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.