BRIC Diabetes Care Devices Market Analysis with Latest Industrial Outlook
Over the past few years, the BRIC (Brazil, Russia, India, and China) diabetes care devices market has evolved as a major market for the product. An increasing number of diabetes patients across the region coupled with favorable funding to support diabetic research are the major factors for high growth of the diabetes care devices market. Diabetes care devices are made to manage blood glucose levels in patients, which is caused by insufficient production of insulin in the body. In addition, rising occurrence of obesity and increasing expenditure on R&D activities is likely to augment market growth under the study period (2016-2022). However, exorbitant treatment cost and lack of awareness may hamper the market growth for diabetic care devices under the forecast period.
The latest report on “BRIC Diabetes Care Devices Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” added by DecisionDatabases.com provides a complete market outlook to those seeking in-depth market knowledge. The study provides forecast and estimates market in terms of revenue and volume during the forecast period from 2016 to 2022. The report also provides market's mergers/acquisitions, partnerships, collaborations, new product launches, new product developments and other industry developments.
With increasing international collaboration and rapid industrialization, diabetic care devices market is anticipated to witness a surge in demand over the forecast period. However, irregular reimbursement policies and availability of low-cost alternatives are some of the major restraints, which may have a negative impact on the market growth in the near future.
The global diabetes care devices market has been segmented on the basis of types into blood glucose monitoring devices (testing strips, self-monitoring blood glucose meters, lancets, continuous glucose monitors and others) and insulin delivery devices (insulin syringes, insulin pens, insulin pumps, insulin jet injectors). Blood glucose monitoring devices are further divided into testing strips, self-monitoring blood glucose meters, lancets, continuous glucose monitors, and others. On the other hand, insulin drug delivery devices are sub-divided into insulin syringes, insulin pens, insulin pumps, and insulin jet injectors.
The insulin pens segment is a leading segment and is projected to witness a substantial growth over the forecast period owing to its rising adoption along with the easy availability in the emerging economies, particularly in Russia, India and China market. On the other hand, the continuous blood glucose monitoring system is the fastest growing segment and is estimated to grow at a significant rate in the near future on account of the increasing popularity among healthcare professionals for better diabetes management.
China being the major market, it has accounted for the largest market share in the past and is also anticipated to continue its dominance over the coming years owing to the growing diabetic patient base, rising number of research collaborations and presence of major players in the market. On the other hand, India is expected to follow China in the growth trend and is projected to grow at a significant rate over the forecast period due to increasing prevalence of obesity and diabetic disorders, growing awareness and rapid urbanization in the region.
The key players include Abbott Laboratories, Acon Laboratories, Inc., Arkray, Inc., Bayer AG, Becton, Dickinson and Company, Dexcom, Inc., Johnson & Johnson, Medtronic PLC, Novo Nordisk A/S, Roche Diagnostics Limited, Sanofi, Terumo Corporation and Ypsomed AG. Diabetic care devices are an untapped market and have great potential for market growth. However, pricing pressure is a key market challenge for all the players to deal with.
In June 2016, Ascensia Diabetes Care has renewed its contract with Medtronic PLC to promote and develop diabetes management devices in the market.
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