The BRIC diabetes care devices market size is projected to reach USD 4.82 million by 2026, according to a new report by Grand View Research, Inc. It is anticipated to register a 5.28% CAGR over the forecast period. The market in BRIC nations is primarily driven by the increasing prevalence of diabetes, especially among geriatric and obese population. Increasing collaboration and funding support to research is further augmenting the growth. The factors responsible for the increasing incidence of glucose impairment are the increasing alcohol and tobacco consumption, lack of physical activity, and obesity. However, increasing prices of advanced devices and presence of cost-effective alternative treatment may restrict the market growth.
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BRIC nations are also witnessing large untapped opportunities with favorable government initiatives focused on disease awareness. According to the World Health Organization (WHO), more than 50% Indian population with diabetes remains undiagnosed. Many government initiatives and approval from the Food and Drug Administration (FDA) for advanced diabetes care devices are also propelling the growth. For instance, in 2019, the Research Trust of Diabetes India launched its 1000 days Initiative to control diabetes in the country. This initiative will bring together diabetologists across India to provide recommendations and clinical guidelines. Furthermore, technological advancements coupled with collaboration among key market players is also propelling the market growth. For instance, in September 2019, Abbott and Sanofi collaborated to work on tools that integrate Sanofi’s insulin dosing information with Abbott’s FreeStyle Libre technology.
BRIC Diabetes Care Devices Market Report Highlights
• Based on product, the insulin delivery devices dominated with over 60% market share in 2018. Insulin Pumps segment is expected to register the fastest CAGR of 3.81% during the forecast period owing to increasing number of patients with glucose impairments and availability of ease to use and convenient pumps
• On the basis of CGM devices, sensors dominated the segment with a revenue of over 100 million in 2018, attributed to high usage and adoption of these devices
• China held the dominant market position in 2018 and is expected to retain its lead throughout the forecast period. Large diabetes population and supportive government initiatives are the key factors driving market growth in the country
• Some of the prominent players in the BRIC diabetes care devices market include Johnson & Johnson; Ypsomed AG; Bayer AG; F. Hoffmann-La Roche Ltd; Abbott Laboratories; Becton, Dickinson and Company; Medtronic Plc; Ypsomed AG; Sanofi; Novo Nordisk A/S; Arkray, Inc.; Acon Laboratories, Inc.; Terumo Corporation; and Dexcom, Inc.
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BRIC Diabetes Care Devices Market Segmentation
Grand View Research has segmented BRIC diabetes care devices market on the basis of product, and region:
BRIC Diabetes Care Devices Product Outlook (Revenue, USD Million, 2015 - 2026)
• Blood Glucose Monitoring Devices
o Self-monitoring Devices
o Blood Glucose Meter
o Testing Strips
o Lancets
o Continuous Glucose Monitoring Devices
o Sensors
o Transmitter
o Receiver
• Insulin Delivery Devices
o Pens
o Pumps
o Syringes
o Jet Injectors
BRIC Diabetes Care Devices Regional Outlook (Revenue, USD Million, 2015 - 2026)
• BRIC
o Brazil
o Russia
o India
o China
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.