The global diabetes devices market size is expected to reach USD 35.5 billion by 2024, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.0% during the forecast period. Growing cases of diabetes, due to obesity, sedentary and unhealthy lifestyles, and several other factors, is expected to drive demand for diabetes devices over the next few years.
Obesity is believed to be one of the foremost factors leading to diabetes in individuals. According to WHO, in 2014, over 1.9 billion people were identified to be overweight, of which, around 600 million people were obese.
Some of the key companies in the global diabetes devices market are Medtronic PLC, Sanofi S.A., Bayer Healthcare AG, Becton, Dickinson and Company, Novo Nordisk A/S, Abbott Laboratories, F. Hoffman-La Roche AG, and Johnson & Johnson.
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Further key findings from the study suggest:
- Constantly rising target population base is the primary factor driving market growth
- Test strips capturedthe largest share in the monitoring and diagnostics device segment while insulin pens accounted for the largest revenue share among insulin delivery devices in 2016. This can be attributed to rapid adoption of these user-friendly, quick, and accurate devices for homecare use
- North America is leading the regional market, followed by Europe. Advanced healthcare infrastructure and availability of technologically advanced products have driven the regional market
- Key players in the market include Medtronic PLC, Sanofi S.A., Bayer Healthcare AG, Becton Dickinson and Company, Novo Nordisk A/S, Abbott Laboratories, F. Hoffman-La Roche AG and Johnson & Johnson.
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Grand View Research has segmented the global diabetes devices market on the basis of product type and region:
Diabetes Devices Product Type Outlook (Revenue, USD Million, 2014–2024)
- Monitoring and Diagnostic Devices
- Lancets
- Analog Glucose Monitor
- Continuous Glucose Monitor
- Test Strips
- Insulin Delivery Devices
- Syringe
- Pens
- Pumps
- Injectors
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