The global diabetes devices market is expected to reach USD 35.5 billion by the year 2024, according to a new report published by Grand View Research, Inc. Major drivers of the market include the growing number of diabetic patients owing to the sedentary lifestyles and unhealthy food habits. The growing demand for the advanced and minimally invasive, diagnostic as well as monitoring devices is expected to propel the market growth during the forecast period.
The rising awareness with regard to the technologically advanced monitoring tools, such as the continuous glucose monitor, is a crucial factor expected to spur the growth of the market. The demand for affordable monitoring devices in the developed as well as the less-developed countries is expected to propel the market growth of products, such as glucose test strips.
The existence of relatively smooth product approval procedures in most of the developed countries including the U.S and European countries are expected to boost the insulin devices market. The rising popularity of the compact, easy to carry monitoring devices, and the introduction of minimally invasive, highly efficient devices is expected to drive the market growth at a lucrative rate. However, the disparity in the reimbursement policies is primarily challenging the overall growth of this market.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/diabetes-devices-market
Further key findings from the study suggest:
·
The demand for the diabetes devices is expected
to surge owing to the factors such as the constantly increasing geriatric
population prone to diabetes, the government initiatives taken to support
better management of diabetes, and the growing awareness regarding diabetes
devices
·
In 2015, the test-strips sub-segment captured
the largest market share in the blood glucose monitoring and diagnostic devices
segment. The insulin pens accounted for the largest share of the insulin
delivery devices segment. The global diabetes devices market is expected to
reach USD 35.4 billion in 2024.
·
The monitoring and diagnostic devices segment
captured the largest market share of the overall market in 2015. The segment
accounted for around 71% of the total market owing to repeat purchases.
·
The monitoring and diagnostic devices segment is
expected to maintain its dominance during the forecast period owing to the
introduction of technologically advanced products coupled with the high
adoption of these products in the near future
·
North America captured the largest market share
of around 32% in the year 2015. The domination of the market is expected to
continue with a CAGR of 5.9%. The growing diabetic population, the availability
of technologically advanced devices, and the presence of skilled professionals
are the factors contributing to the growth of the market in North America.
·
Asia Pacific is the fastest growing segment of
the market. Countries, such as China and India are expected to show a swift
growth owing to the high prevalence of diabetes, the rising awareness regarding
commercially available devices, and the growing disposable income in these
countries
·
The key players in diabetes devices market
include Abbott Laboratories, Inc., Bayer Healthcare AG, Johnson& Johnson,
F. Hoffmann La-Roche Ltd., Becton Dickinson and Company, Medtronic, Inc., Novo
Nordisk A/S, and Sanofi.
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this category @ http://www.grandviewresearch.com/industry/medical-devices
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