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The diabetes devices market has been predicted to increase at a compound annual growth rate (CAGR) of 5.2% over the next six years, expanding from a 2011 value of $17.7 billion to hit $25.3 billion in 2018.
Improved diagnosis rates, an increase in government initiatives, and greater interest from diabetes device manufacturers are all expected to be major factors in growing the sector on a global scale.
Huge diabetes patient pools, combined with comparatively low disease awareness in emerging countries such as India and China are drawing the attention of international medical companies. It is estimated that by 2030, 7 out of the top 10 countries for diabetes populations will be based in Asia.
Big firms such as Roche, Sanofi, Novo Nordisk and Lilly are increasing sales and marketing focus in these countries in an attempt to tap the vast potential they hold in the diabetes devices market.
However, there are regional variations in growth; in particular, the US and Europe are experiencing price pressures and slower sales volumes as a result of the economic downturn and government reductions in healthcare spending.
The Chinese diabetes devices market will see a 5.9% CAGR over the seven years to $1.1 billion in 2018, while India is on an even faster track and showing that the market, while much smaller than China, will see a 10% CAGR to $285.2 million in 2018.
India has vast potential in this sector as it is home to the second highest population of diabetes sufferers in the world, after China. In 2011, over 61 million people in the country had the condition, and this figure is expected to climb to more than 101 million by 2030.
For more information on the diabetes devices market, see the latest research: Diabetes Devices Market Report
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