Vancouver, British Columbia, May 10, 2021 (GLOBE NEWSWIRE) — The global Diabetic Care Market is expected to reach USD 41.71 billion by 2027, according to a current analysis by Emergen Research. Increasing investments in R&D and constant new product launches are some key factors boosting global market revenue growth.
Lifestyle changes, unhealthy eating habits, sedentary routine patterns, and rapid urbanization has increased in number of obese population. According to Centers for Disease Control and Prevention (CDC), around 94.1 million people were reported to be obese in 2017. There has been a significant increase in diabetes patients attributed to rising obesity and elderly population. As per a report by International Diabetes Federation, diabetic population worldwide is expected to reach 700 million by 2045. Thus, increasing emergence of type 1 and type 2 diabetes is escalating demand for diabetic care and treatment. Factors such as increasing government initiatives to increase awareness about dietetic care, rising number of patients requiring a daily dose of insulin, and increasing funds by government and private sectors are fueling market growth. In addition, rapidly growing research on developing novel and effective drugs for diabetes and other disorders associated with it such as stroke, kidney disease, or heart attack are fueling market growth.
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Moreover, growing awareness about diabetes monitoring devices, high demand for long-term weight reduction medications, and untapped market opportunities especially in developing countries is expected to boost revenue growth going ahead.
Some key highlights in the report:
- The insulin delivery devices segment revenue is expected to expand at a CAGR of 8.9% during the forecast period due to growing adoption of insulin pumps and recent advancements in insulin pump technology.
- The homecare segment is expected to account for high revenue growth over the forecast period owing to growing adoption of self-blood sugar level evaluation and increasing awareness about diabetes care.
- The hospital pharmacies segment is expected to account for significant revenue growth during the forecast period due to constant restocking, availability of wide product range, and constant increasing sale figures of diabetes devices.
- North America accounted for largest market share in the global diabetic care market in 2019 and is expected to sustain its dominating position during the forecast period. Growing awareness about causes of type 1 and type 2 diabetes, presence of large patient pool, and favorable reimbursement policies are some key factors surging revenue growth in this region.
- The market in Asia Pacific is expected to register a revenue CAGR of 8.9% throughout the forecast period owing to factors such as growing prevalence of diabetes, increase in obese and elderly population, and government initiatives to create awareness about diabetic care.
- Some key players operating in the global diabetic care market include Medtronic plc, B. Braun, DexCom, Inc., Abbott, F. Hoffman-La Roche Ltd., Ascensia Diabetes Care Holdings AS, LifeScan, Dickinson and Company, MicroGene Diagnostic Systems Pvt. Ltd., AgaMatrix Holdings LLC and Acon Laboratories, Inc.
- In January 2020, a US-based diagnostic system company LifeScan signed a partnership agreement with DKSH. This partnership is expected to support distribution and logistics along with regulatory, marketing services for LifeScan in Indonesia, Hong Kong, Taiwan, Vietnam, and Malaysia.
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For the purpose of this report, Emergen Research has segmented into the global Diabetic Care Market on the device, distribution channel, end user, and region:
Device Outlook (Revenue, USD Billion; 2017-2027)
- Monitoring Devices
- Insulin Pumps
- Insulin Syringes
- Insulin Cartridges
- Disposable Pens
- Jet Injectors
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Hospital Pharmacies
- Retail Pharmacies
- Diabetes Clinics
- Online Pharmacies
End User Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostic Centers
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Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Saudi Arabia
- South Africa
- Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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