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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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