Business Outlook for Diabetes Care Devices
Diabetes, in general, is described as a chronic disease due to the inability of the pancreas to produce enough insulin. Diabetes is also diagnosed when the body is not able to effectively use the insulin generated within the body. Dedicated devices that are used to monitor the level of glucose in a diabetic patient’s body are known as diabetes care devices. These devices also facilitate the delivery of insulin into the body to maintain the desired levels.
Diabetes care devices can be found in hospitals, specialty clinics, and now with the help of advancements in technology such devices can also be found at individual homes.
According to the market database, the Increased portability of these devices has led to more self and home-care types of devices. Dedicated digital platforms that can be accessed on any device with an internet connection can now easily monitor the glucose levels of individuals.
Various Types of Devices:
Different types of diabetes care devices are prevalent in the market. These devices are classified broadly into three types which are blood glucose monitoring systems, insulin delivery devices, and diabetes management mobile applications. Blood glucose monitoring systems have dominated the market as they are widely used in hospitals and specialty clinics. Market research tools state that Diabetes management mobile applications are expected to rise in the market due to their various advantages such as convenience, simplicity of use, and utility to provide real-time insights.
Blood glucose monitoring systems are further sub-divided into different types which include self-monitoring blood glucose systems, continuous glucose monitoring systems, test strips/test papers, and lancets/lancing devices. Insulin delivery devices are categorized as follows insulin pumps, insulin pens, insulin syringes, and needles.
A greater number of people have now started to realize the importance of diabetic management and treatment. This has led to increased demand for more accurate and safe results that can generate actionable insights. The market database suggests that constant development in terms of technology and portability is expected to sustain the demand in this market.
Greater participation by the government is also witnessed in this market. An increased number of research projects and grants for products to be sued has accelerated the investments for diabetes care devices.
The mobile health vertical has witnessed a greater number of participation by local and international market players. Patients which are diagnosed with diabetes or a younger generation that needs to continuously monitor their glucose levels can make use of innovative digital capabilities. Use cases of devices integrated with advanced artificial intelligence (AI) and machine learning (ML) capabilities have unlocked more opportunities to make devices more customized and user-centric.
Self-monitoring and portable devices are also utilized for therapeutic purposes. In response to the blood glucose levels, users have the liberty to adjust their dietary plans, physical activity, and insulin doses to improve glycemic control regularly. This is expected to boost the self-management types of devices in the market.
Impact of COVID-19 & Other Restraints:
The pandemic contributed to major shifts in the diabetes care devices market. For instance, as there was fear among the citizens and countries initiated widespread lockdowns, people migrated towards at-home portable and self-management devices. This led to further growth in this vertical. The impact of this pandemic on the growing healthcare sector and the drop in footfall associated with hospitals and dispensaries can also be analyzed on a country level through market research tools.
According to the market database, Low footfalls of patients in the hospitals and specialty clinics were observed. Furthermore, increased use of applications of digital platforms such as mobile health services, online consulting, and online check-ups were witnessed.
Dedicated manufacturing companies for diabetes care devices experienced supply-chain crunches which led to delay in deliveries and executions. Key market players have increased investments dedicated to innovative portable devices that provide accurate and quick results.
Other restraints for this market include the adverse effects associated with diabetes care devices. Reimbursement protocols have experienced bottlenecks and delays which impact the trust of patients. Furthermore, the initial costs of development for these devices are high. Approval procedures and compliance with strict government policies act as one more restraining factor due to increased time utilized in the process.
North America has dominated the diabetes care devices market in the past years. Increased number of diabetic patients, higher reimbursement potential, and technological advancements have contributed towards the growth of this market.
According to a market database released by International Diabetes Federation (IDF), 48 million people were diagnosed with diabetes in North America in the year 2019. The number is expected to rise to 63 million by the year 2045 according to the findings published in the report. The mean annual expenditure per person towards diabetes was recorded as USD 9,506 in the United States. This is regarded as the highest mean annual expenditure per person in the world. Canada recorded the mean annual expenditure per person of USD 4,397. Direct expenditure on diabetes in the year 2019 was found to be highest in the U.S. The value was estimated at USD 294.6 Billion.
The Asia Pacific region has witnessed an increased use of diabetes care devices due to changes in lifestyle habits and the aging population. China accounted for a large share in this region. China also led the manufacturing of these devices in the region due to the low costs involved. India is also poised to capture a large share in the market due to the constant government investments for the development of healthcare infrastructure and facilities. The growth dynamics for APAC’s healthcare module can be moderated using Global Market Database. The drivers, restraints, and challenges for this market can also be studied using this cloud-based market intelligence tool. The procured market database provides business recovery solutions that can change the overall business outlook.
South Korea is another country that has contributed to the growth of this market in the APAC region. According to a report published by one of the major research institutes in South Korea, the country experienced 3,689,400 cases of diabetes in the year 2020. The prevalence of diabetes in adults amounted to 9.2%. Greater risk was associated with the population of men in the age group 0f 60 years and women in the age group of 70 years.
Other regions that have contributed to the diabetes care devices market include Latin America, the Middle East, Africa, and the rest of the world. For instance, a report published by IDF (seventh edition) cited that about 29.6 million of the adult population in the South and Central America region suffered from diabetes in the year 2015. Of the total cases, 39% went undiagnosed. This has provided opportunities for the public and private sector organizations to tap the underpenetrated market.
According to the United Nations world population aging market database, around 42.4 million people in Africa and 42.7 million people in Latin America and the Caribbean belonged to an age group of 60 years and above. This population is prone to diabetes and provides further advancements in terms of devices that can be supplied to such regions.
Constant R&D activities in the market are expected to drive growth in the market. The onset of COVID-19 has allowed more opportunities for the portable and self-care vertical of the market. Increased awareness by the people to obtain safe and accurate diabetes management and treatment services is expected to bolster the growth of this market. Furthermore, increased government involvement and investment to build healthcare facilities have captured the attention of different market players.