According to the latest report published by Credence Research, Inc. “Diabetes Devices Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the global diabetes devices market 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.
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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 market is majorly driven by rising disease prevalence, technological innovation, growing preference for automated disease management solutions are the prime drivers of diabetes devices market.
Growth of the global diabetes management devices market 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 market hindrances faced by the diabetes device manufacturers.
This report classifies the overall diabetes devices market into insulin delivery devices and glucose monitoring devices segments. The insulin delivery devices segment studies individual market for insulin pumps, insulin syringes, insulin pens and insulin inhalers. The glucose monitoring products studied in this report 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 market 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 market, 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 markets for diabetes devices. High awareness, diabetes prevalence and evolved reimburse systems for novel drug delivery and monitoring systems are the prime market growth drivers in these regions. Furthermore, Asia-Pacific and Middle East and Africa are the fastest growing regions in the global market. Phenomenal rise in diabetes prevalence in countries such as India, China and Middle East countries are the major growth facilitators in these region.
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The overall diabetes devices market 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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