New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Diabetes Care Devices Global Market Report 2022" - https://www.reportlinker.com/p06277155/?utm_source=GNW
Braun Group.
The global diabetes care devices market is expected to grow from $52.98 billion in 2021 to $58.32 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. The market is expected to grow to $80.69 billion in 2026 at a compound annual growth rate (CAGR) of 8.5%.
The diabetes care devices market consists of sales of diabetes care devices and related services by entities (organizations, sole traders, and partnerships) that produce diabetes care devices used to monitor and control blood glucose levels in diabetic patients.
The main types of diabetes care devices are blood glucose test strips, insulin pens, syringes, pumps and injectors, lancing devices and equipment, continuous glucose monitoring devices and equipment, and blood glucose meters.Insulin pens are injection devices with a needle that delivers insulin into the subcutaneous tissue.
The type of expenditures is public and private.The products used are instruments/equipment and disposables.
The various end-users are hospitals and clinics, diagnostic laboratories, and others.
North America was the largest region in the global diabetes care devices market in 2021.Western Europe was the second largest region in the global diabetes care devices market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Busy lifestyles and changing consumer preferences are affecting the disease profile of the world population, especially non-communicable diseases such as diabetes.Long working hours, limited physical activity, and unhealthy eating and drinking habits are major causes of diabetes.
For instance, according to WHO data 2021, more than 95% of people with diabetes have type 2 diabetes.According to a World Health Organization (WHO) report, 74% of men and 64% of women in the UK, for instance, are expected to be overweight by 2030.
These factors are expected to increase the patient pool of diabetes.For instance, according to IDF data 2021, nearly 537 million adults (20-79 years) are living with diabetes.
The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. These factors are expected to aid the market growth in the forecast period.
The diabetes care devices market is expected to be limited by the high cost of the equipment, especially in low-income countries, where the cost related to diabetes devices is very high, despite insurance coverage.For example, in the US all the expenses related to diabetes treatment, which includes diabetes care devices can reach $1,000 a month.
Thus, high costs associated with diabetes care devices and their accessories are likely to impede the market growth going forward.
Pharmaceutical companies are investing in developing and commercializing glucose responsive insulins (GRIs), providing significant opportunities for the development of new types of insulin delivery devices.For example, Novo Nordisk, a Danish pharmaceutical company, has planned to develop GRIs by acquiring UK biotech start-up Ziylo with an investment of $800 million.
Companies such as Eli Lily and Sanofi have also planned research projects to develop GRIs .GRIs are ’smart’ insulins that automatically activate or deactivate in response to changing glucose levels in the blood.
They improve diabetes treatment efficacy and reduce the incidence of hyperglycemia and hypoglycemia.
The countries covered in the diabetes care devices market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa., South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06277155/?utm_source=GNW
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