Diabetes Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2029
Global Diabetes Devices Market: Overview
Unhealthy eating habits and hectic lifestyles have led to increased number of chronic diseases such as diabetes. Similarly, there is consistent growth in the worldwide older population. As a result, there is tremendous increase in demand for devices used in diabetes management. Swift technological advancements in diabetes preventive care are projected to promote the growth of the global diabetes devices market during upcoming period.
Based on products, the global market for diabetes devices is segmented into BGM devices and insulin delivery devices. Depending on the end use, it is bifurcated into hospital and homecare.
Global Diabetes Devices Market: Growth Dynamics
According to CDC statistics, around 34.2 million people from America are living with diabetes. The number denotes the occurrence of this disease in over 1 out of 10 individuals from this region. Thus, rising instances of diabetic patients is propelling the market for devices required for management of this disease.
Increased demand for diabetes devices can be attributed to growing awareness about the preventive care about this disease. In addition, rising number of worldwide obese population is projected to push the global diabetes devices market in the near future. People today are more inclined toward buying products through online channels. Considering this shift, market players are focusing on strengthening their online presence. This move is helping to push their products sale.
Many government bodies are taking initiatives for diabetes management. They are increasing the funds required for the research and development activities in the field of diabetes care. Similarly, many key companies active in this market are pouring efforts in these activities. Therefore, growing research activities in the field is helping the diabetes devices market to grow stupendously.
Global Diabetes Devices Market: Notable Development and Competitive Analysis
Key vendors are chasing diverse strategies to maintain their strong position in the market. Some of the strategies include collaborations and partnerships. A case in point here is announcement by Novo Nordisk and Medtronic. As per this announcement, both the firms have entered into a partnership agreement. The aim of this partnership is to offer diabetic patients with integrated digital solutions. This move is projected to help the growth of the global diabetes devices market.
With an aim to make the diabetes management a somewhat easy task, many companies are launching advanced devices. They have increased their investment to innovate their products. One of such instance is recent technology developed by Tandem Diabetes Care. The technology has been approved by the food and drug administration (FDA). The new system named Control-IQ connects with insulin pumps and blood glucose sensors. The key specialty of this system is that it helps in management of insulin delivery according to the glucose levels in body of individuals with Type 1 diabetes. It has an ability to automatically decrease, increase, or stop the insulin delivery as needed. Thus, the incorporation of advanced technology will foster the global diabetes devices market.
The market for diabetes devices has a wide range of prominent players. Obviously, the competition level is intense. Some of the key players in the global diabetes devices market are:
Global Diabetes Devices Market: Regional Assessment
On regional front, North America is projected to be one of the prominent regions. Key reason behind this projection is the rising number of patients with diabetes in this region. In addition, growing awareness about taking preventive care is expected to spur the demand for devices required for diabetes management. Increased approvals from FDA for new devices helpful for diabetes care are propelling the market. Asia Pacific, Latin America, Middle East and Africa, and Europe are some additional regions supporting the diabetes devices market growth.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report