Global Diabetes Management Devices Market 2017-2021
About Diabetes Management Devices
Diabetes management devices include insulin delivery systems and blood glucose monitoring devices, which are used to treat diabetes effectively and efficiently with fewer side effects. Diabetes (type 1 and type 2) is a chronic disease condition, which occurs due to glucose impairment. The major factors contributing to the disease include obesity, urbanization, sedentary lifestyle, smoking, an elevated level of cholesterols, and hypertension. Vendors in this market are offering high-end insulin delivery systems (less invasive, sleek, pocket-sized, and portable devices) and continuous glucose monitoring systems, which are highly efficient and have user-friendly features.
Technavio’s analysts forecast the global diabetes management devices market to grow at a CAGR of 8.08% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global diabetes management devices market for 2017-2021. To calculate the market size, the report considers the sales from insulin delivery systems and continuous blood glucose monitoring systems.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Diabetes Management Devices Market 2017-2021
Technavio recognizes the following companies as the key players in the global diabetes management devices market: Abbott, Dexcom, F. Hoffmann-La Roche, LifeScan, and Medtronic
Other Prominent Vendors in the market are: AgaMatrix, Animas, ARKRAY, Ascensia Diabetes Care, B. Braun Melsungen, BD, Beta Bionics, Bigfoot Biomedical, BIONIME USA, CellNovo, Eli Lilly, iHealth Labs, Insulet, Nemaura Medical, Nipro, Nova Biomedical, Novo Nordisk, Panasonic Healthcare, Prodigy Diabetes Care, Sanofi, Senseonics, Tandem Diabetes Care, Trividia Health, TypeZero Technologies, Valeritas, and WellDoc.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing focus on artificial pancreas. Diabetes is a serious condition that develops due to the absence of insulin, which is secreted by islets of Langerhans in the pancreas. The artificial pancreas is the newest technology that helps people to manage diabetes automatically by controlling their blood glucose levels by providing the substitute endocrine functionality of healthy pancreas. The launch of the first artificial pancreas by Medtronic has been one of the most revolutionary advances in medical device history. It is a clinically efficient, next-generation insulin pump technology with continuous monitoring of glucose. It has fewer complications and offers greater ability to live without complications.”
According to the report, one of the major drivers for this market is Rising global burden of diabetes. Diabetes is a chronic disease, which occurs when the body cannot use insulin effectively or when the pancreas does not produce enough insulin. Hyperglycemia or increased blood sugar can result in severe damage or complication, which may become life-threatening to the individual if left untreated.
Further, the report states that one of the major factors hindering the growth of this market is Prohibitive cost of the diabetes care devices. Diabetes is a condition, which requires continuous monitoring of the blood glucose levels and insulin treatment. Vendors are offering novel CGM devices and insulin delivery systems, which improve the patient’s quality of life. The devices offer readings with minimal or reduced finger sticks, thereby generating accurate results. However, the novel designs are too expensive for a normal diabetic patient to afford and use, especially in case of developing countries. Traditional insulin therapy involves the use of insulin syringes. However, with the recent technical advances, vendors are offerings insulin jet injectors, insulin pens, insulin patches, and implantable insulin devices, which are highly expensive. For instance, Medtronic’s offering, the MiniMed 670G, has an estimated cost of around $5,000-$8,000 with the annual cost of disposable sensors, which cost another few thousand dollars. Also, the insulin jet injectors, which cost around $300-$700, are costlier when compared with insulin pens.
Abbott, Dexcom, F. Hoffmann-La Roche, LifeScan, Medtronic, AgaMatrix, Animas, ARKRAY, Ascensia Diabetes Care, B. Braun Melsungen, BD, Beta Bionics, Bigfoot Biomedical, BIONIME USA, CellNovo, Eli Lilly, iHealth Labs, Insulet, Nemaura Medical, Nipro, Nova Biomedical, Novo Nordisk, Panasonic Healthcare, Prodigy Diabetes Care, Sanofi, Senseonics, Tandem Diabetes Care, Trividia Health, TypeZero Technologies, Valeritas, and WellDoc.
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