Diabetes Treatment Devices Market Expands at 5.4% CAGR till 2026, Rising R&D Investments to Develop Novel Devices Drives Growth

As per a study conducted by the International Diabetes Federation (IDF) in 2017, around 425 million people were living with diabetes globally. Fortune Business Insights in a new study, titled “Diabetes Treatment Devices Market Size, Share & Industry Analysis, By Product (Insulin Pens, Insulin Pumps, Insulin Jet Injectors, Insulin Syringes, Others), By Distribution Channel (Institutional Sales, Retail Sales) and Regional Forecast, 2019-2026” predicts that the rising prevalence of diabetes encourages growth in the market. The global market was valued at USD 10,826.6 Million in the year 2018 and is anticipated to reach USD 16,488.6 Million by 2026. Furthermore, the global market is projected to exhibit a CAGR of 5.4% during the forecast period.

According to IDF, approximately 629 million people are projected to have diabetes by 2045. This will further fuel the demand for insulin delivery devices. Moreover, diabetes is categorized as type 1 and type 2 diabetes and of these, type 1 diabetic patients are insulin-dependent. Different types of insulin delivery devices are developed considering patient’s comfort and requirements. These insulin delivery devices help to deliver the required amount of insulin subsequently help to regulate blood glucose levels in the human body.

Medtronic Along with Other Companies Cover the Maximum Share

Medtronic is dominating the global diabetes treatment devices market owing to its robust portfolio and global distribution network in diabetes care devices. This company, together with F. Hoffmann-La Roche Ltd., Tandem Diabetes Care, Inc., and Novo Nordisk are expected to lead the global market. These companies account for the highest share in the market, backed by their well-established brand and recognition. Several leading players are planning to focus on adopting strategic initiatives. These include the introduction of re-usable and non-invasive insulin delivery devices at a global level. Companies are also adopting other strategies such as mergers and acquisitions (M&A), new product launches, and partnerships to further strengthen their position in the global market.  The report profiles some of the leading players operating in the global market. These include Eli Lilly, and Company, BD, and Sanofi. 

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https://www.fortunebusinessinsights.com/industry-reports/diabetes-treatment-devices-market-100777

Technological Advancements in Insulin Pens Garner Growth in the Market

The global diabetes treatment devices market is growing primarily on account of rising support from governments. Rising efforts by the governments of several countries are expected to positively impact the growth of the market. For instance, the Ministry of Health in Australia announced surplus funding of US$ 100 million in November 2018. The main objective of this funding was to extend activities in an initiative called Continuous Glucose Monitoring or CGM. Governments across the world are increasingly investing in research and development (R&D) activities, which in turn, is enabling growth in the market. These investments are made to introduce advanced diabetes monitoring devices such as minimally-invasive and novel insulin delivery devices.

Another factor driving the market is technological advancements in insulin pens. Introduction of self-monitored insulin patch pumps is helping the patients monitor their glucose levels at home with convenience. The rising demand for such novel insulin pens is expected to encourage growth in the market by 2026. Furthermore, the rising prevalence of type 1 diabetes patients is increasing the number of insulin-dependent patients, which is augmenting the demand for insulin pumps. Moreover, insulin pumps covered the highest share in the global market in 2018.

Asia Pacific to Showcase a Higher CAGR Owing to Rising Diabetic Population

In 2018, North America was valued at US$ 4,382.0 Mn and will continue to dominate the global diabetes treatment devices market throughout the forecast period. The rising adoption of technologically-advanced insulin delivery pumps and rising incidence of the diabetic population are creating ample growth opportunities for the market in Asia Pacific. Also, the demand for minimally-invasive blood glucose treatment devices is increasing, which is further driving the market in this region. Rising awareness about the new diabetes treatment devices in Asia Pacific is likely to increase demand for insulin in the coming years. Also, people in emerging countries are becoming aware of the early diagnosis of diabetes, which in turn, is boosting the market.  

The global diabetes treatment devices market can be segmented into the following categories: