Global Diabetes Diagnostics Market Overview:
The global diabetes diagnostics market is estimated at US$ 23 Billion in 2029, and it is expected to reach US$ 41.9 Billion by 2027, growing at a CAGR of 7.8 % over the forecast period of 2021-2027. Driven by the expanding frequency of diabetes, the global diabetes diagnostics market is displaying striking growth. As per the World Health Association (WHO), 422 million people are suffering from diabetes disease. Diabetes is higher in low-and middle-income counties; according to the WHO’s discoveries, diabetes additionally is distinguished as a chief purpose for rising kidney failure, visual deficiency, Heart-attack, stroke, and lower appendage removal cases. As per the WHO, 1.9 billion adults aged 18 years and older were overweight in 2019. So the demand for better performance and smarter diabetes diagnosis is needed.
Global Diabetes Diagnostics Market Dynamics:
Increased awareness of preventive consideration and innovative factors are helpful for the driving diabetes diagnostics market. Patients are utilizing computer-based applications which can connect with these smart blood glucose monitoring devices. To manage patients’ requirements, there are numerous administration drives and learning stages. For Example, with one year of limitless admittance to ensure diabetes mentors, Educated Information Frameworks Inc. one drop launched a glucose monitoring system in 2019. Patients are also using a glucose monitoring device for their diagnosis efficiently. Governments are increasing funding in healthcare sector and private hospitals. In 2019, as indicated by UK National Health Service (NHS), almost 4.6 million people have diabetes, and more than 670,000 people were unconscious and undiscovered. This may limit the market growth. Diabetes diagnostics play an important role in performing the test and diagnosis of the disease. Countries like Asia and Africa have a gap between the supply and demand of manufacturers may challenges for the market.
Global Diabetes Diagnostics Market Segment Analysis:
The global diabetes diagnostics market is segmented into product, and end-user. Based on the product, the global diabetes diagnostic market is sub-segmented into BGM Devices, Continuous Glucose Monitoring Devices, and Insulin Delivery Devices. The insulin delivery device has held a large share having xx% in 2019. Factors attributing to the segment’s growth are rising adoption of insulin pumps, improved patient satisfaction and adherence, and technological advancement. Additionally, this device is user-friendly, and the comfort of injection makes insulin easier. Due to ease of use of this device and flexibility of incorporating insulin injections into busy lifestyle may improve diabetes control with fewer efforts. Due to all these reasons, the demand for insulin delivery devices is increased. The BGM (blood glucose monitoring) held a second-large share of xx% in 2019. Rising awareness about diabetes devices and technological advancement, high usage, and low cost, get a quick response with accurate diagnostics. The newest devices display blood glucose readings on a screen, so you can see the result in real-time, whether blood glucose levels are rising or falling. Based on an end-User, the global diabetes diagnostic market is sub-segmented into Hospitals, Homecare, and Diagnostic Centers. According to the MMR report, the hospital segment held the largest market share having 45% in the year 2019. The hospital segment is expected to grow fast rate of xx% during the forecast period. Due to increasing the number of private hospitals and raising the number of patients, due to trained staff, good equipment, and good facilities, many people choose hospitals for their operation due to all these factors demands of the hospital segment are increasing rapidly. 2019 is considered as a base year to forecast the market from 2021 to 2026. Due to the COVID-19 pandemic, the market is not stable it’s fluctuated due to this reason we consider 2019 as a base year. Market forecasting through 2027 is based on real output, a demand, and a supply of 2019, 2021 numbers are also estimated on real numbers published by key players as well all-important players across the world.
