry growth drivers in these regions. Furthermore, Asia-Pacific and Middle East and Africa are the fastest growing regions in the global industry. Phenomenal rise in diabetes prevalence in countries such as India, China and Middle East countries are the major growth facilitators in these region.
The overall diabetes devices industry is led by F. Hoffmann La Roche through its flagship product line Accu Chek and is followed by Animas Corporation and LifeScan with their wide product offering. Eli Lilly currently is among the top players in the diabetes delivery devices segment.
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