Diabetes Care Devices Market 2019 | Application and Future Forecast by 2025
Category: #health  By Ashwin Naphade  Date: 2019-08-14
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Diabetes Care Devices Market 2019 | Application and Future Forecast by 2025

Global diabetes care devices market has witnessed tremendous demand over the past decade, due to rising prevalence of the disease and unparalleled developments in healthcare services as well as technology. A hectic work culture leading to consumption of unhealthy food products combined with declining rate of physical exercise has significantly affected the health of billions of people and created lucrative business opportunities for healthcare providers. Incessant alcohol intake, smoking, eating fast food and drinking sugary carbonated products are factors that have gradually lowered the quality of health across communities. Growing awareness among consumers regarding available therapies and novel medical devices will immensely propagate the diabetes care devices industry, with the need for effective monitoring and control methods.

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Diabetes Care Devices Market size was valued at over USD 27.9 billion in 2018 and is expected to witness growth of over 5.9% CAGR from 2019 to 2025. Obesity is a primary driver for growing prevalence of diabetes. Increasing adoption of unhealthy diet, growing alcohol consumption and tobacco smoking coupled with physical inactivity has escalated obese population base to a great extent. As per the Pan American Health Organization (PAHO), nearly 305,000 people died due to type 2 diabetes in America in the year 2014, hence propelling the market growth.

Diabetes management and education has gathered momentum all over the world, with national health regulators and private healthcare firms undertaking notable awareness programs. One primary area of focus for these initiatives are continuous glucose monitoring (CGM) systems, becoming more widely available in both developed and emerging economies. These devices, representing an innovative approach by the diabetes care devices industry towards the tracking of glucose levels, automatically monitor blood sugar day and night. For example, FreeStyle Libre from Abbot Laboratories lets users monitor glucose through an app on their smartphones. Similarly, Medtronic offers the Guardian Connect smart CGM for people taking insulin injections, comprised of sensors and a Bluetooth transmitter, to provide glucose data, patterns and alerts on the phone.

Elaborating further, the Guardian Connect was also the first CGM to utilize artificial intelligence for helping people who need take insulin every day to avoid cases of hypoglycemia and hyperglycemia. Constant innovations in the diabetes care devices industry has given rise to solutions that address both glucose and insulin management. Diabetes patients can now take advantage of wearable insulin delivery devices that considerably lower their average blood sugar level and daily dosage of insulin. As there exists a massive addressable demand for diabetes care devices across various regions, new and advanced products will certainly have a ready consumer base in the years to come.

Fueled by the increasing occurrence of the disease and continuously rising healthcare expenditure, the global diabetes care devices market is projected to exceed annual revenues of over US$41.5 billion by 2025. Prominent industry participants include multinational companies like Roche, Abbot Laboratories, Bayer, B. Braun Melsungen, Medtronic and Eli Lilly.

Healthcare Cybersecurity Market: https://www.marketwatch.com/press-release/healthcare-cybersecurity-market-is-evolving-with-high-growth-rate-by-2025-2019-07-15

 

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About Author

Ashwin Naphade    

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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