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.
New York, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Diabetes Care Devices Market to 2027 - Regional Analysis and Forecasts by Product; End User; and Country" - https://www.reportlinker.com/p05794734/?utm_source=GNW
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.
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.
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, Associação 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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