North America Diabetes Care Devices Market - Growth, Trends, and Forecast (2020 - 2025)

NEW YORK, Feb. 27, 2020 /PRNewswire/ --

Market Overview
- The North American market for diabetic devices is valued at USD 18.06 billion in 2018, and is expected to witness a CAGR of 8.81% during the forecast period (2019-2024)

Read the full report: https://www.reportlinker.com/p05865886/?utm_source=PRN

- The growth of the diabetic devices market is directly proportional to the increasing diabetic population. The North American region had witnessed an astounding increase in the prevalence of diabetes, in the recent years.
- In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. These reasons have led to high sales of insulin in the region. Insulin was initially considered as a treatment method for only type 1 diabetic patients. However, over the years, it began to be used as a line of treatment by a considerable number of type 2 patients.

Scope of the Report
The North America diabetes care devices market is segmented by management devices (insulin pumps, insulin pens, syringes, cartridges, and jet injectors) and monitoring devices (self-monitoring blood glucose (hospital and personal use) and continuous glucose monitoring), and geography.

Key Market Trends
The United States holds 87% of the market share in the North American Diabetes Devices Market

- In the North American diabetes devices market, the United States holds the highest market share of 87.80%, and it is expected to increase over the forecast period (2019-2024), with a CAGR of 9.17%.
- The United States is among the top five countries with the highest diabetic population. The country has close to 100 million adults living, diabetic and pre-diabetic. About 9.5% of the total population of the country has diabetes. According to studies, diabetes is among the leading health epidemics in the country. WHO has concluded that, in 2015, diabetes was the seventh-leading cause for death in the United States.
- And the country's insurance policy, which reimburses close to 50% of the drug cost to the consumers, acts as a boon for pharmaceutical companies selling drugs or devices.

In North America Diabetes Devices Market, Management devices hold 63.60% .

- The growing demand for insulin has led to tremendous R&D activities in manufacturing different painless types of insulin deliverable devices, such as continuous glucose monitoring (CGM), integrated insulin pumps, extremely accurate blood glucose monitoring devices (such as the flash glucose monitoring device), and improved lancets for a glucometer.
- Initially, syringes were the only form of insulin delivery system, but they are considered to be painful and not user-friendly. Thus, companies like Novo Nordisk and Sanofi, among others, have produced their insulin pens with a specific set dosage. They are not only less painful to use, but also reduce the wastage of insulin. The high cost of insulin pens is the only prominent restraining factor for the growth of the pens market.
- A large set of diabetic type 1 patients is children. There was a need for an alternative to the existing needle-based delivery system, which is painful. Thus, the invention of insulin jet injector, a painless insulin delivery system, came into the picture. The insulin jet injector has high sales in developed countries, such as the United States and Canada. These jet injectors are considered to be the future for insulin delivery systems market. The lack of awareness regarding the product and its benefits, when compared to conventional methods of insulin delivery, acts as the prominent restrain for the product.

Competitive Landscape
The market is highly fragmented, with few major players. Abbott's new FreeStyle Libre Flash Glucose Monitoring System was approved, which is the first continuous blood sugar monitor, for people with diabetes, which does not need backup finger prick tests. The innovations in test strips are increasing and are under development. For example, the new test strip includes features, such as underfill detection, and provides the user with the ability to reapply blood when the test strip is underfilled ("second chance" sampling).

Dexcom acquired TypeZero Technologies, paving way for automated insulin delivery. The acquisition has sent Dexcom ahead on its way in the race to create an artificial pancreas system, rather than simply offering a continuous glucose monitoring device.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

Read the full report: https://www.reportlinker.com/p05865886/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

SOURCE Reportlinker