BRIC Diabetes Care Devices Market Size, Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: BRIC Diabetes Care Devices Market


The BRIC diabetes care devices market size was valued at USD 3.22 billion in 2018 and is expected to expand at a CAGR of 5.28% during the forecast period. The key market drivers include rising geriatric population prone to various chronic diseases and high prevalence of diabetes. According to the International Journal of Health Policy and Management (2018), BRIC countries-Brazil, Russia, India, and China-accounted for 40% of the world population, including a large geriatric population and a large patient pool suffering from impaired blood glucose levels. Majority of the deaths reported in BRIC nations are due to non-communicable diseases and diabetes.
Diabetes is a clinical condition where the inability of the pancreas to produce insulin causes the glucose level in the body to increase. The factors responsible for the increasing incidence of diabetes are the lack of physical activity, harmful use of alcohol, tobacco consumption, and obesity. The key factor driving the market growth is the increasing geriatric population prone to various chronic diseases. According to the United Nation statistics, the number of BRIC population older than 65 years is expected to reach 295 million by 2020 and 412 million by 2030.

Increasing healthcare expenditure is also anticipated to fuel the market for diabetes care devices in the BRIC nations. For instance, Brazils healthcare spending per GDP is expected to increase from 8.3% in 2014 to 10.0% in 2030. Several government initiatives and product launches in the field of diabetes care is also expected to propel market growth. For instance, in 2019, Research Trust of Diabetes India launched its 1000 days Initiative to control diabetes in the country. This initiative is expected to bring diabetologists across the country to provide recommendations and clinical guidelines.
The healthcare expenditure in BRIC nations has exhibited exorbitant revenue growth rate for pharmaceutical Multinational Corporations (MNCs). With the progression in the IT industry and advancements in the field of diabetes, the market holds a promising growth potential. Several companies are taking strategic initiatives to provide diabetes devices to these countries. For Instance, in February 2019, Roche Diabetes Care and Senseonics, Inc. extended their network for the distribution of Roches implantable glucose monitoring system in an additional 17 countries including BRIC nations.

Product Insights of BRIC Diabetes Care Devices Market

Based on product, the BRIC diabetes care devices market has been segmented into Blood Glucose Monitoring (BGM) devices and insulin delivery devices. The BGM segment is further divided into self-monitoring devices and continuous glucose monitoring devices. BGM devices segment is expected to expand at the fastest CAGR of 8.40% during the forecast period, primarily attributed to the increasing adoption of these devices and continuous innovation in the field of diabetes care. The region is also witnessing several FDA approval and product launches for BGM devices. For instance, in February 2018, Roche Diabetes Care India launched glucometer Accu-Check Instant S-a glucose monitoring system to provide effortless solution for patients with impaired glucose level.
The self-monitoring devices segment is further divided into blood glucose meters, testing strips, and lancets. The sensors segment held the largest market share in 2018 and is expected to witness a CAGR of 8.72% during the forecast period. The high market size of the segment is primarily attributed to its features, such as high cost and the need of constant replacement due to its small average life of 7 days. Blood glucose meter segment is anticipated to expand at the fastest CAGR of 9.07% owing to high adoption and continuous technological advancements.

Insulin delivery devices segment is divided into insulin pen, insulin pumps, syringes, and jet injector. The insulin pen segment accounted for the largest market size owing features of the pen such as user-friendly design and ease of use. Advancements in the product and high usage of insulin pen are some of the factors projected to further propel the growth. The insulin pump segment is expected to expand at the fastest CAGR of 3.81% during the forecast period owing to increasing adoption and rising number of diabetes patients who require multiple daily dosage of insulin.

Regional Insights of BRIC Diabetes Care Devices Market

China is anticipated to hold the leading market share, owing to a large diabetic population coupled with rapid technological advancements. Moreover, increasing number of geriatric populations is further propelling the market over the forecast period. India is also expected to capture considerable market share owing to rising diabetes population, improvement in healthcare sector, increasing government initiatives and product advancements in the field of diabetes care devices. Increasing awareness about diabetes preventive care is projected to further augment the growth over the forecast period.

Market Share Insights of BRIC Diabetes Care Devices Market

Some of the prominent market players are Johnson & Johnson; Ypsomed AG; Bayer AG; F. Hoffmann-La Roche Ltd; Abbott Laboratories; Becton, Dickinson and Company; Medtronic Plc; Ypsomed AG; Sanofi; Novo Nordisk A/S; Arkray, Inc.; Acon Laboratories, Inc.; Terumo Corporation; and Dexcom, Inc. Key companies focus on product innovation and technological advancements.

Most market players focus on mergers and acquisitions and technological collaborations to expand their business and distribution network in new regions. For instance, in September 2019, Medtronic Collaborated with Novo Nordisk to integrate their digital offering for people who require daily insulin dosage. Under the agreement, Novo Nordisks smart insulin pen will link with Medtronics all major CGM systems.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of BRIC Diabetes Care Devices Market Research Report

This report forecasts revenue growth at global, regional, and country levels as well as provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the BRIC diabetes care devices market report on the basis of product, and region:

Product Type (Revenue, USD Million, 2019 - 2030)

  
Blood Glucose Monitoring Devices
  
Self-monitoring Devices
  
Blood Glucose Meter
  
Testing Strips
  
Lancets

Continuous Glucose Monitoring Devices

  
Sensors
  
Transmitter
  
Receiver
  
Insulin Delivery Devices
  
Pens
  
Pumps
  
Syringes
  
Jet Injectors