The Factors such as the increasing diabetic population, the rising awareness of diabetes treatment and management, and favorable national health strategies are expected to drive the growth of the Diabetes Care Devices (BRIC) Market.
Worldwide Growth Opportunities in Terms of Revenue:
The Diabetes Care Devices Market size is projected to reach USD 4.3 billion by 2025 from USD 1.7 billion in 2020, at a CAGR of 16.2% during the forecast period.
The blood glucose monitoring systems segment is estimated to dominate the diabetes care devices market in 2020
Based on type, segmented into blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. Under the blood glucose monitoring systems segment, the test strips segment is estimated to account for the largest share in 2020. The dominance of this segment can be attributed to the frequent requirement of test strips in blood glucose monitoring systems.
The self/home healthcare is projected to witness the highest CAGR in the diabetes care devices market during the forecast period
Based on end user, the diabetes care devices (BRIC) market has been segmented into hospitals & specialty clinics and self/home healthcare. The self/home healthcare segment is estimated to hold the largest share in 2020. This segment is also projected to grow at the highest CAGR during the forecast period. The rapid growth of the segment is attributed to the increasing awareness of diabetes self-monitoring and management, increasing recommendations from physicians for home healthcare for diabetes, and the increasing utility of home-based diabetes care devices to provide real-time insights regarding the condition due to the technological advancements of these systems.
The China held the largest share in the diabetes care devices (BRIC) market in 2019. This dominance is due to the high population of diabetics in the country and increasing government funding for diabetes management and the diabetes care devices industry. India is expected to register the fastest growth during the forecast period, primarily due to opportunities presented by the country, especially in terms of the growing usage of mHealth (mobile health), which supports the diabetes management mobile applications segment.
Major Key Players Mentioned in the research report are:
The prominent players in the diabetes care devices market include Medtronic plc (Ireland), B. Braun (Germany), DexCom, Inc. (US), Abbott (US), F. Hoffman-La Roche Ltd. (Switzerland), Ascensia Diabetes Care Holdings AS (Switzerland), LifeScan (US), AgaMatrix Holdings LLC (US), Acon Laboratories, Inc. (US), ARKRAY USA, Inc. (US), Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US), Sanofi (France), Terumo Corporation (Japan), SD Biosensor, Inc. (South Korea).
F. Hoffman-La Roche Ltd (US) was the leader in the diabetes care devices (BRIC) market in 2019. The company provides a wide range of blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. It entered into various partnerships, agreements, and collaborations over the past few years. For instance, in November 2018, Roche Diabetes Care (India) partnered with the digital therapeutic company, Wellthy Therapeutics, to offer users the Accu Chek Active System, a clinically validated AI-based digital diabetes coaching solution. Similarly, in October 2018, Roche Diabetes Care signed an agreement for collaboration with Novo Nordisk to integrate data from Novo Nordisk’s insulin pens to Roche’s open ecosystem.
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