Meticulous Research® leading global market research company published a research report titled the Global will reach USD 26,710.3 million in 2022 with a CAGR of 5.3% from 2017. One of the prime factors for this growth is the technological advancements that promises better care & diagnosis.
The diabetes care devices market is driven by the increasing incidence & prevalence of diabetes, technological advancements, rising obesity rate, and increasing sedentary lifestyle & improper diet. Moreover, various developments of new technologies for the delivery of insulin further provide significant opportunities in this market. However, high cost associated with the diagnosis and treatment, reimbursement issues, and lack of awareness is expected to hinder the growth of diabetes care devices market to some extent. Innovation in technology have transformed the lives of patients with diabetes. Over the period of time, diabetes care device sector has witnessed a non-ending streak of innovation and advancements in technology to facilitate the better care & diagnosis.
Recent development in diabetes care device is mobile health (mHealth) solutions. The use of mHealth solutions can help healthcare providers deliver better, more consistent, coordinated and more efficient healthcare, and empower individuals to manage their own health more proactively and effectively. For instance, in June 2015, Medtronic partnered with Samsung to develop Android smartphone apps that pull data from Medtronic's insulin pumps and continuous glucose monitoring (CGM) devices. These apps provide diabetics with convenient access to their blood glucose data through Samsung mobile phones and wearable devices. Similarly, the FDA has approved Dexcom G4 Platinum, a continuous glucose monitoring system based on smartphone application in January 2015.
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By geography, the global market is segmented into five major geographies namely: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America holds the major share of the global diabetes care devices market in 2016, followed by Europe, and Asia-Pacific. The major share of this region is primarily attributed to the large & growing base of diabetic patients, well-established healthcare infrastructure, higher adoption of technologically innovative diabetic care products, increasing research on diabetes, and presence of large number of leading players in this region.
Consistent technological advancements in standard pen needles such as BD Ultra-Fine Nano Pen Needle with PentaPoint Comfort (2012), and BD Ultra-Fine Nano 4mm Pen Needle with EasyFlow Technology (2013), Ypsomed’s needles with Universal CLICK Technology, and NovoTwist needle by Novo Nordisk enhance patient comfort and improve patient adherence, thereby driving the market for diabetes care across the globe.
The increasing availability of innovative technology based products will enhance ease in operations, patient comfort, and improve patient adherence, thereby driving the market for diabetes care devices across the globe.
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