Is Diabetes Devices Market Taking Baby Steps or Moving at Lightning Speed Toward Tech Advancements?

The swelling number of diabetes cases across the globe and the need for quick treatment for diabetic patients may bring good growth opportunities for the diabetes devices market across the forecast period of 2019-2029.

Technologically, the diabetes devices market is rapidly moving toward the discovery of novel advancements for providing maximum comfort and minimum inconvenience to the diabetic patient. With the growing danger of the novel coronavirus transmission, diabetic devices have become more important than ever as diabetics are more close to fatality when infected with COVID-19 when compared to non-diabetics. Therefore, technological advancements in tandem with the growing threat of COVID-19 can unlock many doors of opportunities for the diabetes devices market.

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Many technologies are being introduced across the diabetes devices market and more is expected throughout the forecast period. Here are some novel technologies that have the potential of being a game-changer in terms of diabetes devices market growth.

Anti-Stick Glucose Testing

Daily glucose monitoring need long commitments with the needle sticks. To overcome this obstacle, manufacturers are coming up with novel technologies like sensor-based glucose monitoring. The Dexcom G4 Platinum is a classic instance. A sensor is placed on the abdomen or upper gluteus area and the reports are sent through the cloud technology.

Reusable Smart Pens

The integration of insulin pens with digital health tools may bring considerable growth for the diabetes devices market. Abbott and Novo Nordisk recently collaborated for easier diabetes management; the partnership enables integration of Novo Nordisk’s insulin pens with Abbott’s digital health tools.

Smart Insulin Pumps

Proper insulin dosage is an important component and with smart insulin pumps, it has become easier. Tandem Diabetes Care Inc. recently introduced x2 insulin pump which has an automatic drug dosing system. This system inserts the required amount of insulin into the body through algorithms and necessary calculations.

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Technological Advancements to Build a Strong Web of Growth for Diabetes Devices Market

Diabetes is a common disease that is prevalent across a considerable population across the globe. According to the Diabetes Statistics Report, 34.2 million people in the U.S. are diagnosed with diabetes. The diabetes devices market has a good opportunity for growth as the detection and treatment of diabetes is of greatest importance amidst the COVID-19 pandemic. People with diabetes are more prone to the risk of being infected with the novel coronavirus. Hence, diabetes devices are proving to be useful in this difficult period. In addition, a considerable rise in the obese population and an increase in the consumption of junk food may boost the demand for diabetes devices to a great extent.

Artificial Intelligence (AI) to Benefit Diabetes Devices Market

Innovative diabetes devices armed with technologies like artificial intelligence can influence the market greatly. Many researchers and organizations are using AI for analyzing information on diabetes. For instance, JDRF, a leading organization involves funding for Type 1 diabetes research is aiming to use AI and big data techniques to gather information from continuous glucose monitors and insulin pumps. This information will be used for improving algorithms that control these devices. Hence, AI promises a good future for the growth of the diabetes devices market.

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Smart insulin pens are also proving to be growth generators for the diabetes devices market. It records the amount and timing of each insulin dose and enables transmission of information wirelessly through Bluetooth to a linked mobile app. Smart insulin pens not only track insulin doses but also help in suggesting appropriate insulin doses.
Technological advancements in other areas are also increasing the growth rate of the diabetes devices market. Recently, a South Korean research team has developed smart contact lenses for diabetes treatment and diagnosis. The lenses are made of biocompatible polymers that make use of tiny biometric sensors to detect whether insulin is needed and administers it accordingly from drugs encased within the lenses themselves. Therefore, these smart lenses can prove to be a boon for propelling the growth rate of the diabetes devices market.

Contact-Less Technologies and Wearable Devices to Have a Great Influence on Diabetes Devices Market

Touch, being one of the primary reasons for the transmission of COVID-19 has urged contact-less technologies to step in for minimizing the same. According to a report from the Centers for Disease Control and Prevention, more than 50 percent of COVID-19 infected patients have diabetes. This has led to the need for minimized exposure and intensive diabetes monitoring. To achieve both, Dexcom and Abbott have come together and developed continuous glucose monitoring (CGM) systems. These systems make use of wearable sensors to consistently measure and send glucose levels wirelessly to a receiver or smart device that’s compatible. These systems reduce dependability on fingersticks that are generally used for measuring glucose in hospitals. Therefore, such technologies expect to help the diabetes devices market climb the growth ladder.

In another development that describes the growing influence of wearables in the diabetes devices market is the creation of a smart patch device in the process to monitor a user’s health at a molecular level for reducing the risk of diabetes. Wearables tracking heart rate and step counts are common but this wearable targets precise biomarkers that lead to type-2 diabetes. The patch uses a microneedle based technology platform combined with materials and biosensors to access interstitial fluid.

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Regionally, North America expects to hold a considerable market share in the forecast period. Key factors for growth in the region are quick approvals from the FDA for diabetes devices and growing awareness among the people for the need of diabetes management to tackle the disease successfully.