January 03, 2023 07:30 ET | Source: Data Bridge Market Research Data Bridge Market Research
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NEW YORK, Jan. 03, 2023 (GLOBE NEWSWIRE) — “Diabetes Care Devices Market” is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive environment are all dissected in detail in the research. This Diabetes Care Devices market analysis gives an examination of a range of segments that are relied upon to witness the quickest development amid the estimated forecast frame. The company profiles of all the key players and brands that are dominating the Diabetes Care Devices market with moves like product launches, joint ventures, mergers, and acquisitions which in turn is affecting the sales, import, export, revenue and CAGR values are mentioned in the report. A complete discussion about numerous market-related topics in this Diabetes Care Devices market research report is sure to aid the client in studying the market competitive landscape.
The data and information collected with the research is generally quite a huge and is also in a complex form. However, such intricate market insights are turned into simpler version with the help of proven tools and techniques to provide it to the end users. Estimations of CAGR values, market drivers and market restraints helps businesses decide upon several strategies. The use of proven tools such as SWOT analysis and Porter’s Five Forces analysis are very helpful in creating such a top-notch Diabetes Care Devices market research report. With the use of few steps or the combination of several steps, the process of generating Diabetes Care Devices market report is initiated with the expert advice.
Data Bridge Market Research analyses that the diabetes care devices market which is USD 29.02 billion in 2022, is expected to reach USD 56.57 billion by 2030, at a CAGR of 8.7% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Diabetes care devices are the ones that is utilized to determine blood sugar levels in the body which is caused by insulin production. These care devices are provided to diabetic patients for real monitoring blood glucose levels and improve treatment for this chronic condition. Diabetes care gadgets are widely used to monitor diabetics’ blood glucose levels. A continuous glucose monitor (CGM) is a medical device that tracks and monitors diabetes patients’ blood glucose levels for the whole day. This wearable device will benefit the patients by supporting them in managing their glucose levels.
Several top manufacturers are focusing on many technological innovations and developing advanced products to gain extensive market share. As per the records of IDF, around 21,600 children are added to the type 1 diabetic population every year. As per these figures, diabetes accounts for around 9% of total healthcare expenditure globally. Numerous government initiatives, such as the National Service Framework (NSF) programme in the U.K., are improving services by setting national standards to increase the service quality and address variations in care. The various risk factors such as overweight, smoking, obesity, and high cholesterol levels are anticipated to boost the incidence of diabetes, thus fuelling the utmost need for diabetes devices.
The Global Market Is Analyzed in Depth in the Latest Study. Taking into account the current level of competition and its projected evolution over the next few years.
Rapidly increasing demands, a rise in industrialization, consumer awareness, growing sectors, and technical improvements are fueling the expansion of the Diabetes Care Devices Industry. Sales and revenue in this sector have increased at an exponential rate. The market’s size and growth are both expected to increase thanks to the factors driving the market’s expansion over the projected period.
Leading businesses in the worldwide Diabetes Care Devices market are investing heavily in R&D in order to build a larger client base and expand their share of the market by reintroducing improved products to consumers. All of the companies’ strategy, as well as their financial health, revenue, gross margin, and growth rate, are detailed in the study.
The Diabetes Care Devices Market is Dominated by Firms Such as
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Recent Development
Opportunities for Key Players:
Numerous government initiatives and awareness campaigns are also pushing the market growth. For instance, the UK DESMOND education programme is a structured patient education and management programme for patients suffering from newly diagnosed type 2 diabetes. Its aim is to help people identify early health risks. There has also been a rise in government funding for healthcare. As per the International Diabetes Federation Diabetes-related healthcare spending is rapidly growing. Furthermore, Bigfoot collaborated with Abbott and received clearance from the U.S. FDA in 2021 for the Bigfoot Unity Diabetes Management system. This first-of-its-kind system2 holds smartpen caps for disposable insulin pens – injection devices that people with diabetes use to inject insulin – that integrate with Abbott’s world-leading FreeStyle Libre 2 technology. Diabetes device demand is projected to be boosted by many supportive initiatives and increasing awareness during the forecast period.
Key Market Segments Covered in Diabetes Care Devices Industry Research
By Product Type
By Device Type
By Delivery Type
By Distribution Channel
Key Industry Drivers:
The increasing prevalence of diabetes is expected to contribute to this market’s growth during the forecast period. As per the International Diabetes Federation Report for 2017, around 66.0 million people globally have diabetes, and it is projected to rise to 81.0 million by 2045. The top five diabetic countries in Global are the United Kingdom, France, Germany, Spain, and Italy. In North America, it has been witnessed that there are more than 29 million diabetic patients, and this number is projected to increase to 34 million by 2027. The U.S. alone recorded more than 26 million diabetes patients in 2021. This boosts the market growth.
Obesity is one of the top causes of diabetes in the general population. According to the records of WHO, around 50% of the global population was overweight in 2014, with more than 20% of the population obese. Obesity is more prevalent in men. Risk factors, such as the increasing occurrence of obesity, are directly associated to the increasing prevalence of diabetes. Consequently, the diabetes device market is increasing.
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Diabetes Care Devices Market Regional Analysis/Insights:
The countries covered in the diabetes care devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Global in Global, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the diabetes care devices market due to the presence of well-developed healthcare infrastructure and favourable reimbursement policies in the region.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to the rising incidence of cancer such as esophagus, liver, bladder, pancreas, and others, increased presence of major manufacturers across the U.S. Additionally, technological advancements and rising foreign investment.
Some of the Most Important Questions Scrutinized in the Business Intelligence Report:
Table of Contents:
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