Increase in the incidence of diabetes and rise in sedentary lifestyle across the globe drive the global diabetes care devices market.
PORTLAND, Ore., May 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Diabetes Care Devices Market by By Product (Blood Glucose Monitoring Devices, Insulin Delivery Devices): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global diabetes care devices industry was estimated at $20.0 billion in 2020, and is expected to hit $38.3 billion by 2030, registering a CAGR of 6.6% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in the incidence of diabetes and rise in sedentary lifestyle across the globe drive the global diabetes care devices market. On the other hand, adverse effects associated with some of the diabetes care devices restrain the growth to some extent. However, surge in awareness about diabetes monitoring devices is anticipated to create lucrative opportunities in the industry.
Covid-19 scenario-
- Diabetic people call for constant access to insulin along with top-graded care. Therefore, growing adoption of insulin pens and continuous glucose monitoring expedients gave way to increased demand for optimal management of the disease. This factor impacted the growth of the global diabetes care devices market positively.
- This trend is most likely to persist post pandemic as well.
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The insulin delivery devices segment to retain the lion's share-
By product, the insulin delivery devices segment contributed to the lion's share in 2020, holding nearly three-fifths of the global diabetes care devices market. This is attributed to surge in the prevalence of diabetes across the globe. However, the blood glucose monitoring devices segment is projected to manifest the fastest CAGR of 7.2% from 2021 to 2030, owing to increase in adoption of diabetes care devices among the geriatric population.
North America garnered the major share in 2020-
By region, North America dominated in 2020, garnering around two-fifths of the global diabetes care devices market. Increase in the aging population and upsurge in product launches across North America fuels the market growth. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.6% throughout the forecast period, due to rise in healthcare expenditure and increase in adoption of novel diabetes care devices in the province.
Key players in the industry-
- ACON Laboratories, Inc.
- Ascension Diabetes Care Holdings AG
- Becton, Dickinson and Company
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Medline Industries
- Novo Nordisk A/S
- Terumo Corporation
- Johnson & Johnson
- Nipro corporation
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