Diabetes Treatment Devices Market 2023 Size, Share, Revenue Trends and Growth Drivers
The Diabetes Treatment Devices Market 2023 Size Forecast to 2030 research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
The global diabetes treatment devices market size was valued at USD 10.82 billion in 2018 and is projected to reach USD 16.49 billion by 2026, exhibiting a CAGR of 5.4% during the forecast period. Diabetes is one of the most common chronic diseases and categorized into type 1 and type 2 diabetes. According to the International Diabetes Federation, in 2017, an estimated 425 million people suffered from diabetes globally. This figure is expected to rise to 629 million by 2045 Diabetes Treatment Devices Market Size, Share & Industry Analysis, By Product (Insulin Pens, Insulin Pumps, Insulin Jet Injectors, Insulin Syringes, Others), By Distribution Channel (Institutional Sales, Retail Sales) and Regional Forecast, 2019-2026
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Market Growth Drivers:
Rising awareness about advanced insulin delivery devices among diabetic patients is anticipated to augment the demand for insulin delivering devices. The advance methods for insulin delivery include minimum invasiveness in an enhanced manner, reducing patients burden will positively affect the market growth over the forecast period. Investment by key market players in the introduction of novel devices and industry collaborations with an aim to development new products are some of the major factors anticipated to fuel the market growth. For instance, in February 2019, Tandem Diabetes Care, Inc., received FDA approval for the marketing of the first insulin pump with interoperable technology for children and adults with diabetes. t:Slim X2 insulin pump is the first device to be classified under a new de novo premarket review pathway. Additionally, in January 2019, Bigfoot Biomedical entered a partnership with Eli Lilly and company to develop solutions for optimization of delivery and dosing of insulin using;artificial intelligence.
Collaboration of public and private sectors to meet diabetes needs and high investment by key market players in research and development of minimally invasive insulin delivery devices are some of the major factors propelling the growth of the insulin delivery devices market.
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Who are the Major Diabetes Treatment Devices Market Vendors?
- F. Hoffmann-La Roche Ltd
- Tandem Diabetes Care, Inc.
- B. Braun Melsungen AG
- Novo Nordisk A/S
- Other players
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favourable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period [2022 – 2029].
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