The diabetes care devices market is expected to benefit from growing digitalization, IoT (internet of things), and wearable technologies. The monitoring and management of diabetes has become easier with the launch of wearable technology and mobile applications that help track parameters like calorie intake and level of activity. These devices and mobile applications help to track blood glucose levels continuously without the use of needles or lancets. For instance, in 2015, Google launched a prototype of a wearable watch that can test a patient’s blood sugar level without the use of a needle or lancet. In the same year, the US Food and Drug Administration approved the Dexcom G5 mobile CGM system. This device has a transmitter with an in-built Bluetooth technology which securely sends vital glucose information directly to an app on iOS-enabled devices for real-time diabetes management. The Dexcom device also features cloud-based solutions which can securely share data between physicians and patients enabling both to gain quick access to important insights that can be used to assess treatment outcomes.
The utilization of IoT and wearable technology by physicians will lead to digitalized health records, which could help track patient treatment. It will also encourage home care, which could lead to an increased demand for diabetes care devices. The global diabetes care devices market is expected to grow from $28.9 billion in 2018 to $38.7 billion in 2022 at an annual growth rate of more than 7%.
Going forward, point of care diagnostics is also expected to contribute to the growth of the diabetes devices care market. Point of care devices allow people to carry out timely testing at any point of time or place. For instance, Continuous Glucose Monitoring (CGM) allows an individual to monitor their blood glucose levels on a real time basis with the help of a skin patch sensor. The increasing popularity of automated insulin pumps will also drive the market for diabetes care devices. The pumps are supplied with a sensor and an insulin pump. It measures body glucose and automatically releases insulin when the blood glucose level is high.
The artificial pancreas device system is another developing technology which is expected to have a positive impact on the market for diabetes care devices. An artificial pancreas is a system that measures blood glucose levels on a minute-by-minute basis using a continuous glucose monitor (CGM) and transmits this information to an insulin pump that calculates and releases the required amount of insulin into the body. This system is more effective than conventional insulin delivery devices as it automates insulin dosing based on blood sugar levels.