Diabetes is a chronic metabolic ailment wherein the body is either unable to produce enough insulin (type-1) or is unable to utilize the insulin generated (type-2). The presence of sugar at elevated levels in the bloodstream leads to symptoms such as frequent urination, weight loss, increased thirst, and high appetite. As the rising prevalence of diabetes raises concern globally, the market for diabetes devices and drugs is gaining significant momentum. Diabetes is a chronic disease, which if left untreated may lead to acute and life-threatening complications. The demand for accurate diagnosis, followed by proper treatment, is thus rising worldwide, thereby giving impetus to the global market for diabetes devices and drugs.
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According to a survey conducted by Transparency Market Research, the global diabetes devices and drugs market, which stood at more than US$54 bn in 2012, will reach US$83 bn by 2019. If the figures hold true, the global diabetes devices and drugs market will exhibit a CAGR of 5.90% between 2013 and 2019.
Adoption of Latest Technologies will Boost Global Diabetes Devices and Drugs Market
As the healthcare industry moves towards adopting the latest technologies, the market is foreseeing the advent of novel therapeutics and devices. In the last couple of years, the demand for diabetes diagnostic and monitoring devices has increased substantially, among which the segments of test strips, glucose meters, lancing devices and lancets, and CGM devices have exhibited a rapid rise in demand. Furthermore, insulin delivery devices such as insulin syringes, pens, injectors, and pumps have also witnessed a surge in demand.
Among the aforementioned diagnostic and monitoring devices, the continuous glucose monitoring devices segment will exhibit a CAGR of 6.60% between 2013 and 2019. Due to the surging diabetic population, the demand for insulin pens is also rising at a rapid pace as patients demand more convenient methods of monitoring blood glucose levels accurately from the comforts of their homes. Apart from the growing diabetic population, the global diabetes devices and drugs market is also steered by the increasing research and development initiatives adopted by healthcare institutions around the world.
Surging Incidence of Diabetes Worldwide to Drive Market
According to the results of a survey conducted by the International Diabetes Federation (IDF) in 2013, almost 382 mn people worldwide were diagnosed with diabetes and this number is likely to reach 592 mn by the end of 2035. The rising diabetic population will propel the market for diabetes devices and drugs. Further, owing to the extensive R&D initiatives in several countries, about 180 drugs are already under pipeline studies. Hence, the market is likely to grow significantly in forthcoming years. The global diabetes devices and drugs market is also witnessing rising demand for DPP-IV inhibitors, GLP-1 agonists, SGLT2 inhibitors, and other long-acting insulin derivatives.
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As the novel therapeutics and devices receive necessary approvals from the regulatory bodies, the market for diabetes devices and drugs is likely to gain incredible impetus.