Increase in Diabetes Prevalence Rapidly Increasing Demand For Diabetes Care Devices
The global diabetes care devices market, one of the segments of healthcare services industry. During the historic period it grew at a compound annual growth rate (CAGR) of around 6%. This was mainly due to the increased diabetes prevalence.
For the forecasted period, the diabetes care devices market size is expected to be over $15 billion by 2021, growing at a CAGR of nearly 4%. The growth rate for forecasted period is lower when compared to the historic period. This is mainly attributed to fluctuating prices of raw materials.
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Governments around the world are investing in programs to help raise the awareness of diabetes. The US State Department’s National Institutes of Health and Centers for Disease Control and Prevention jointly launched the National Diabetes Education Program to educate and sensitize people about the risks and prevention of diabetes. In 2015, National Health Service, UK, and Public Health England initiated the first National NHS Diabetes Prevention Program that aims to reduce the 4 million people in the UK expected to have Type 2 diabetes by 2025. Government initiatives thereby drives the demand for diabetes care equipment during the forecast period.
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