(Health-NewsWire.Net, July 12, 2018 ) The BRIC diabetes care devices market is estimated to be valued at USD 1.7 Billion in 2015 and is poised to reach USD 2.3 Billion by 2020, growing at a CAGR of 6.3% during the forecast period. Increasing diabetic population, growing research on diabetes, and lifestyle changes (driving the prevalence of diabetes among urban population) are the main factors driving the growth of this market. Rising obese population associated with diabetes and increasing international collaborations are further expected to contribute to the growth of this market. On the other hand, high cost of devices, emergence of alternative therapies, disparity in reimbursement, and lack of awareness may restrict the growth of this market to a certain extent.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownload.asp?id=375
China dominated this market, with more than 50% share in 2014. Growth in this market is mainly driven by the increasing number of diabetic patients, increasing number of international research collaborations, government initiatives, and expansion of global players in the country. The diabetes care devices market in China is characterized by the presence of numerous local players offering various diabetes care devices for the domestic market. However, this market is expected to witness a sluggish growth rate as it remains highly penetrated. India, on the other hand, is expected to witness the highest growth rate during the forecast period. The rising diabetic population, rapid industrialization and urbanization, and growing research on diabetes and its management are the key factors propelling the growth of this market.
The BRIC diabetes care devices market is consolidated in nature, with the top four players occupying around 45 - 55% of the market share. Roche Diagnostics Ltd. (Switzerland), Johnson and Johnson (U.S.), Bayer AG (Germany), and Abbott Laboratories (U.S.) are the top four players in this market. These companies have been adopting strategies such as new product launches and collaborations and agreements to sustain and maintain their market shares in this market.
Know More: http://www.prnewswire.co.in/news-releases/the-bric-diabetes-care-devices-market-is-expected-to-reach-usd-23-billion-by-2020-522957871.html
Mr. Shelly Singh