Growing Prevalence of Diabetes Likely to Propel Global Diabetes Devices Market

The growing cases of diabetes around the world have led to an exponential increase in the demand for advanced devices and medicines to diagnose and monitor diabetes. A WHO report stated that the prevalence of diabetes among people of 18 years and above was recorded to be 9%. In this regard, extensive research and development activities are being funded for product innovation of self-monitoring and insulin delivery devices along with the development of more beneficial drugs. 

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According to Transparency Market Research, the global diabetes devices and drugs market is expected to rise at a modest CAGR of 5.90% from 2013 to 2019. The global diabetes devices and drugs market is estimated to reach a value of US$83.0 bn in 2019 from US$54.0 bn in 2012.  

How will technological advancements in diagnostic devices help increase the sales of diabetes devices and drugs? 

Due to the consolidated nature of the diabetes device and drugs market, the demand for various innovative devices as well as drugs is increasing rapidly. The diabetes device market comprises various insulin devices and diabetes diagnostic and monitoring devices. The drug segment comprises drugs such as oral anti-diabetes drugs, non-insulin injectable drugs, and insulin derivatives. Companies operating in the diabetes devices and drugs market are investing in research and development projects for technological and product innovations to meet the rising demand for insulin delivery devices and self-monitoring. 

One of the companies in the manufacturing of diabetes devices, Medtronic has come up with a product called 670G pump. This pump is a basal rate modulator which is devised to modulate the basal insulin all through the day and night, but does a better job overnight. This device will make it easy for patients to keep a check of their daily diabetes level and maintain the insulin...