Diabetes, scientifically known as diabetes mellitus, is a clinical condition where person has an elevated blood glucose level. It occurs due to either inefficiency of pancreases to produce insulin (Type I) or unresponsiveness of body cells to the produced insulin (Type II) or both. This condition specifically results in polyuria, increase in thrust and hunger. There is high prevalence of type II diabetes worldwide due to increased obesity, urbanization, poor diet and substandard healthcare conditions. The global market for diabetes is highly lucrative for drug and device manufacturers as treatment majorly demands therapeutic and diagnostic management. Global diabetes management market is growing with high CAGR and expected to continue this trend for the forecast period.
The ย report addresses the key themes such as market segmentation and competitive landscape. This report is investigative towards trends, opportunities and challenges present at current marketplace for diabetes management and it also provides ample information therein. In-depth analysis of market dynamics coupled with upcoming trends would be beneficial to professionals. The report would contain detailed information of key leaders with their business share.ย
List of Key Players
The leading companies in global diabetes management market include Abbott Laboratories, Bayer AG, Bristol-Myers Squibb, Eli Lilly and Co., Sanofi, Dexcom, Medtronic and Novo Nordisk A/S. Currently, Abbott, Dexcom and Medtronic dominate continuous glucose monitoring devices market and have launched several new products. Eli Lilly and Novo Nordisk have concentrated on Indian market and have launched easy-to-use insulin versions to snatch high market share. Also, companies are focusing on collaborations and partnerships to gain profitability.
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Prime driver for global diabetes management market is increasing incidence of type I and type II diabetes combined with high obese population. Additionally, combination therapy as compared to monotherapy is gaining popularity due to its high efficacious nature. Increase in collaborations and alliances are the better avenues to attain high profitability. However, global diabetes management market suffers from some of the critical restrains namely, counterfeiting of drugs, scarcity of healthcare personnel in some countries such as Russia, cost sensitivity and limited infrastructure for management. Emerging economies offer ample opportunities to big players of this market to expand their business. Also, there is a need of improved, efficacious and safe treatment, which can be fulfilled by innovative R&D.
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The diabetes management market is segmented by type of devices into monitoring, diagnostic, insulin delivery and other devices. Blood glucose monitoring devices has the largest market share, as critical monitoring of glucose level is necessary for the management of diabetes. Also, the insulin delivery devices have increased its sale to promising value, which has resulted in improvement in insulin delivery technology. In this segment, insulin pens are more popular as they are less painful in usage.
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