Growing Prevalence of Diabetes Likely to Propel Global Diabetes Devices Market
A new Transparency Market Research report states that the global diabetes devices and drugs market valued more than US$54.0 bn in 2012 and is expected to reach US$83.0 bn by 2019, by rising at a 5.90% CAGR between 2013 and 2019. The title of the report is “Diabetes Devices and Drugs Market – Global Industry Analysis, Pipeline Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019.”
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Diabetes mellitus, commonly known as diabetes, is a group of metabolic disorders wherein either the body isn’t able to produce insulin or isn’t able to use the already generated insulin. The former happens in case of type-1 diabetes and the latter in case of type-2 diabetes. Thus, the raised sugar levels result in a number of symptoms such as weight loss, increased thirst, frequent urination, and high appetite. Diabetes, if left untreated, may cause numerous chronic or acute potentially-fatal complications. Thus, a number of devices and drugs are being introduced for the treatment of diabetes.
As per this report, the rising diabetic population globally and the increasing incidence of chronic diseases as a result of diabetes are amongst the key factors propelling the growth of the market for diabetes devices and drugs. In addition, the continuous activities of research and development have also positively impacted the growth of the market. Furthermore, the rising technological advancements will further augment the development of the market. The introduction of non-invasive diabetes diagnostic and drug delivery devices and the launch of new insulin formulations in the market are the key growth opportunities in the market.
On the other hand, the profitability of players is being hampered by patent expiry and the high cost of treatment and diagnosis. In addition, the unsupportive reimbursement policies will also impact the diabetes devices and drugs market negatively in the forthcoming years.
On the basis of device, the global diabetes devices market is segmented into diabetes monitoring and diagnostic devices and insulin delivery devices. Amongst these, monitoring and diagnostic devices are further segmented into analog glucose meters, glucose test strips, lancets and lancing devices, continuous glucose monitoring devices, and others.
Insulin delivery devices are further segmented into insulin syringes, insulin pens, insulin pumps, and insulin injectors. The segment of continuous glucose monitoring devices is predicted to rise at a 6.60% CAGR between 2013 and 2019. On the other hand, insulin pens are also witnessing substantial demand in the global market.
By therapy, the global diabetes drugs market is segmented into insulin, non-insulin injectable anti-diabetes drugs, and oral anti-diabetes drugs class. Of these, insulin is further segmented into short-acting insulin derivatives, intermediate-acting insulin derivatives, long-acting insulin derivatives, rapid-acting insulin derivatives, and premixed insulin derivatives. The oral anti-diabetes drugs class is further segmented into sulphonylureas, biguanides, meglitinides, thiazolidinediones, alpha-glucosidase inhibitors, DPP-4 inhibitors, and SGLT-2 inhibitors. Non-insulin injectable anti-diabetes drugs are further segmented into GLP-1 analogs.
Geographically, the report segments the market into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Amongst these, North America leads the market for diabetes devices and drugs. This is due to the rising diabetic population, advanced medical infrastructure, and the increasing technological developments within this region.
However, Asia Pacific is projected to be the most lucrative market for diabetes devices and drugs in the forecast horizon. This is owing to the growing occurrence of diabetes and the rising awareness about self-management and monitoring of diabetes in this region.
As mentioned in the study, the prominent players dominant in the market are AstraZeneca plc, Abbott Laboratories, Inc., B Braun Melsungen AG, Becton, Dickinson and Company, Bayer HealthCare AG, Ingelheim GmbH, and Boehringer, among others.
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