Demand for diabetes diagnostics is expected to rise in response to surging hospitalizations amid the COVID-19 surge. Studies identifying diabetics at higher risk of getting critically ill if infected by the virus are fuelling demand for various related products, including diabetes test strips.
Fact.MR, in its recent report, has projected that demand from hospitals will continue increasing through the forecast period from 2020 and 2030. Government funding towards building hospitals to make healthcare better accessible in rural areas will aid overall expansion of the market. North America, Asia Pacific, and Europe will be attractive regions for players in the global diabetes diagnostics market through 2030.
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Healthcare organizations around the world are deploying digital tools to accommodating changing consumer preferences. They are pressing on solving the long-standing challenge pertaining to care model innovation.
Considering this, the focus on making healthcare affordable and more transparent will increase. Adoption of care model innovation in healthcare will have a profound impact on the Diabetes Diagnostics market.
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Diabetes Diagnostics market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Diabetes Diagnostics
The report offers actionable and valuable market insights of Diabetes Diagnostics. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Diabetes Diagnostics Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Diabetes Diagnostics, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Diabetes Diagnostics Market.
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Diabetes Diagnostics Market: Segmentation
Fact.MR has studied the diabetes diagnostics market with detailed segmentation on the basis of by product type, end user, and key region.
- Test Strips
- Analog Glucose Monitors
- Continuous Glucose Monitors
- Diagnostics Centers
- Homecare Settings
- North America
- Latin America
- Middle East & Africa
- East Asia
- South Asia
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Diabetes Diagnostics Market: Competitive Landscape
The market for diabetes diagnostics is getting extremely competitive owing to the rising cases of around the world and increasing willingness among patients to spend on advanced healthcare. With rising number of new entrants in the diabetes diagnostics market, established players are focusing on technological advancement and frequent new product launches to maintain their positions.
For instance, in June 2018, Senseonics gained FDA’s permission for its Implantable Eversense Continuous Glucose Monitoring (CGM) system in the US. This long-term system is one of the major discoveries of diabetes devices. The device monitors blood glucose levels for 90 days without the use of lancets and is gaining immense popularity among patients.
Besides this, leading players are focusing on collaborations to expand their regional footprint. For instance, in January 2020, LifeScan, a US-based company entered into collaboration with DKSH, a company specialized in market expansion services, especially in Asia Pacific. With this partnership, DKSH will provide supervisory assistance and distribution and logistics for the sales of LifeScan products in other countries such as Philippines, Vietnam, Malaysia, Indonesia, Thailand, Hong Kong, and Taiwan.
Some of the leading players operating in the diabetes diagnostics market include
- Medtronic plc
- Abbott Laboratories
- Bayer AG
- Lifescan, Inc.
- B Braun Melsungen AG
- Lifescan, Inc.
- Dexcom Inc.
- Insulet Corporation
- Ypsomed Holdings
- Companion Medical
- Valeritas Holding Inc.
- Novo Nordisk
- Arkray, Inc.
Key Takeaways from Diabetes Diagnostics Market Report
- Asia Pacific will continue offering lucrative prospects as incidence of diabetes rises due to increasing prevalence of unhealthy lifestyle. Demand from India and China will support overall expansion of the diabetes diagnostics market in the region.
- Hospitals will continue exhibiting high demand as an increasing number of patients opt for regular checkups
- Analog glucose monitors continue to garner steady revenue as newer technologies are yet to be adopted widely across healthcare facilities
- Increasing support from governments is driving innovations in the diabetes diagnostics market. For instance, the Australian government announced a US$ 100 million funding to subsidize glucose monitoring devices under the National Diabetes Services Scheme
“Some companies continued their launches and even acquired Food and Drug Administration (FDA) approval amid the COVID-19 crisis. For instance, the FreeStyle Libre, Abbott’s continuous glucose monitoring technology was approved by the FDA recently to help self-diagnosis of diabetes during the pandemic. Such launches have helped the market sustain growth amid extended periods of lockdown,”said a lead analyst at Fact MR.
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Report Benefits & Key Questions Answered
- Diabetes Diagnostics Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Diabetes Diagnostics Historical volume analysis: The report provides a comparison of Diabetes Diagnostics’s historical sales and projected sales performance for 2021-2031.
- Diabetes Diagnostics Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Diabetes Diagnostics market. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Diabetes Diagnostics Consumption by demographics: The report investigates consumer behavior affecting Diabetes Diagnostics demand outlook for the assessment period. Effect of their keenness for digital trends on Diabetes Diagnostics market is carefully analyzed
- Post COVID consumer spending on Diabetes Diagnostics: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Diabetes Diagnostics market growth.
More Valuable Insights on Diabetes Diagnostics Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Diabetes Diagnostics, Sales and Demand of Diabetes Diagnostics, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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