Favorable Government Initiatives Will Drive The Global Diabetes Care Devices Market
The global diabetes care devices market, valued at $28.9 billion in 2018, will grow to $38.7 billion in 2022 at an annual growth rate of 7.6%. Driving the market will be favorable government initiatives around the world who are investing in programs to help raise diabetes awareness. For example, the US State Department’s National Institutes of Health and Centers for Disease Control and Prevention jointly launched the National Diabetes Education Program to educate and sensitize people about the risks and prevention of diabetes. In 2015, National Health Service, UK, and Public Health England initiated the first National NHS Diabetes Prevention Program that aims to reduce the 4 million people in the UK expected to have Type 2 diabetes by 2025. Government initiatives will drive the demand for diabetes care equipment during the forecast period. In emerging economies including India and China where the diabetic populations are the highest in the world, expenditure on diabetes treatment accounts for a large proportion of overall medical expenditure. Due to this, their governments are expanding their healthcare and insurance programs.
Public health insurance reforms have also had a significant impact on the overall health care market’s growth, including the diabetes care devices market. For instance, the USA’s Patient Protection and Affordable Care Act 2010, which is popularly known as ‘ObamaCare’, reformed the country’s health insurance industry and health care system. Subsidies to low- and middle-income Americans for obtaining affordable quality health insurance and the expansion of Medicaid to almost 20 million more Americans increased the demand for all healthcare products and services including diabetes care devices.
Health coverage was also expanded in many developing countries. For instance, China announced a universal health coverage plan in 2009 which aimed to establish universal coverage that provides safe, effective, convenient, and affordable basic health services to all urban and rural residents. As this scheme significantly increased health coverage in the country, it positively impacted the growth of all segments in the healthcare industry including diabetes care devices during 2010 to 2018.
The incidence of diabetic cases is expected to increase in the coming years. According to the International Diabetes Federation (IDF), the global diabetes prevalence population is expected to reach about 640 million by 2040. Thus, the need for diabetes care equipment is set to rise steadily during the forecast period. In emerging countries such as India around 69 million people are diabetic and this number is expected to rise to 100 million by 2030. An increase of 20% is expected in other emerging economies such as China and Brazil.