LONDON--(BUSINESS WIRE)--The global diabetes management devices market is expected to grow at a CAGR of around 8% during the period 2017-2021, according to a new market research study by Technavio.
The report categorizes the global diabetes management devices market by product (blood glucose monitoring devices and insulin delivery systems) and by end-user (hospitals, specialty diabetes clinics, and home care settings). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing demand for advanced insulin delivery devices
The increase in the prevalence of type 1 and type 2 diabetes has unlocked enormous opportunities for diabetes management devices market. Traditionally, insulin, which is used to treat diabetes, is administered into the body through certain devices such as insulin syringes and insulin pens. These methods are painful and require finger sticks in case of using insulin pens. But, increasing technological advances have changed the way the insulin is delivered into an individual's body. There is a huge demand from the end-users for innovation of novel, next-generation technologies.
According to Barath Palada, a lead analyst at Technavio for orthopedics and medical devices research, “Vendors in this market offer extremely small, discreet, insulin delivery devices that deliver a precise dose of rapid-acting insulin into the body. Insulin pumps will eliminate the need for injections. They deliver accurate amounts of insulin into the body, thereby avoiding long-term complications. For instance, Animas Vibe System insulin pump and CGM system developed by Animas offers intuitive blood glucose insights, which allows the individual to manage high and low levels.”
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Market trend: increasing focus on home care settings
Home care settings are one of the growing trends. It is used to monitor and manage diabetes efficiently. Home care is provided by skilled practitioners (certified or licensed healthcare professionals) to patients in their homes under the guidance of a physician. Home care includes a range of medical and therapeutic services delivered at patient's home or residential setting for maintaining, promoting, restoring health or maximizing level of independence. Nearly one-third of home health care patients are the older population with serious medical conditions and who are vulnerable to adverse events. It offers a wide range of healthcare services that are more convenient and are usually less expensive when compared to hospitals.
Market challenge: prohibitive cost of diabetes care devices
Diabetes is a condition that requires continuous monitoring of the blood glucose levels and insulin treatment. Vendors are providing novel continuous glucose monitoring (CGM) devices and insulin delivery systems that improve the patient’s quality of life. The devices offer readings with minimal or reduced finger sticks, thereby generating accurate results. However, the novel designs are too expensive for a normal diabetic patient to afford and use, especially in case of developing countries.
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Key vendors in the market:
- Abbott
- Dexcom
- F. Hoffmann-La Roche
- LifeScan
- Medtronic
The global diabetes management devices market is highly competitive. The market is driven by the introduction of novel products and highly sophisticated evolving technologies such as insulin pumps, CGM systems, and artificial pancreas by vendors operating in the market. The market is characterized by the presence of prominent vendors such as Abbott, Dexcom, F. Hoffmann-La Roche, LifeScan, and Medtronic, which occupy significant shares in the global market.
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