Diabetes care devices are being used effectively for the management and monitoring of blood glucose levels in diabetes patients. Management devices are confined to the administration of insulin by the patients, whereas monitoring devices are used to check glucose levels. The need for continuous monitoring of blood glucose levels is on the rise. This helps patients in the regulation of blood glucose levels.
Key Market Trends
Increasing Prevalence of Diabetes in South Africa
In South Africa, diabetes is the fastest growing disease and the country has a high number of diabetic patients. The prevalence of diabetes is growing among all ages in South Africa, which can be attributed to the increasing obese population, along with an unhealthy diet and a sedentary lifestyle. The prevalence of diabetes in adults is around 9%. The rising prevalence of diabetes and obesity, and growing awareness on diabetic care, healthcare expenditure, and technological advancements are few factors that are further driving the market for blood glucose monitoring devices in South Africa. The youths are at risk of developing diabetes at a younger age, which lessens their quality of life, shortens life expectancy, and increases healthcare costs of the society. Hence, the demand for diabetes devices is on the rise and its adoption rate is witnessing an increase. Therefore, this factor is driving the market.
Continuous Glucose Monitoring Device is Expected to Register the Highest CAGR During the Forecast Period.
The Continuous Glucose Monitoring Device market in South Africa is anticipated to witness a CAGR of 17.25% during the forecast period. According to the International Diabetes Federation (IDF), South Africa has the highest proportion of diabetes among adults in the African continent. The diabetic population in South Africa increased from 2.03 million in 2012 to 2.61 million in 2019, and it is expected to reach 3.08 million by 2025. Out of the total CGM revenues from the country, Sensors accounted for the highest share in 2019. The Continuous Glucose Monitoring market is anticipated to grow on account of increasing awareness about diabetes and the formulation of favorable government policies to facilitate the cost-effective treatment of diabetes prevalent in a lower- and middle-class population of the country.
There have been constant innovations driven by manufacturers to compete in the market. The major players, such as Novo Nordisk and Medtronic, resort to inorganic market strategies, such as mergers and acquisitions, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies.
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