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Nov 01, 2022, 09:10 ET
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LONDON, Nov. 1, 2022 /PRNewswire/ — The Global Diabetes Care Devices Market was valued at USD 26.14 billion in 2021. It is projected to reach USD 45.09 billion by 2028, growing at a CAGR of 8.1% during the forecast period.
The diabetes care devices market will be surpassing the growth levels of the previous few years in the next decade or so. This is due to the incidences of diabetes and the health disorders which are related to diabetes which will stimulate the demand of the product. There is increase in the prevalence of the diabetes which are specifically the type 2 variant and it is going to propel the sales of the devices of diabetes care. Studies reveal that this can lead to the several health complications like kidney, gangrene, stroke, lower limb amputation, blindness and heart attack etc. making it extremely important to control and manage.
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Diabetes Care Devices Market: Scope
It is estimated by the WHO that diabetes is a bigger problem in the low and the middle income nations and that is because of the overweight population and obesity, limited awareness of the disease, sedentary lifestyles and the living conditions being compromised. There is a major rise in the burden of disease and there are many schemes by the government which spread awareness and boost the diabetes care devices and their industry landscape. When it comes to the product, the diabetes care devices gets segmented into the blood glucose monitoring devices and the insulin delivery devices. The segment of the blood glucose delivery devices is going to account for the largest share in the diabetes care devices.
Diabetes Care Devices Market: Competitive Analysis
The ambulatory surgery centers are more convenient and also offer the quicker stays and are equipped with monitoring devices at an advanced level which makes them a preferred alternative to healthcare. The major players of the diabetes care devices market are the players such as Arkray, Inc., Abbott Laboratories, Dexcom, Inc., B. Braun Melsungen AG, Johnson & Johnson (Lifescan, Inc.), F. Hoffmann-La Roche AG, Ascensia Diabetes Care Holdings AG., Medtronic PLC, Sinocare Inc., Becton Dickinson, Nova Biomedical, Inc., Sanofi, Eli Lilly and Company, Novo Nordisk, Insulet Corporation, Ypsomed Holding AG, Dr. Reddy’s Laboratories (Wockhardt), Tandem Diabetes Care, Inc, Pendiq GmbH and DarioHealth Corp
Diabetes Care Devices Market: Segmentation Analysis
On the basis end use, the market is going to be growing in the coming years in terms of revenue share. The increase in the patients and their numbers which prefer this kind of medical settings is going to propel the progression of the diabetes care devices market.
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Diabetes Care Devices Market: Key Drivers
The credit for this can go to the expansion in the geriatric population and the higher susceptibility it has to the Type 2 diabetes. There is an awareness about the diabetes control and management in addition to the major risks and the complications which are associated with the disease have grown majorly over the last few years. Further, it is the emerging trend of self-monitoring and the devices being available at an affordable price point over many channels which will aid the expansion of the segment.
The pandemic effected this market positively as there were reports of the market showing an upward trend after the coronavirus was deemed to be riskier when a patient has diabetes. There was extra care paid which helped the diabetes care devices market at a considerably higher level.
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