The Global Diabetes Devices Market is anticipated to exhibit an impressive CAGR of 5.5% on account of rising prevalence of diabetes. Key insights into this fast growing market, valued at US$ 32,441.3 mn in 2018, have been shared by Fortune Business Insights in its report, titled “Diabetes Devices Market Size, Share and Global Trend By Product (Monitoring Devices, Treatment Devices), By Distribution Channel (Institutional Sales, Retail Sales) and Geography Forecast till 2026”.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/diabetes-devices-market-100803
The report brings out the key aspects that will influence the market in the forecast period. Diabetes is a metabolic disease in which the body is unable to process glucose, leading to elevated levels of blood sugar. This happens as the body does not make enough insulin (a hormone made by the pancreas), which helps the glucose enter the cells and supply the body with energy to function. Diabetes devices such as insulin pumps and continuous glucose monitors are used by medical professionals and patients to regulate and monitor blood glucose levels.
Certain Misgivings May Restrain Market Growth
The global diabetes devices market is expected to grow on the basis of steadily rising adoption rates of various monitoring devices. However, certain devices entail a few risks, which may cast a shadow of doubt in the minds of consumers. For example, insulin pumps are very convenient and efficient way to administer the required amount of insulin into the body. But, there is a fear that patients might get infected at the catheter site. Insulin pumps are also expensive, which can push people to avail traditional methods of diabetes care. Similarly, continuous glucose monitors (CGMs) are known to be inaccurate, especially in case of drop in glucose levels. This is mainly because the technology is still developing. CGMs are also known to be expensive.
Growing Competition to Spruce Up the Market
The fast-growing global diabetes devices market being augmented by innovation of key players. Increased investment in research and development by pharmaceutical companies is leading to development of innovative products such as non-invasive reusable devices. For example, in June 2019, Nemaura Medical commercially launched its non-invasive and needle-free continuous glucose monitor, SugarBEAT, in Germany and Europe. The device is also the world’s first of its kind. Among the major participants, Hoffman-La Roche has emerged as a market leader owing to its diverse product portfolio of diabetes devices and a well-established global distribution network.