LONDON, Nov. 28, 2017 /PRNewswire/ — Diabetes Care Devices Market by Monitoring Devices (Test Strips, Self-Monitoring Devices, CGM Devices, Lancets, Hemoglobin A1c Testing Kits) and Insulin Delivery Devices (Insulin Pens, Insulin Syringes, Insulin Pumps, Insulin Jet Injectors) – Global Opportunity Analysis and Industry Forecast To 2022.
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Advances in diabetes treatment and technology over the past several decades have fundamentally transformed the lives of millions of people with diabetes mellitus globally.
Diabetes is a chronic disease characterized by the inability of the pancreas to produce enough insulin, or when the body cannot effectively use the insulin it produces. Uncontrolled diabetes results in the increasing blood glucose (hyperglycaemia); in line with this, diabetes care products have evolved for the treatment of both type 1 diabetes and type 2 diabetes. Diabetes care management has plethora of opportunities for the diagnosis, monitoring, and treatment of the disease.
The global diabetes care devices market is expected to grow at a CAGR of 5.3% from 2017 to 2022 to reach $26,710.3 million by 2022. On the basis of an extensive outlook on the global diabetes care devices market, the report carries out an impact analysis of the key industry drivers and restraints listed in the market insights segment. Increasing prevalence of diabetes, technological advancements, rise in obese population, sedentary lifestyle & improper diet, and increasing need for faster and safer diagnosis and treatment of diabetes are the key market drivers covered in the report which will support the industry growth in the forecast period. However, high cost associated with diagnosis and treatment, reimbursement issues for new technologies, and lack of awareness about the timely care of the disease for its better management are the major pain points, restraining the adoption of the diabetes care devices.
The global diabetes care devices market studied in this report is mainly segmented by product type and geography. Based on the product type, the global diabetes care devices market is mainly segmented into monitoring devices and insulin delivery devices. The monitoring devices segment holds the major share of the global diabetes care devices market, owing to the increased adoption of test strips and self-monitoring blood glucose devices across the globe. With the increasing trend of self-management and the rising awareness towards the disease in the developing countries, these devices can be utilized to aid in adjustment of therapeutic regimen in response to blood glucose values and to help patient adjust