Diabetes Management Market to Perceive Substantial Growth by the End 2027
Global Diabetes Management Market: Overview
Diabetes is one of the most commonly occurring chronic diseases across the globe. The glucose levels in the patient rises when the person is suffering from diabetes. This condition arises due to the lack of production of insulin by the pancreas. Such type of diabetes is known as the Type I. Whereas in Type II diabetes the body does not respond to the insulin produced by it. The growth of the global diabetes management market is expected to be high over the course of the given forecast period.
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Global Diabetes Management Market: Notable Developments
The competitive landscape of the global diabetes management market is a fragmented one due to the presence of several key players. Some of the key players in the market include names such as Sanofi Inc., Novo Nordisk A/S, Medtronic, Dexcom, Abbott, Bristol Meyers Squibb, Abbott Laboratories, and Eli Lily among others. These companies are concentrating on developing new therapeutics and affordable management systems to expand their global reach.
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Some of the recent developments in the global diabetes management market are given below:
- Recent market studies indicate that the global diabetes management market has been dominated by the Medtronic, Dexcom, and Abbott. These companies have a superior market share in terms of their glucose monitoring devices. The companies are trying to reach more customers by launching several new products.
- Recently, Novo Nordisk and Eli Lily have focused on expanding their businesses in Indian market and have launched easy-to-use insulin pens.
Global Diabetes Management Market: Drivers and Restraints
There are a number of reasons that are driving the global diabetes management market. The biggest driving factor for the market growth is the growing prevalence of both Type I as well as Type II diabetes. This condition coupled with considerable rise in the obese population across the globe is also helping the global diabetes management market to develop.
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In addition to this, the growing popularity of combination therapy as compared to the monotherapy is working in favor of the market development. Combination therapy is growing popular because of its higher efficiency. The development of the global market for diabetes management is also helped by the increasing collaborations and partnerships among the leading players.
However, there are some factors that may stop the global diabetes management market from reaching its full potential. One of the major restraining factors for the market has been widespread reach of counterfeit drugs. In addition to this, lack of proper healthcare infrastructure and insurance benefits are also expected to hamper the market growth in the near future.
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Global Diabetes Management Market: Geographical Outlook
The global diabetes management market is divided into five key regions viz. North America, Asia Pacific, Europe, and Latin America, for the better understanding of its working dynamics. Of these regions, currently, the global market is dominated by the Asia Pacific and the North America regions. The development of the North America market for diabetes management is due to the growing geriatric population in the region. In a recent study, it was found that the population in the region is more susceptible to chronic diseases such as diabetes and cardiovascular disorders. This has thus helped in the development of the market in North America. Moreover, the presence of a highly developed healthcare infrastructure along with favorable insurance disbursement policies are also helping the growth of the global diabetes management market in the region.
In addition to this, the growth of the Asia Pacific region is expected to be influenced by the emergence of developing nations such as India and China. These nations are investing heavily for the development of their healthcare infrastructure.
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