LONDON–Technavio’s latest report on the global diabetes care devices market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The diabetes care devices market is driven by an increase in older population and growing prevalence of diabetes. There has been a rise in the development of POC testing devices for testing at home and also in outpatient settings. This includes devices such as SMBG meters and strips, which are used to measure the blood sugar level in the human body.
Amber Chourasia, a lead analyst at Technavio, specializing in research on cardiovascular and metabolic disorder sector, says, “Increased awareness about the technologically advanced glucose monitoring devices for effective diagnosis has led to the adoption of continuous glucose monitoring systems. The use of emerging technologies such as an artificial pancreas for better glucose level control and advances in software for integrating the data from the device to other user interfaces are the trends witnessed in the market.”
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The top three emerging trends driving the global diabetes care devices market according to Technavio research analysts are:
- Rising preference for specialty clinics over hospitals
- Increased self-monitoring of diabetes
- Increased product and process innovation
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Rising preference for specialty clinics over hospitals
In earlier times, the treatment for diabetes was provided in hospitals where an endocrinologist or a dietician guided patient in the management of Type 1 diabetes. Though fruitful results were achieved during the process, there were some issues that made patients look for alternatives.
“The cost of treatment may be same or a bit higher than the hospitals. These centers provide some additional benefits such as the issuance of health card, which is useful on further visits, discounts on billings, and availability of diabetes care devices at a relatively lower price compared to that of devices purchased from pharmacy stores or hospitals. These facilities have tie-ups with vendors in the market and nurtured an efficient supply chain management, leading to the timely availability of devices for patients,” according to Amber.
Increased self-monitoring of diabetes
The adoption of diabetes care devices for the management of Type 1 diabetes has increased in the recent years. The adoption rate is increasing due to various factors such as health consciousness, awareness, and a marginal improvement of healthcare policies allowing some reimbursement for using diabetes care devices. The different devices used in hospitals and specialty clinics are now being used in home care treatment by patients.
In recent times, the normal insulin syringes are being used at home by patients with the guidance of a physician. The new technologies like insulin pumps, SMBG meters, and SMBG test strips are handy for the users as they can be carried anywhere and can be used anytime.
Increased product and process innovation
Innovation is one of the important success features in the companies. It requires new knowledge, discovery, and invention. But creating something new is not sufficient, and it is necessary that innovation resolves customer issues, meet the unmet needs of the market, and provide new benefits. Hence, innovation results in the creation of new product, which is a modification to the product, technology, or process in the existing market.
Dario blood glucose management system has been developed as a pocket-sized, glucose meter along with a robust real-time app allowing effective management of diabetes. It can track the carb intake and blood sugar levels and offers insight on the individuals standing. It can be connected to a smartphone, offering easy tracking and monitoring of diabetes.
The key vendors are as follows:
- Abbott Laboratories
- Becton Dickinson
- Roche Diagnostics
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