Global Diabetes Care Devices Market Trends And Strategies Of Major Players In The Diabetes Care Devices Market 2020
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The global diabetes care devices market is expected to grow from $35.2 billion in 2019 to $37.3 billion in 2020 at a compound annual growth rate (CAGR) of 5.9%. The growth is mainly due to the COVID-19 outbreak as people with diabetes are at increased risk of serious illness from COVID-19. The diabetic care devices are increasingly being used by care providers and patients (self-monitor) to frequently check the blood glucose levels. FDA issued guidance to expand the availability and capability of non-invasive remote monitoring devices including continuous glucose monitors (CGM) during the COVID-19 pandemic. However, the growth is not as significant as expected due to the demand and supply gaps. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $47.3 billion in 2023.
The diabetes care devices (or) equipment consists of sales of diabetes care devices and related services by entities (organizations, sole traders and partnerships) that produce diabetes care devices used to monitor blood glucose levels in diabetic patients. This industry includes establishments that produce blood glucose test strips used to check blood glucose levels, Insulin Pens, Syringes, pumps and Injectors used to inject insulin, continuous glucose monitoring devices, blood glucose meters and others.
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The global diabetes care devices market is further segmented based on type, end-user, type of expenditure, product and geography.
By Type: Blood Glucose Test Strips, Insulin Pens, Syringes, Pumps And Injectors, Lancing Devices And Equipment, Continuous Glucose Monitoring Devices And Equipment, Blood Glucose Meters.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
Subsegments Covered: Glucose Dehydrogenase, Glucose Oxidase, Pens, Injectors And Pumps, Syringes.
By Geography: The global diabetes care devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American diabetes care devices market accounts for the largest share of 48% in the global diabetes care devices market.
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Trends In The Diabetes Care Devices Market
The artificial pancreas is a system that measures blood glucose levels on a minute-to-minute basis using a continuous glucose monitor (CGM), and transmits this information to an insulin pump that calculates and releases the required amount of insulin into the body. It consists of three essential components – a glucose sensor system, a control algorithm, and an insulin infusion device. This system is more effective than conventional insulin delivery devices as it automates insulin dosing based on blood sugar levels. Key companies in this industry are focusing on developing such systems.
Diabetes Care Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides diabetes care devices market overviews, analyzes and forecasts market size and growth for the global diabetes care devices market, diabetes care devices market share, diabetes care devices market players, diabetes care devices market segments and geographies, diabetes care devices market’s leading competitors’ revenues, profiles and market shares. The diabetes care devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.