The Diabetes Treatments Market is characterized by a group of metabolic disorders in which high blood sugar levels persist over an extended period. Symptoms of diabetes include increased thirst, frequent urination, and increased hunger, which can lead to long-term complications like chronic kidney disease, cardiovascular disease, and foot ulcers. The market's growth is positively impacted by factors such as an increasing rate of obesity, changing lifestyles, and rising geriatric populations. The COVID-19 pandemic has also increased the importance of diabetes treatment as patients with diabetes have an elevated risk of contracting the virus and are prone to severe symptoms.
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The type 2 diabetes segment is expected to hold a significant market share due to its high prevalence in the geriatric population, which is highly vulnerable to COVID-19. The medication segment is expected to hold a considerable share of the market as maintaining glucose levels is crucial in managing diabetes, particularly in COVID-19 patients. The glucose monitoring device segment is expected to dominate the market due to the growing prevalence of diabetes and product launches. The hospital segment is projected to witness significant market share due to the availability of a large number of care providers and enhanced facilities. Initiatives taken by market players like Medtronic PLC's launch of the MiniMed 630G system are expected to support the growth of the market.
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North America is expected to occupy a considerable share of the market due to high levels of obesity and diabetes in the region. Key participants in the market include Sanofi, Medtronic, Insulet, Tandem, Dexcom, Bayer Healthcare AG, Eli Lilly Hoffman-La Roche AG, Novo Nordisk A/S, Johnson Johnson, and Becton Dickinson.
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However, lack of awareness about the severity of the condition may have a negative impact on the market's growth. Quarantine centers would witness a surge in demand for diabetes care during the COVID-19 pandemic, but declining demand for diabetes care is expected post-2021.
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