The global diabetes devices and drugs market is driven primarily by the expanding diabetic population around the world. In 2014, the global prevalence of diabetes was recorded to be 9% among adults of age 18 years and older, says the WHO. In addition to this, extensive R&D activities are resulting in turnaround changes in the global diabetes devices and drugs market. The global diabetes devices and drugs market will also benefit from the increasing technological innovation and the rising demand for self-monitoring and insulin delivery devices.
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However, there are certain hurdles that will suppress the growth of the market. These include: Unfavorable reimbursement policies, patent expiry, depleting profit margins, high diagnosis and treatment cost, and hard entry barriers discouraging new players from penetrating the market.By device type, the global diabetes devices and drugs market is divided into diabetes monitoring and diagnostic devices (continuous glucose monitoring devices, analog glucose meters, glucose test strips, lancets and lancing devices, and others) and insulin delivery devices (insulin injectors, insulin pumps, insulin pens, and insulin syringes). By 2019, the segment of test strips is projected to emerge as the leading segment. On the other hand, the segment of continuous glucose monitoring devices is expected to demonstrate the fastest growth during the forecasting horizon.
Therapy-wise, the global diabetes devices and drugs market is segmented into insulin, non-insulin injectable anti-diabetes drugs, and oral anti-diabetes drugs. Long-acting insulin derivatives held a share of 42.7% in the global diabetes devices and drugs market in 2012. Among oral anti-diabetes drugs, the SGLT-2 inhibitors segment will witness a remarkable CAGR of 76.80% during the forecast period.
On the basis of geography, the global diabetes devices and drugs market is classified into Asia Pacific, Europe, North America, and Rest of the World (RoW). North America is leading the global diabetes devices and drugs market due to the growing diabetic population and rising demand for novel devices and high-quality drugs. Nevertheless, it is Asia Pacific that is projected to witness the highest growth during the forecast period. The Asia Pacific diabetic devices and drugs market will be driven by its rising diabetic population, growing awareness regarding self-monitoring of diabetes, elevated medical expenditure, and rising penetration of healthcare technology.
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Players in the global diabetes devices and drugs market will benefit from the opportunity presented by the development of new formulations of insulin. Moreover, development of non-invasive diabetes diagnostic and drug delivery devices will offer new market leads. The most established players in the global diabetes devices and drugs market are Abbott Laboratories, B. Braun Melsungen, AstraZeneca, Bayer HealthCare, DexCom, and Eli Lilly and Company.
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