Australia and New Zealand Diabetes Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia and New Zealand Diabetes Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• Australia and New Zealand Diabetes Devices Market, expected to register a CAGR of about 7.7% during the forecast period (2019-2024).
• A holistic study of the market studied has been carried out by incorporating various factors, extending from country-specific demographic conditions and business cycles to market-specific microeconomic influences, which were needed to analyze future trends.
• The research uncovers many paradigm shifts in the market studied, in terms of regional competitive advantage and dynamics, primarily to services.

Key Market TrendsBetween the two countries, Australia dominated the market with the highest market share.

• The market studied accounted for USD 0.29 billion in 2018 and is expected to reach USD 0.46 billion by 2024, witnessing a CAGR of 7.7% for 2019-2024.
• Between Australia and New Zealand, Australia dominated the market with the highest market share 86.2%.
• Australia having the highest market share because in Australia, Around 1.31 million patients were diagnosed with diabetes in 2018, and more than 100,000 people developed diabetes during the same year.
• The diabetes population in Australia is expected to reach 1.55 million by 2024. Diabetes has become the biggest challenge in the country.

Monitoring devices holds the highest market with USD 0.16 billion.

• In Australia and New Zealand Diabetes Devices Market, Monitoring devices holds the highest market with USD 0.16 billion.
• Innovations in the Monitoring devices market help to increase the market of Australia and New Zealand Diabetes Monitoring devices market, like continuous glucose monitors (CGM), help the patients to measure the blood glucose levels with zero finger pricks.
• In New Zealand, Pharmac (Pharmaceuticals Management Agency) is funding most health care consumables. And started funding on care sense pro blood glucose test strips from August 2018 until 2022. In New Zealand, about 12,000 patients are using test strips frequently.

Competitive Landscape

There have been constant innovations driven by manufacturers to compete and struggle in the market. The major players, such as Roche, 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. Examples of a few strategic outcomes include:

• Roche completed the acquisition of Flatiron Health in 2018
• In 2018, The Ascensia diabetes company’s product- Contour next blood glucose monitoring system complies with the study protocol defined in recently published independent accuracy assessment by the diabetes technology society

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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