A global report has projected the Diabetes Care Devices Market to reach €23.6m ($26,710.3m) by 2022.
The report, published by Meticulous Research, has projected the Diabetes Care Devices Market to grow at a CAGR of 5.3% from 2017 to 2022, with growth being driven by the rise in the number of diabetes patients.
It also highlights how technological developments for the delivery of insulin is providing further opportunities in the market.
Diabetes care market growth
The report is segmented by diabetes product type, including diabetes monitoring devices and insulin delivery devices.
Monitoring devices held the largest share of the overall market in 2016 and is expected to continue its dominance during the forecast period. This is attributed to the increased adoption of test strips and self-monitoring blood glucose devices as well as the increasing trend of self-management of the condition.
The monitoring devices for diabetes segment is further sub-segmented into continuous blood glucose monitoring devices, test strips, lancets, self-monitoring devices, and haemoglobin A1c (HbA1c) testing kits, with test strips dominating this market.
Sub-segments of insulin delivery devices market include insulin syringes, pens, pumps, and injectors, with insulin pens holding the largest share in 2016. The report attributes this to the rising adoption of these devices, as well as improved patient satisfaction, user-friendliness, accuracy improvements for delivering small doses of insulin, and less reported injection pain.
The report segments the market into geographical areas, including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
North America holds the major share of the global diabetes care devices market in 2016, followed by Europe, and Asia-Pacific. The Asia-Pacific region is expected to have increased growth for the forecast period due to the rise of diabetes patients in the population.