Diabetes Devices Market Is Expected To Surpass Mark Of $35.5 Billion By 2024

The global diabetes devices market size is expected to reach USD 35.5 billion by 2024, according to a new report by Grand View Research, Inc. The market is projected to expand at a CAGR of 7.0% during the forecast period. Growing cases of diabetes, due to obesity, sedentary and unhealthy lifestyles, and several other factors, is expected to drive demand for diabetes devices over the next few years. 

Obesity is believed to be one of the foremost factors leading to diabetes in individuals. According to WHO, in 2014, over 1.9 billion people were identified to be overweight, of which, around 600 million people were obese.

Some of the key companies in the global diabetes devices market are Medtronic PLC, Sanofi S.A., Bayer Healthcare AG, Becton, Dickinson and Company, Novo Nordisk A/S, Abbott Laboratories, F. Hoffman-La Roche AG, and Johnson & Johnson.

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https://www.grandviewresearch.com/industry-analysis/diabetes-devices-market

Further key findings from the study suggest:

• Constantly rising target population base is the primary factor driving market growth
• Test strips capturedthe largest share in the monitoring and diagnostics device segment while insulin pens accounted for the largest revenue share among insulin delivery devices in 2016. This can be attributed to rapid adoption of these user-friendly, quick, and accurate devices for homecare use
• North America is leading the regional market, followed by Europe. Advanced healthcare infrastructure and availability of technologically advanced products have driven the regional market
• Key players in the market include Medtronic PLC, Sanofi S.A., Bayer Healthcare AG, Becton Dickinson and Company, Novo Nordisk A/S, Abbott Laboratories, F. Hoffman-La Roche AG and Johnson & Johnson.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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