The Global Diabetes Devices Market is anticipated to exhibit an impressive CAGR of 5.5% on account of rising prevalence of diabetes. Key insights into this fast growing market, valued at US$ 32,441.3 mn in 2018, have been shared by Fortune Business Insights in its report, titled “Diabetes Devices Market Size, Share and Global Trend By Product (Monitoring Devices, Treatment Devices), By Distribution Channel (Institutional Sales, Retail Sales) and Geography Forecast till 2026”. The report brings out the key aspects that will influence the market in the forecast period. Diabetes is a metabolic disease in which the body is unable to process glucose, leading to elevated levels of blood sugar. This happens as the body does not make enough insulin (a hormone made by the pancreas), which helps the glucose enter the cells and supply the body with energy to function. Diabetes devices such as insulin pumps and continuous glucose monitors are used by medical professionals and patients to regulate and monitor blood glucose levels.
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Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the global Diabetes Devices market. Some of the companies operating the global Diabetes Devices market are;
- Hoffmann-La Roche Ltd.
- Tandem Diabetes Care, Inc.
- Eli Lilly
key industry developments
- In September 2018, DiaMonTech GmbH, in, launched a shoebox-sized device that can diagnose the blood glucose levels by using an infrared light beam through the skin.
- In February 2019, Tandem Diabetes Care, Inc., received FDA approval for the marketing of the first insulin pump with interoperable technology for children and adults with diabetes. t: Slim X2 insulin pump is the first device to be classified under a new de novo premarket review pathway.
- In July 2019, F. Hoffmann-La Roche Ltd. received safety approval for the launch of the Accu-Chek Solo insulin patch pump and wireless touchscreen handheld in Europe.
Growing Competition to Spruce Up the Market
The fast-growing global diabetes devices market being augmented by innovation of key players. Increased investment in research and development by pharmaceutical companies is leading to development of innovative products such as non-invasive reusable devices. For example, in June 2019, Nemaura Medical commercially launched its non-invasive and needle-free continuous glucose monitor, SugarBEAT, in Germany and Europe. The device is also the world’s first of its kind. Among the major participants, Hoffman-La Roche has emerged as a market leader owing to its diverse product portfolio of diabetes devices and a well-established global distribution network.