Dublin, May 24, 2023 (GLOBE NEWSWIRE) -- The "Australia Diabetes Market, Size, Forecast 2023-2028, By SMBG Device, Continuous Glucose Monitoring (CGM), Insulin Pen, Insulin Pump, and Company Analysis" report has been added to ResearchAndMarkets.com's offering.
Australia Diabetes Market will reach US$ 5.96 Billion in 2028 from $3.94 Billion in 2022, expanding at a CAGR of 7.14% from 2022 to 2028
Australia diabetes has been on the rise. The diabetes burden in Australia shows no sign of slowing, and its health and economic impact continue to be felt by people with diabetes. Almost 1.9 million Australians have diabetes and it is the seventh most common cause of death by disease.
Australia is home to an aging population and the Australian Government, like other governments worldwide, faces the challenge of dealing with the issue of rising healthcare costs. Obesity is an increasingly serious issue for Australia. The number of people with type 2 diabetes is growing, most likely the result of rising overweight and obesity rates, lifestyle and dietary changes, and an ageing population.
Type 2 Diabetes is Increasing Year on Year
The number of people living with diabetes in Australia increased almost 2.8-fold between 2000 and 2020. Currently, 134 thousand Australians are living with type 1 diabetes. Type 1 diabetes is usually confirmed with an extra blood test to check autoantibodies. However, type 2 diabetes is increasing at the fastest rate in Australia.
Type 2 diabetes is one of the significant consequences of the modern lifestyle. In addition, the number of people with silent, undiagnosed type 2 diabetes may be damaging their bodies. An estimated 2 million Australians are at high risk of developing type 2 diabetes and are already showing early signs of the condition.
Growing Number of Diabetes cases in Australia will create demand for Insulin Pens
The Australian diabetes market is classified into Self-Monitoring Blood Glucose Devices, Continuous Glucose Monitoring (CGM) Devices, Insulin pens, and Insulin Pumps. The growing adoption of insulin-delivery devices and the rising prevalence of diabetes are driving market growth.
Therefore, leading Australian manufacturers are focusing on technological innovations and developing advanced products to gain a substantial market share. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in Australia are indications of the increasing usage of diabetic care products.
After Insulin Pens, CGMs accounted for the largest share of the Australian diabetes market. Increasing adoption of CGM systems, development of advanced CGM systems, favorable government policies, and promotion of the adoption of CGM devices are the key factors contributing to this segment capturing maximum share and highest growth.
Australian Government has developed a National Diabetes Strategy
The government plays a significant role in assuring that people with diabetes can access affordable, high-quality equipment and services to help in self-management and care. The National Diabetes Services Plan, the Prescription Benefits Scheme, the Insulin Pump Program, and Medicare are all initiatives the Australian government administers to assist people with diabetes.
More than 3.1 million Australians will live with diabetes by 2050; around one in every 12 Australians, According to Diabetes Australia administers the National Diabetes Services Scheme (NDSS). Direct healthcare, hospital costs, and medicines have exploded in the past two decades, while hospitalizations have increased since 2004. The diabetes epidemic is one of the most significant health challenges Australia has ever faced, and it calls for unified and sustained action.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3.94 Billion |
| Forecasted Market Value (USD) by 2028 | $5.96 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Australia |
Company Analysis
- B. Braun Melsungen AG
- Eli Lilly and Company
- Terumo Corporation
- Becton, Dickinson (BD)
- Novo Nardisk
- Ypsomed AG
- Medtronic
- InsuletCororation
- Abbott Laboratories
- DarioHealth Crop
- Dexcom, Inc
- Roche Diagnostic
- Tandem Diabetes Care
- Roche Diagnostic
- Tandem Diabetes Care
Scope of the Report
Segments Market based on Devices
- Continuous Glucose Monitoring (CGM)
- Self Monitoring Blood Glucose (SMBG)
- Insulin Pen
- Insulin Pump
Australia Diabetes Sub-Segment Analysis
- Continuous Glucose Monitoring (CGM)
- Glucose Sensor Market & Forecast
- CGM Transmitter Market & Forecast
- CGM User
- CGM Reimbursement
SMBG
- Test Strips Market and Forecast
- Lancet Market and Forecast
- Meter Market and Forecast
- Blood Glucose (SMBG) Users
- Blood Glucose Devices Reimbursement
Insulin Pen Market
- Disposable Insulin Pen
- Reusable Insulin Pen
- Smart Insulin Pen
- Insulin Pen Needle Market
- Insulin Pen Users
- Reimbursement Policies
Insulin Pump Market
- Insulin Pump Market
- Insulin Pump Users
- Insulin Pump Products
- Reimbursement Policies
For more information about this report visit https://www.researchandmarkets.com/r/bis58k
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