Global Diabetes Care Devices Market - Segmented by Product and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global diabetes care devices market is expected to register a CAGR of about 6.5% during 2018-2023 (the forecast period). North America is anticipated to dominate the market during the forecast period, owing to rising prevalence of obesity in the region.
Rising Prevalence of Diabetes
According to a WHO factsheet, the global prevalence of diabetes among adults of over 18 years has accelerated from about 4.7%, in 1980, to over 8.5%, in 2014. Diabetes prevalence has been rising rapidly in the middle- and low-income countries. In 2015, about 1.6 million deaths were directly associated with diabetes, which was around 2.2 million in 2012. Almost half of all deaths attributable to high blood glucose occur before the age of 70 years. WHO projects that diabetes is likely to be the seventh leading cause of death by 2030. Growing prevalence of diabetes is the major driver for the global diabetes care devices market. Additionally, rising awareness regarding diabetes care, growing prevalence of obesity, and technological advancements are further driving the market for diabetes care devices.
High Cost of Advanced Devices and Accessories
Diabetes care devices are expensive for a majority of people across the globe. Even small-sized devices are expensive for the middle or lower middle class population. Despite insurance coverage, the cost to maintain the devices is high. In an average, a US citizen has to spend about USD 5,000 out of his pocket to buy a device and related treatment supplies. This acts as a major hurdle for the low income penny pinchers across the nation. Not only the sole device cost is high but the associated products are expensive, too. For example, one has to buy not only the insulin pump but also the monitor probes (that have to be replaced weekly at times), disposable tubing, and nearly 10 strips per day. Thus, high costs associated with advanced devices, coupled with inconsistent reimbursements across geographies, are likely to impede the market growth.
North America to Dominate the Market
North America is dominating the diabetes care devices market. The factors attributing to this growth are the rising prevalence of diabetes, caused mainly due to urbanization and sedentary lifestyles. Asia-Pacific is anticipated to grow tremendously during the forecast period, owing to factors, such as a high prevalence of diabetes, growing obese population, and government initiatives of raising awareness, regarding diabetic care.
Key Developments in the Market