The BRIC Diabetes Care Devices Market size is projected to reach USD 4.82 million by 2026, according to a new report by Grand View Research, Inc. It is anticipated to register a 5.28% CAGR over the forecast period. The market in BRIC nations is primarily driven by the increasing prevalence of diabetes, especially among geriatric and obese population. Increasing collaboration and funding support to research is further augmenting the growth. The factors responsible for the increasing incidence of glucose impairment are the increasing alcohol and tobacco consumption, lack of physical activity, and obesity. However, increasing prices of advanced devices and presence of cost-effective alternative treatment may restrict the market growth.
BRIC nations are also witnessing large untapped
opportunities with favorable government initiatives focused on disease
awareness. According to the World Health Organization (WHO), more than 50%
Indian population with diabetes remains undiagnosed. Many government
initiatives and approval from the Food and Drug Administration (FDA) for
advanced diabetes care devices are also propelling the growth. For instance, in
2019, the Research Trust of Diabetes India launched its 1000 days Initiative to
control diabetes in the country. This initiative will bring together
diabetologists across India to provide recommendations and clinical guidelines.
Furthermore, technological advancements coupled with collaboration among key
market players is also propelling the market growth. For instance, in September
2019, Abbott and Sanofi collaborated to work on tools that integrate Sanofi’s
insulin dosing information with Abbott’s FreeStyle Libre technology.
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BRIC Diabetes Care Devices Market Report Highlights
- Based on product, the insulin delivery devices dominated with over
60% market share in 2018. Insulin Pumps segment is expected to register
the fastest CAGR of 3.81% during the forecast period owing to increasing
number of patients with glucose impairments and availability of ease to
use and convenient pumps
- On the basis of CGM devices, sensors dominated the segment with a
revenue of over 100 million in 2018, attributed to high usage and adoption
of these devices
- China held the dominant market position in 2018 and is expected to
retain its lead throughout the forecast period. Large diabetes population
and supportive government initiatives are the key factors driving market
growth in the country
- Some of the prominent players in the BRIC diabetes care devices
market include Johnson & Johnson; Ypsomed AG; Bayer AG; F. Hoffmann-La
Roche Ltd; Abbott Laboratories; Becton, Dickinson and Company; Medtronic
Plc; Ypsomed AG; Sanofi; Novo Nordisk A/S; Arkray, Inc.; Acon
Laboratories, Inc.; Terumo Corporation; and Dexcom, Inc.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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