Publication Month: May 2022 | Report Code: TIPRE00003753 | No. of Pages: 190 | Category: Medical Device | Status: Published
The growth of the diabetes care devices market can be attributed to the rising prevalence of diabetes and increasing support by the government in the US. In the US, diabetes is among the most common and expensive chronic diseases. The highest rate of diabetes is commonly seen in the elder population. However, the rise in the prevalence of diabetes continues across the US, and it is also being seen among the overweight and obese population. According to the International Diabetes Federation (IDF), diabetes affected approximately 32.2 million persons aged 20 to 79 across the US in 2021. Similarly, the total number of diabetics is expected to surge to 34.7 million by 2030 and 36.2 million by 2045. Diabetes among the geriatric population is a growing public health burden. It is a major cause of morbidity and mortality in the aging population and leads to various chronic complications. Moreover, this population is growing exponentially. As per a report of the UN (2019), in 2019, there were ~703 million people aged 65 and older globally. Moreover, according to report of the UN (2019), the global geriatric population is expected to double over the next three decades, reaching 1,549 million by 2050. It is expected to grow significantly in Sub-Saharan Africa, followed by Northern Africa & Western Asia, and Central & Southern Asia. Moreover, governments in Germany are putting their efforts into improving the conditions for people who have diabetes. Along with the government, private companies are also focusing on improving the conditions in the country. According to idf.org, in 2019, an estimated 9.5 million adults in Germany were living with diabetes – putting them at risk of life-threatening complications. 4.5 million of these 9.5 million were undiagnosed. In addition, at least 7.2% of the population in Germany have diabetes, most of them having type 2 diabetes. The number of people with diabetes will increase significantly in the next two decades.
Diabetes care devices are the medical devices used to monitor glucose levels in the blood of diabetes patients. Monitoring devices are known as continuous glucose monitoring devices or glucometers. Insulin delivery devices include pumps, syringes, pens, and others. These devices are used by diabetes patients who are unable to produce insulin on their own to inject insulin into their bodies.
Diabetes is a deadly chronic disease with no specialized cure. It is primarily caused by the body’s inability to produce or effectively use the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two forms of diabetes diabetes type-I or diabetes insipidus and diabetes type-2 or diabetes mellitus. There is a steady rise in the incidence of diabetes globally. Type 2 diabetes is the most prevalent type of diabetes and has increased with cultural and societal changes. In high-income countries, ~91% of adults have type 2 diabetes. As per the International Diabetes Federation (IDF), diabetes affected ~537 million persons aged 20–79 in 2021. Similarly, the total number of diabetics is expected to surge to 643 million by 2030 and 783 million by 2045. Diabetes can lead to several complications in various body parts and raise the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are a few major complications associated with diabetes. Hence, patients suffering from this disease require frequent monitoring and external administration of insulin. The growing prevalence of diabetes is fueling the growth of the global diabetes care devices market.
Based on type, the global diabetes care devices market is segmented into glucose monitoring devices and insulin delivery devices. The glucose monitoring devices segment would hold a larger market share in 2022, and the same segment is also estimated to register a higher CAGR during the forecast period.
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The diabetes care devices market players adopt organic strategies such as product launch and expansion to expand their footprint and product portfolio globally and meet the growing demand. The developments by the companies in the global diabetes care devices market have been characterized as organic and inorganic developments. Various companies are focusing on organic strategies such as product launch and expansion. Inorganic growth strategies witnessed in the diabetes care devices market were partnerships and collaborations. These growth strategies have aided the market players in expanding their businesses and enhancing their geographic presence. Additionally, growth strategies such as acquisitions and partnerships helped strengthen their customer base and increase the product portfolio. The companies have maximized their growth with several inorganic strategies to enhance the diabetes care devices market value and their position in the diabetes care devices market. Organic developments hold 85.19% of the total strategic developments in the global diabetes care devices market, whereas inorganic strategies account for 14.81% of the growth of the companies.
The global diabetes care devices market is segmented based on type and end user. Based on type, the global diabetes care devices market is segmented into glucose monitoring devices and insulin delivery devices. The global diabetes care devices market, based on end user, is bifurcated into homecare and hospitals & clinics.
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