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Diabetes Devices and Drugs Market (Type - Devices, and Drugs; End User - Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Centers, and Self-care): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2021

  • Rep Id : HC08681

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on diabetes devices and drugs market provides in-depth analysis of segments and sub-segments in the global as well as regional diabetes devices and drugs market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional diabetes devices and drugs market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global diabetes devices and drugs market. According to the report, the global diabetes devices and drugs market was approximately worth USD 70 billion in 2020 and is expected to reach USD 100 billion by 2026, growing with a CAGR of 6.5% over the forecast period of 2020-2026.

 

Market Insight

Diabetes is the main cause of the prevalence of blindness, kidney failure, heart attack, and stroke. The people with a diabetic disorder are gradually increased in recent years which is now over four times higher than just 40 years ago. Diabetes has become an epidemic, sentencing over 422 million people around the world to lifetime medication. The rising global demand for diabetes management options has encouraged the development of several new diabetes medications, drug-device mixtures, and drug-device-diagnostic combinations intended to advance patient care and provide salient benefits to patients.

 

The growing prevalence of diabetes due to population growth, aging, and urbanization is the key factor that drives the growth of diabetes devices and drug market worldwide. According to the International Diabetic Federation, around 463 million adults (20-79 years) were living with diabetes worldwide in the year 2019, and by 2045 this will increase to 700 million. The rapidly changing lifestyles, rising occurrence of obesity, and high alcohol consumption led to the rapid growth of diabetes all over the world. Thus, this contributes to the growth of the diabetic devices and drug market. Additionally, raising awareness about diabetes and diabetes management among patients is anticipated to escalate the growth of the devices and drugs market in the near future. On the other hand, low awareness about diabetes management and monitoring devices in under-developed countries as well as the high cost of insulin delivery systems are expected to hamper the growth of diabetes devices and the drug market. Moreover, ongoing technological advancements and the introduction of advanced Insulin delivery devices are projected to create several growth opportunities in the diabetes devices and drugs market in the near future. The COVID-19 pandemic has caused serious disruptions to the healthcare system and has revealed substantial healthcare disparities. The hospitals gave preference to COVID-19 cases over patients with other less-severe health conditions. Thus, the number of procedures performed on diabetes health conditions fell rapidly during the pandemic. This decreased the demand for medical devices and drug supplies required for such procedures. However, COVID-19 is expected to be an opportunity for the diabetes devices and drug market, as the patients having diabetes are at a higher risk of getting COVID-19 infection.

 

Among the geographies, North America holds the maximum market shares in the diabetes devices and drugs market followed by Europe. The high prevalence of diabetes, increasing obesity, and advancements in the insulin delivery systems are driving the growth of the North America diabetes devices and drugs market. Furthermore, Asia Pacific is the fastest-growing region in the diabetes devices and drugs market owing to the growing awareness and the consumption of diabetic devices. The rapidly growing aging population and improved healthcare infrastructure in the Asia Pacific region are likely to help to grow the Asia Pacific region at the highest CAGR, during the forecast period.

 

Segment Covered

The report on global diabetes devices and drugs market covers segments such as type, and end user. On the basis of type, the sub-markets include devices, and drugs. On the basis of end user, the sub-markets include hospitals, clinics, ambulatory surgical centers, home care centers, and self-care.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Novo Nordisk A/S, Ypsomed AG, Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Eli Lilly and Company, Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic PLC, Becton, Dickinson and Company, and Terumo Corporation.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of diabetes devices and drugs market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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