Diabetes care devices market to surpass $14.5bn by 2025
Diabetes care devices market is estimated to amass substantial gains in the coming years with the growing prevalence of obese population stemming from sedentary lifestyles. In addition, factors such as unhealthy dietary pattern, tobacco intake and alcohol consumption are further stimulating the occurrence of diabetes in turn driving diabetes care devices market trends.
In 2014, nearly 305,000 people died due to type 2 diabetes in America, as per estimates of PAHO (Pan American Health Organization). Growing diabetes rate will positively influence diabetes care devices market growth over the forecast timeline. In terms of revenue, diabetes care devices market is forecast to surpass $41.5bn by 2025.
Moreover, numerous efforts undertaken by World Health Organization and International Diabetes Federation to limit disease incidence rate by creating awareness about diabetes management devices is estimated to foster diabetes care devices market size. Rising technological advancements in diabetes control devices coupled with growing investments from industry players toward R&D and novel product launches will further fuel diabetes care devices market share.
In terms of end-use landscape, hospitals are estimated to procure a considerable share of diabetes care devices market. Health conditions such as hypoglycemia and hyperglycemia require continuous blood glucose monitoring in ICUs thus fueling the diabetes care devices market in hospitals. Moreover, easy availability of portable insulin pumps and other self-monitoring blood glucose devices will further boost hospital end-use segment growth.
Home care end-use segment is also slated to witness substantial proceeds in the coming years. The growth can primarily be attributed to the rising prevalence of affordable and easily accessible home healthcare devices coupled with the growing number of diabetic patient base. In terms of revenue, diabetes care devices market share from homecare segment is estimated to register a CAGR of 6.4% over 2019-2025.
Speaking of the product landscape, insulin delivery devices market is expected to witness massive traction through 2025 primarily driven by the rising prevalence of minimally invasive injuries. As per estimates, insulin delivery devices market share is forecast to surpass a valuation of $16.5bn by 2025.
The product spectrum of diabetes care devices market will further witness gains from the rising popularity of blood glucose monitoring devices. As diabetes is engulfing nations, masses are getting health conscious. Rising awareness regarding diabetes management is leading to high adoption of diabetes monitoring devices and is estimated to further drive blood glucose monitoring devices market outlook. In 2018, blood glucose monitoring devices segment accounted for over 60% of diabetes care devices market share.
Regionally, US diabetes care devices market is forecast to witness considerable gains through 2025 with a target revenue of $14.5bn. Rising healthcare technological advancements, growing diabetic patient base and prevalence of a sedentary lifestyle are some of the major factors driving the regional trends.
China and India are projected to be major growth pockets for APAC diabetes care devices market. Rapid urbanisation, unhealthy dietary habits, and rise in geriatric population base are slated to drive APAC diabetes care devices market trends over the coming years. As per estimates by Lancet journal, nearly 98 million people will suffer from diabetes in India by 2030, indicating a strong potential for the regional market. In terms of revenue, India diabetes care devices market is forecast to register a CAGR of 8.7% over 2019-2025.
Industry players are currently focusing on developing innovative, user-friendly and affordable diabetes management devices that have a high efficiency quotient. The prominent vendors are resorting to strategies such as collaborations and M&As to expand their consumer base. Some of the key players participating in the competitive landscape of diabetes care devices market include B. Braun Melsungen AG, Abbott Laboratories, Roche and Bayer Corporation among others.
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