Noida, Uttar Pradesh, India, March 04, 2021 (WiredRelease) Ocean Pvt Ltd– report: The global diabetes diagnostics market is expected to experience healthy growth with a CAGR of ~ 8.7% over the forecast period 2020-2025. The demand for diabetes diagnostics is expected to increase in response to rising hospital stays amid the surge in COVID-19. Studies identifying people with diabetes who are at greater risk of becoming critically ill if infected with the virus are fueling demand for various related products, including diabetes test strips. It was predicted that the demand from hospitals will continue to increase over the forecast period. Government funding to build hospitals to improve access to health care in rural areas will help expand the market. North America, Asia Pacific, and Europe will be attractive regions for players in the global Diabetes Diagnostic Market.
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Due to the increasing incidence of diabetes, the global market for diabetes diagnostics is showing remarkable growth. According to the World Health Organization (WHO), 422 million people worldwide have diabetes. The prevalence of diabetes is higher in low and middle income countries according to WHO findings. In addition, diabetes is identified as the main cause of increasing kidney failure, blindness, heart attacks, strokes and cases of lower extremity amputation.
The rising incidence of diabetes is likely to cause the demand for more powerful and intelligent diabetes diagnostics to rise significantly in the forecast period. According to the WHO, over 1.9 billion adults aged 18 and over were overweight worldwide in 2016. Of these, more than 650 million adults were obese. Obesity is known to be one of the critical conditions that can lead to diabetes. The higher prevalence of obesity will therefore create growth opportunities for the diabetes diagnostic market.
The advent of nanotechnology, which drives growth
Nanotechnology is at the forefront of technologies that are expected to provide a reliable methodology for the early and accurate diagnosis and treatment of diabetes. Various advantages of nanotechnology, such as drug release control and target specification, are prompting experts to use nanotechnology to develop advanced methods of detecting glucose and delivering insulin. Such advances should fuel the growth of the global diabetes diagnostic market.
Nanotechnology provides access to advanced sensor technologies to provide timely and more accurate information about diabetes. A couple of researchers from Oregon State University College of Engineering developed means of printing transistor-based glucose sensors onto a catheter attached to a portable pump. This technology enabled people with diabetes to program the pump to deliver glucagon and insulin in precise doses and at precise times.
A number of studies similar to these have been conducted in recent years to investigate the use of nanotechnology in diabetes. A common goal of this research is to provide a timely and accurate diagnosis. Against this background, the market for diabetes diagnostics will show significant growth in the coming years.
A lack of awareness limits market growth
The diabetes diagnostic market is hampered by a lack of awareness of diabetes and its implications. In 2015, according to the UK’s National Health Service (NHS), nearly 3.9 million people were diagnosed with diabetes and more than 590,000 people were unaware and undiagnosed. This could limit the overall growth opportunities for the market.
Segmentation Overview of the Global Diabetes Diagnostics Market
The market for diabetes diagnostics has been divided into product, distribution channel and end use. These major market segments are further broken down into various sub-segments in order to study the market in detail.
According to product outlook
BGM devices (self-monitoring devices, blood glucose meters, test strips, lancets)
Devices for continuous glucose monitoring (sensors, transmitters, receivers)
Insulin delivery devices (pumps, pens, syringes, nozzle injectors)
By distribution channel outlook (hospitals, pharmacies, retail pharmacies, diabetes clinics / centers, online pharmacies, others)
By intended use (hospitals, home care, diagnostic centers)
Insights from the most important players
Medtronic plc, Abbott Laboratories, F. Hoffmann-La-Ltd, Bayer AG, Lifescan, Inc., B. Braun Melsungen AG, Lifescan, Inc., Dexcom Inc., Insulet Corporation, Ypsomed Holdings, Companion Medical, Sanofi, Valeritas Holding Inc., Novo Nordisk, and Arkray, Inc. are some of the key players included in the research study of the global Diabetes Diagnostics Market among others.
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