North America Diabetes Care Devices Market : Size, Growth, Industry Share, Forecast And Analysis Report By 2027
The North America diabetes care
devices market is expected to reach US$ 15,300.0 Mn in 2027 from US$ 8,936.5 Mn
in 2018. The market is estimated to grow with a CAGR of 6.3% from 2019-2027.
The growth of the diabetes care devices market is primarily
attributed to the growing geriatric population and rapid technological
advancements in diabetes care devices. However, high cost of diabetes care
devices and risks associated with the insulin delivery devices are likely to
pose a negative impact on the market growth. On the other hand, development of
cost efficient pen needles is likely to have a positive impact on the growth of
the North America diabetes care devices market in the coming years.
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The advancement in the field of the healthcare industry is driving
to the players for more research and developments for insulin delivery devices.
There are many methods to deliver insulin into the body such as needles,
insulin pens and insulin pumps. Insulin pumps are small computerized diabetes
management devises, connected with cannula under the skin that is used to
deliver a slow continuous level of insulin. The program can be controlled by
the individual depends on the more or less requirement. The increasing
advancements and technology in glucose monitoring devices have result into
smaller required blood volumes with improved accuracy. The ability to transfer
data between the blood glucose (BG) meter and insulin delivery devices has been
also improved. The increasing advancements in blood glucose (BG) monitoring
technology have resulted in improved accuracy, smaller required blood volumes,
and the ability to transfer data between the BG meter and insulin delivery
devices. For instance, in September 2016, the FDA announced their first
automatically automatic glucose monitoring device, Medtronic’s MiniMed 670G
which is a hybrid closed looped system that provide suitable insulin doses in
patient of age 14 years and above with diabetes type 1. Pen needles and
syringes are the most commonly used device for injecting insulin to the
diabetic patients. In addition, to reduce the injection site repetition for
drug administration, montméd Inc. in April 2017 introduced a new a variant of
SiteSmart colored pen needles to keep the injection site tissue healthy and
promote better insulin adoption. Thus, the technological advancements coupled
with increasing influx of new products into the market is expected to propel
the growth of global pen needles market over the forecast years.
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In 2018, the glucose monitoring devices segment held a largest
market share of 54.2% of the diabetes care devices market, by product. The
glucose monitoring devices is expected to dominate its market share in 2027
owing to the rise in the prevalence of the diabetes and presence of the several
market players that offers technically advanced products. The testing strips
segment among the glucose monitoring devices is anticipated to witness the
fastest growth rate of 7.2% during the forecast period, 2019 to 2027 owing to
the enormous usages in the glucose monitoring devices.
Homecare held a largest market share of 59.9% of the diabetes care
devices market, by end user in 2018. This segment is also expected to dominate
the market in 2027 owing to the rise in the demand for the glucose monitoring
devices and insulin delivery devices. Increasing diabetic population, the ease
of use, availability, and accessibility of insulin delivery devices has also
increased the adoption of self-administration among patients is anticipated to
grow at a steady rate during the forecast period. Also the homecare segment is
also expected to grow at the fastest growth rate of 6.6% during the forecast
period, 2019 to 2027.
Some of the major primary and secondary sources for diabetes care
devices included in the report are, Associaçao de Diabetes Juvenil (ADJ),
Centers for Disease Control and Prevention (CDC), Food and Drug Administration
(FDA), International Diabetes Federation(IDF) National Institute for Health and
Care Excellence (NICE) and others.
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