Diabetes Devices Market Rising in United States | Fortune Business Insights
The global diabetes devices market is likely to gain traction from recent technological advancements. According to a report by Fortune Business Insights, titled “Diabetes devices: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 20,920.7 Mn in 2018. Fortune Business Insights has predicted that the market is likely to reach US$ 33,546.9 Mn by the end of 2026, thereby exhibiting a CAGR of 6.1%.
The adoption of sedentary lifestyle
has been the primary factor contributing to the high prevalence of diabetes
around the world. The advent of technologically advanced systems has influenced
the growth of the global diabetes devices market. The demand for minimally
invasive devices has been fulfilled in recent years. There are numerous
products in the market that do not require blood sample or needle-based methods
for detecting blood levels in sugar. Additionally, recent product innovations
by globally renowned companies will boost the market in the forthcoming years.
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Increasing Prevalence of Diabetes to Boost
the Market
The increasing
prevalence of diabetes has been a leading factor that has contributed to an
increase in demand for diabetes devices, across the globe. Additionally,
technological advancements in blood glucose monitoring devices have aided the
growth of the global diabetes devices market. The advent of minimally invasive
devices has led to high demand for diabetes devices and subsequently created a
rise in uptake of these devices. Furthermore, insulin delivery devices are a
growing cause for the growth of the global diabetes devices market. In recent
years, there has been an increase in demand for self-diabetes management
systems. This demand has particularly resulted from the adoption of a
fast-paced lifestyle. Technological advancements have been the driving force
behind diabetes devices. The advent of wearable glucose monitoring devices has
contributed to the growth of the global diabetes devices market and is likely
to boost the market in the forthcoming years.
Treatment Devices Accounted for the Maximum
Share among Product Types
Among all product
types, the treatment devices have accounted for the maximum share. Fortune
Business Insights states that treatment devices have accounted for almost 51.8%
of the global market share. Advancements in blood glucose monitoring systems
such as blood glucose meters and test trips, lancets have aided the growth of
this segment. Having said that, the blood glucose meters segment is estimated
to establish a relatively high CAGR during the forecast period. The rising
uptake of wearable blood glucose monitoring systems has favored the growth of
this segment.
Emergence
of Technologically-Sound Devices Will Enable Growth
The global diabetes devices market
will grow considerably in the coming years, driven by the technological
advancements for diagnosis and treatment of diabetes. Conventionally, devices such as needle-pinch
blood testing were used to test sugar levels. Although this method was painful,
it was widely used due to the lack of painless-device counterparts. In recent
times, technological advancements have led to the emergence of blood-testing
devices based on infra-red (IR) rays. Therefore, advancements in diabetes car
devices such as the minimally invasive devices have changed the game for blood
glucose monitoring, thereby enabling growth of the global diabetes devices
market. The report includes technological advancements similar to the minimally
invasive devices and gauges the impact of these devices on the global diabetes
devices market.
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