Global Diabetes Diagnostics Market to touch US$ 35 Bn by 2025 at a CAGR of 8.7%
Noida,Uttar Pradesh, India,Mar 04 2021 (WiredRelease) Report Ocean Pvt Ltd–:Global Diabetes Diagnostics Market is estimated to see healthy growth, pegged at a CAGR of ~8.7% during the forecast period 2020-2025. Demand for diabetes diagnostics is expected to rise in response to surging hospitalizations amid the COVID-19 surge. Studies identifying people with diabetes at higher risk of getting critically ill if infected by the virus are fuelling demand for various related products, including diabetes test strips. It has been projected that demand from hospitals will continue increasing through the forecast period. Government funding towards building hospitals to make healthcare better access in rural areas will help expand the market. North America, Asia Pacific, and Europe will be attractive regions for players in the global diabetes diagnostics market.
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Driven by the increasing incidence of diabetes, the global diabetes diagnostics market is exhibiting notable growth. According to the World Health Organization (WHO), 422 million people around the world have diabetes. The prevalence of diabetes is higher in low- and middle-income countries, as per the WHO’s findings. Besides this, diabetes also is identified as a principal reason behind rising kidney failure, blindness, heart attacks, stroke, and lower limb amputation cases.
The rising incidence of diabetes is expected to fuel the demand for better-performance and smarter diabetes diagnostics to increase significantly during the forecast period. As per the WHO, globally, over 1.9 billion adults aged 18 years and older were overweight in 2016. Of these, more than 650 million adults were obese. Obesity is known to be one of the critical conditions that can lead to diabetes. The higher prevalence of obesity will therefore stoke growth opportunities for the diabetes diagnostics market.
Advent of Nanotechnology Propelling Growth
Nanotechnology is at the forefront of technologies that are forecast to offer a reliable methodology in the early and precise diagnosis and treatment of diabetes. Several benefits of nanotechnology, such as drug release control and target specification, drive experts to develop advanced glucose detection and insulin delivery methods using nanotechnology. Such advancements are likely to boost the growth of the global diabetes diagnostics market.
Nanotechnology gives access to advanced sensing technologies to provide timely and more accurate information on diabetes. A pair of researchers from the Oregon State University College of Engineering developed means to print transistor-based glucose sensors onto a catheter attached to a wearable pump. This technology allowed people with diabetes to program the pump to deliver glucagon and insulin at precise doses and time.
A slew of studies similar to the one mentioned is undertaken in the last few years to study the use of nanotechnology in diabetes. A common aim of these researches is to offer a timely and accurate diagnosis. Spurred by this, the diabetes diagnostics market will exhibit significant growth over the coming years.
Lack of Awareness Limiting Market Growth
The diabetes diagnostics market is hampered by a lack of awareness about diabetes and its effects. In 2015, according to UK National Health Service (NHS), nearly 3.9 million people were diagnosed with diabetes, and more than 590,000 people were unaware and undiagnosed. This might restrict the overall growth opportunities for the market.
Segmentation Overview of the Global Diabetes Diagnostics Market
The diabetes diagnostics market has been segmented into Product, Distribution Channel, and End Use. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook
BGM Devices (Self-Monitoring Devices, Blood Glucose Meter, Testing Strips, Lancets)
Continuous Glucose Monitoring Devices (Sensors, Transmitters, Receiver)
Insulin Delivery Devices (Pumps, Pens, Syringes, Jet Injectors)
By Distribution Channel Outlook (Hospitals Pharmacies, Retail Pharmacies, Diabetes Clinics/ Centers, Online Pharmacies, Others)
By End Use Outlook (Hospitals, Homecare, Diagnostic Centers)
Key Players Insights
Medtronic plc, Abbott Laboratories, F.Hoffmann-La-Ltd, Bayer AG, Lifescan, Inc., B Braun Melsungen AG, Lifescan, Inc., Dexcom Inc., Insulet Corporation, Ypsomed Holdings, Companion Medical, Sanofi, Valeritas Holding Inc., Novo Nordisk, and Arkray, Inc., among others, are some significant players included in the research study of the global diabetes diagnostics market.
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