Diabetes Care Market - Forecasts from 2018 to 2023
The global diabetes care market is estimated to grow at a CAGR of 5.53% during the forecast period to reach a market size of US$95.102 billion by 2023 from a market size of US$683842 billion in 2017. Rapidly changing lifestyle in many regions across the globe is a major factor driving the growth of this market. Unhealthy lifestyle is increasing the incidences and threat of diabetes among the people, thus increasing the demand for diabetes care solutions. Rising disposable income of people is increasing the adoption of these solutions among them. Continuous advancements in technologies, on account of heavy investments being funneled into research and development by major market players, are enhancing the capabilities and reliability of the diabetes care solutions, which is further fueling their adoption, thus augmenting the market growth.
Diabetes is a condition which impacts the overall body of humans. It is also known as diabetes mellitus by doctors and is characterized by a symptom in which the blood sugar level of the body becomes very high. Patients with high blood sugar level develop polyuria which causes them to frequently urinate or polydipsia and polyphagia which makes them excessively hungry and thirsty respectively. The body’s ability to produce or use insulin is heavily impacted. Insulin is a hormone present in the body which is released to transport the energy that is produced by processing the food humans eat. Insulin transports the energy produced by the cells and signals the cell to open and receive sugar. If little or no insulin is present in the body, then a significant amount of sugar gets remained in the blood which can be dangerous.
There are primarily two types of diabetes, type 1 and type 2. Under type 1, the pancreas does not produce insulin and it usually occurs in humans during childhood or adolescence, though it can occur in adults, the possibility is less. Under type 2 diabetes, the body is not able to produce sufficient insulin or use it properly. It occurs generally after the age of 45. Various factors can contribute to the growth of type 2 diabetes such as genetic conditions, extra weight, high cholesterol, high blood pressure and bad communication between cells. Moreover, there is gestational diabetes which affects women during pregnancy.
Diabetes care devices are manufactured with an aim to help the patient in the management or monitoring of blood sugar levels due to inadequate insulin production or insulin resistance. Devices such as glucose monitoring device and insulin delivery device are instruments used for diabetes care. The diabetes care market is predominantly driven by rising number of diabetic cases across the globe, improved research and development activities on diabetes in combination with increasing collaborations and investment by various market players. Moreover, factors like innovative technologies used for diabetic care devices, improper diet or erratic lifestyle and increasing need for faster and safer diagnosis and treatment of diabetes drive this market globally. Increased knowledge about this disease, wide scope of penetration in untapped and emerging markets also contribute towards the market growth. However, factors like high price charged with diagnosis and treatment of diabetes, low awareness regarding reimbursement issues and patent expiry and a stringent framework which controls the diabetic procedures act as impediments to the market growth.
North America and Europe are the largest markets for global diabetes care owing to the increasing awareness across their population about diabetes symptoms and the adverse effect of high glucose level in blood. Furthermore, strong healthcare infrastructure, better research, and technological advancements, as well as rising interest of the public for better healthcare facilities, create an opportunity for diabetes care device market in this region. The government spending for health sector also provides an impetus for the growth of this market in this region. The market for diabetes care in Europe is witnessing an upward trend on account of the presence of a good chunk of the adult population with diabetes. Hence, the presence of a diabetic population in Europe signifies the market boost for diabetes care market in the region. Furthermore, technological advancements and healthcare research and development activities also impact the market growth significantly. APAC region also provides tremendous opportunities for its two gigantic countries India and China are home to many diabetic patients.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the global diabetes care market.
Major industry players profiled as part of the report are Roche Products Limited, Johnson & Johnson Services, Inc., Sanofi-Deutschland GmbH, Novo Nordisk A/S, Ypsomed AG, Ascensia Diabetes Care Holdings AG, Medtronic, Dexcom, Inc. and ARKRAY USA, Inc. among others.
The Global diabetes care market has been analyzed through following segments:
Blood Glucose Meters and Strips
Continuous Glucose Monitors (CGMs)
Flash Glucose Monitoring Device
Automated Insulin Delivery Systems
Ambulatory Care Units
Middle East and Africa
United Arab Emirates