Diabetes Devices Market Trends

Growth Drivers

• Technological Advancements in Diabetes Monitoring Devices – The advancements in science, technology, and manufacturing will help to manage the treatment of type 1 diabetes. People suffering from diabetes do not produce enough insulin or cannot use the insulin produced in the required way. The unavailability of insulin increases sugar levels in the blood. So, it is necessary to regulate the blood glucose levels in these people through regular monitoring. Many advancements have been made to make this process user-friendly, which is estimated to drive the diabetes devices market growth in the coming years. In 2020, the U.S Food and Drug Administration (FDA) approved a hybrid closed-loop management device named ‘Minimed770G’. This will keep an eye on the sugar levels and helps caregivers of users to estimate the appropriate insulin doses.

• Rising Gestational Diabetes Cases – As per the Centers for Disease Control and Prevention (CDC), gestational diabetes increased by 29% from 2016 to 2020 in the United States.
• Sedentary Lifestyle and Lack of Physical Activity – As per the CDC, over 60% of adults in the U.S do not participate in the recommended physical activity, and 25% of them are completely inactive.
• Increasing Geriatric Population Across the Globe – The older population aged 65 and above across the U.S. was 54.1 million in 2019, as per the Administration for Community Living.
• Rising Personal Disposable Income – The disposable personal income of the U.S population as per the Bureau of Economic Analysis 2022, increased to USD 67.6 billion and the personal consumption expenditure rose to USD 67.5 billion.

Challenges

• Lack of Exact Blood Glucose Measurement – Although monitoring glucose has become a crucial element of treating diabetes, its precision has certain drawbacks. For the variations in strip production, strip storage, and strip ageing, accuracy may be restricted. They might also be the result of patient issues such as inaccurate coding, insufficient hand washing, a changed hematocrit, or naturally existing interfering chemicals, or environmental restrictions such as temperature or altitude.
• The Presence of Adverse Effects
• Lack of Knowledge to Operate Devices