The global diabetes care devices market is expected to reach US$ 39,382.3 Mn in 2027 from US$ 23,354.3 Mn in 2018. The market is estimated to grow with a CAGR of 6.1% from 2019-2027.
The market is driven by the factors such as, rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in diabetes care devices. However, the factors restraining the market growth are high cost of diabetes care devices and risks associated with the insulin delivery devices.
Obesity, sedentary lifestyle and improper diet play a major role in increasing diabetes among the population worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and unhealthy diet such as diet high in fat and calories increase the risk for the development of obesity and diabetes. Obesity is one of the major problem and the biggest concern in all the communities across the globe. Currently, more than one in two adults and nearly one in six children are obese. Obesity is one of the major issue affect people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. And out of these over 650 million adults were obese. Therefore, owing to these factors the market is likely to witness growth during the forecast period.
Global diabetes care devices market was segmented by product and end user. The product segment was further divided as glucose monitoring devices and insulin delivery devices. The glucose monitoring devices is further segmented into Glucometers, Lancets, Testing Strips and Other Glucose Monitoring Devices. The insulin delivery devices is further segmented into insulin pens, insulin syringes, insulin pumps and other insulin delivery devices. The glucose monitoring devices is expected to dominate its market share in 2027 owing to the rise in the prevalence of the diabetes. Based on the end user the diabetes care device market is segmented into hospitals and clinics and home care. The homecare held the major market share among the end user segment owing to ease of use, availability, and accessibility of insulin delivery devices.
Some of the major primary and secondary sources included in the report for the diabetes care devices market are World Health Organization, American Diabetes Association, National Institute of Diabetes and Digestive and Kidney Diseases, Diabetes UK, Centers for Disease Control and Prevention, Chinese Diabetes Society, International Diabetes Federation and others.