Diabetes Care Devices Market worth $4.3 billion by 2025 - Rising adoption of mhealth and Favorable National Health Strategies
The Factors such as the increasing diabetic population, the rising awareness of diabetes treatment and management, and favorable national health strategies are expected to drive the growth of the diabetes care devices (BRIC) market.
How the Market Growth Will Impact In-terms of Revenue?
The Diabetes Care Devices Market size is projected to reach $4.3 billion by 2025 from $1.7 billion in 2020, at a CAGR of 16.2% during the forecast period.
The self care and home healthcare is projected to witness the highest CAGR in the diabetes care devices (BRIC) market during the forecast period
Based on end user, segmented into hospitals & specialty clinics and self/home healthcare. The self/home healthcare segment is estimated to hold the largest share in 2020. This segment is also projected to grow at the highest CAGR during the forecast period. The rapid growth of the segment is attributed to the increasing awareness of diabetes self-monitoring and management, increasing recommendations from physicians for home healthcare for diabetes, and the increasing utility of home-based diabetes care devices to provide real-time insights regarding the condition due to the technological advancements of these systems.
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Recent Developments in Diabetes Care Devices Market:
- In February 2020, Abbott (US) received US FDA approval for the use of FreeStyle Libre 14-day Flash glucose monitoring systems in hospitals.
- In February 2020, Insulet signed a commercialization agreement with DexCom, Inc. (US) to allow its current and future CGM systems to connect to the former’s tubeless insulin pump system, OMNIPOD Horizon system.
- In April 2020, Ypsomed (Switzerland) entered into a partnership with DexCom, Inc. (US) to integrate its mylife YpsoPump data with DexCom’s G6 CGM sensors to form a hybrid closed-loop system.
- In January 2020, LifeScan (US) entered into a partnership agreement with DKSH to provide marketing, sales, regulatory services, as well as distribution and logistics for the sales of LifeScan products in the Philippines, Vietnam, Malaysia, Indonesia, Thailand, Hong Kong, and Taiwan.
Geographical growth scenario of Diabetes Care Devices (BRIC) Market:
The China held the largest share in the BRIC Market in 2019. This dominance is due to the high population of diabetics in the country and increasing government funding for diabetes management and the diabetes care devices industry. India is expected to register the fastest growth during the forecast period, primarily due to opportunities presented by the country, especially in terms of the growing usage of mHealth (mobile health), which supports the diabetes management mobile applications segment.
Key companies and strategies adopted-
The prominent players in the diabetes care devices (BRIC) market include Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Ascensia Diabetes Care Holdings AS (Switzerland), LifeScan (US), AgaMatrix Holdings LLC (US), Acon Laboratories, Inc. (US), ARKRAY USA, Inc. (US), Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US). are focusing on increasing their presence in high-growth markets through both organic as well as inorganic growth strategies, including service launches, expansions, collaborations, and partnerships. Due to the intense competition in this market, market players are increasingly focusing on expansions, collaborations, and partnerships to strengthen their competitiveness in the market.
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