Market Trends of North America Diabetes Care Devices Industry
Monitoring Devices is Having the Highest Market Share in Current Year
Monitoring devices are garnering widespread adoption due to the availability of reimbursement options for glucose meters. Glucose meter devices must be replaced within six to eight months and are very expensive. As a result, most people prefer selecting health insurance plans that cover almost 80% of the total expenditure on healthcare devices.
Such schemes cover the cost of diabetes testing supplies, blood glucose test strips, and blood glucose meters. For example, Medicare, the federal health insurance program in the United States, covers approximately 80% of the cost of BGM devices for diabetic people.
The usage of CGM devices is on the rise in North America because of their advancement in technology and their ability to empower people with diabetes to make more informed decisions about their health. This is driving the demand for diabetes care devices in North America, thereby driving the market in focus during the forecast period.
The United States is Expected to Dominate the North America Diabetes Care Devices Market.
The United States is expected to grow tremendously during the forecast period, owing to factors such as the high prevalence of obesity and increasing awareness regarding diabetes care in the region.
According to the American Diabetes Association, 1.4 million Americans are thought to receive a diabetes diagnosis each year. In Canada and other North American nations, diabetes is one of the main killers. The disease's rising incidence, prevalence, and progressive nature have motivated the development of novel medications to give diabetic patients more treatment options. Non-insulin medications, which serve as first-line therapies for people with type-2 diabetes, currently account for more than half of sales in the anti-diabetic market.
Innovations in insulin pump devices in the United States are driving the market. Medtronic received FDA clearance for its new extended-wear infusion set, designed to last more than twice as long as existing infusion sets that connect traditional tubed pumps to the body for insulin delivery.
That means it can be worn on the body for up to 7 days, compared to existing sets that must be changed every 2 or 3 days. In the United States, there are innovations from start-up companies with approximately USD 2.9 billion in funding in the diabetes industry, like Glooko, OneDrop, Verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, Orgenesis, etc. Thus, owing to the above factors, it is expected to drive market growth over the forecast period.