Global Diabetes Diagnostics Market Regional Insights:
North America has the biggest diabetes diagnostics market in the world; it held xx% of the share in the year 2019, owing to the increasing number of patients and a favourable reimbursement scenario. According to WHO, 48 million people in North America are suffering from diabetes disease in 2019 and the number is expected to reach 63 million by 2045. In December 2019, Companion Medical Launched Inpen, its first smart insulin pen system in the U.S., is the FDA-supported system that can consolidate insulin injector pen with a smart application. In 2019, APAC held the second-largest market share, xx% of the global market, owing to rising good strategies, increased convenience, a shift towards high-calorie energy-rich foods, changing lifestyles, and raising awareness about diabetes devices drives. Government drives and educational projects are likewise moving the market during the forecasting period. For example, Novo Nordisk alongside the Medical services in a local area, dispatched an awareness segment in 2017. MEA has the least market share had xx% of a share in 2019, owing to the population difference its cause the less demand for diabetes diagnostics.
• In January 2020, Tandem Diabetes launched its t: slim X2 insulin pump with control-IQ technology, which combines the Dexcom G6 BGM with an insulin pump to regulate insulin level with little user effort. • In February 2019, The Dexcom G6 is approved as both a standalone BGM and for integration with an automated insulin dosing system. The objective of the report is to present a comprehensive analysis of the global Diabetes Diagnostics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Diabetes Diagnostics market dynamics, structure by analyzing the market segments and project the global Diabetes Diagnostics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Diabetes Diagnostics market make the report investor’s guide.
Global Diabetes Diagnostics Market Scope: Inquire before buying
Global Diabetes Diagnostics Market, by Region
• North America • Europe • Asia Pacific • Middle East and Africa • South America
Global Diabetes Diagnostics Market Key Players
• A.Menarini Diagnostics Ltd. • Abbott Diabetes Care, Inc. • Acon Laboratories, Inc. • AgaMatrix, Inc. • Apex Biotechnology Corporation • ARKRAY, Inc. • Ascensia Diabetes Care Holdings AG • B. Braun Melsungen AG • Becton, Dickinson and Company • BIONIME Corporation • Bio-Rad Laboratories, Inc. • Danaher Corporation • Beckman Coulter, Inc. • HemoCue® AB • DexCom, Inc. • Diazyme Laboratories Inc. • EKF Diagnostics Holdings Plc • LifeScan, Inc. • Medtronic PLC • Nova Biomedical Corporation • OSANG Healthcare Co., Ltd. • Roche Diabetes Care, Inc. • Sanofi S.A. • Sanwa Kagaku Kenkyusho Co, Ltd. • Siemens Healthineers • Sinocare, Inc. • PTS Diagnostics • Trividia Health, Inc. • TaiDoc Technology Corporation • Tandem Diabetes Care, Inc. • Terumo Corporation • Tosoh Bioscience, Inc. • Trinity Biotech plc
Frequently Asked Questions:
1. Which region has largest share in diabetes diagnostics Market? Ans: North America holds highest share in 2021. 2. What is the growth rate of diabetes diagnostics Market? Ans: The diabetes diagnostics Market is growing at a CAGR of 7.8 % during forecasting period 2019-2027. 3. What segments are covered in diabetes diagnostics Market? Ans: Global diabetes diagnostics Market is segmented based on Product, End-user and Region. 4. Who are the key players in diabetes diagnostics Market? Ans: The important key players in the diabetes diagnostics market are A.Menarini Diagnostics Ltd., Abbott Diabetes Care, Inc., Acon Laboratories, Inc., AgaMatrix, Inc., Apex Biotechnology Corporation, ARKRAY, Inc., Ascensia Diabetes Care Holdings AG, B. Braun Melsungen AG, Becton, Dickinson and Company, BIONIME Corporation, Bio-Rad Laboratories, Inc., Danaher Corporation, Beckman Coulter, Inc., HemoCue® AB, DexCom, Inc., Diazyme Laboratories Inc., EKF Diagnostics Holdings Plc, LifeScan, Inc., Medtronic PLC, Nova Biomedical Corporation, OSANG Healthcare Co., Ltd., Roche Diabetes Care, Inc., Sanofi S.A., Sanwa Kagaku Kenkyusho Co, Ltd., Care, Inc., Terumo Corporation, Tosoh Bioscience, Inc., Trinity Biotech plc. 5. What is the study period of this market? Ans: The diabetes diagnostics Market is studied from 2019 – 2027.