The Global Diabetes Care Market size reached USD 20,302 Million in 2020 and is expected to register a revenue CAGR of 8.3% during the forecast period, according to latest analysis by Emergen Research.
The Global Diabetes Care Market size reached USD 20,302 Million in 2020 and is expected to register a revenue CAGR of 8.3% during the forecast period, according to latest analysis by Emergen Research. Rising number of geriatric population and increasing prevalence of diabetes are the major factors driving the growth of diabetes care market. Diabetes Care Market revenue growth is expected to be driven by several factors, such as the growing prevalence of diabetes and the launch of new products. The rising prevalence of diabetes is attributable to the increasing incidence of obesity and sedentary lifestyles. As per a report by the International Diabetes Federation (IDF), around 463 million adults were living with diabetes in 2019 and the number is expected to rise to 700 million by 2045. The prevalence of diabetes is highest in North America, followed by Europe and Asia-Pacific.
Diabetes is a chronic disease that occurs when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. Insulin is a hormone that regulates blood sugar. When blood sugar levels are too high, it can damage organs, blood vessels, and nerves. There are two main types of diabetes: type 1 and type 2. Type 1 diabetes is usually diagnosed in children, adolescents, or young adults. It occurs when the body does not produce enough insulin. Type 2 diabetes is the most common form of diabetes and usually develops in adulthood. It occurs when the body does not produce enough insulin or when the body cannot effectively use the insulin it produces.
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The rising incidence of obesity and sedentary lifestyle are some of the key factors expected to fuel the growth of this market. According to the World Health Organization (WHO), in 2016, more than 1.9 billion adults aged 18 years and older were overweight. Of these, over 650 million adults were obese. The increasing number of diabetic patients and the growing awareness about diabetes care are also expected to drive the growth of this market.
Top players are focusing on various strategies such as product launches, partnerships, collaborations, and mergers and acquisitions to stay competitive in the market. For instance, in January 2019, Novo Nordisk A/S (Denmark) launched Ozempic, a once-weekly injectable medication for type 2 diabetes to improve glycemic control. Also, in 2020, Sanofi (France) announced the launch of its new product Admelog SoloStar, an ultra-rapid-acting insulin pen.
Some Key Highlights from the Report
- The blood glucose monitoring devices segment is expected to grow at the highest CAGR in the diabetes care market during the forecast period. The rising prevalence of diabetes and increasing awareness about self-monitoring of blood glucose levels are among the major factors driving market growth.
- The blood glucose monitoring devices segment is further classified into strips, meters, and lancets. The strips segment accounted for the largest share of the diabetes care market in 2018. The wide availability and affordability of test strips are the major factors driving market growth.
- The hospital pharmacies segment is expected to grow at the second-highest CAGR in the diabetes care market during the forecast period. The availability of a large number of drugs and devices for diabetes treatment and increasing preference for purchasing diabetes care products from hospital pharmacies are major factors driving market growth.
- The diabetes care market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The rapidly growing geriatric population, rising prevalence of diabetes, and increasing awareness about self-monitoring of blood glucose levels are the major factors driving market growth in this region.
- The hospitals & clinics segment is expected to grow at the highest CAGR in the diabetes care market during the forecast period. The availability of a large number of drugs and devices for diabetes treatment, increasing preference for purchasing diabetes care products from hospitals & clinics, and rising awareness about the early diagnosis and treatment of diabetes are major factors driving market growth in this segment.
- Some major companies in the market report include Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US), Sanofi (France), Terumo Corporation, Ypsomed (Switzerland), Dr. Morepen (India), Insulet, Life Scan IP holdings, and Eli Lilly and Company.
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Emergen Research has segmented Global Diabetes Care Market on the basis of device type, distribution type, end-use, and region:
Device Type Outlook (Revenue, USD Million; 2018–2028)
- Blood Glucose Monitoring
- Self-Monitoring Devices
- Blood Glucose Meters
- Test Strips
- Lancelets
- Continuous Glucose Monitoring Devices
- Sensors
- Transmitters
- Receiver
- Self-Monitoring Devices
- Insulin Delivery Devices
- Pumps
- Pens
- Syringes
- Jet Injectors
By Distribution Channel Outlook (Revenue, USD Million; 2018–2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
End-use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals & Clinics
- Homecare Settings
- Diagnostic Centers
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest Of MEA
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