Worldwide, there are around 382 million people with diabetes. By 2035, the number is projected to rise to 592 million, of which type 2 diabetes will account for 90% of diabetes cases (according to 2013 statistics of the International Diabetes Federation – an umbrella organization comprising over 200 national diabetes associations in more than 160 countries).
Of the 382 million diabetics, 175 million diabetes cases were undiagnosed, which is an astoundingly large number. This is because between the two major types of diabetes, type 2 diabetes can remain undiagnosed for several reasons. Firstly, the disease has few symptoms in its early years; and secondly, the complications are widely varying and not necessarily related to blood sugar levels, the pancreas, or insulin production.
With the foray of technology in the diabetes treatment sector, innovative devices based on new medical technologies are progressively being developed to make a world of difference in the health and wellbeing of diabetics.
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A Glance into Recent Diabetes Treatment Devices Industry News
There are a host of diabetes treatment offerings for the coming months of 2015 and extending into 2016. In a recent development, Sanofi, a leading pharmaceutical company, and Google decided to collaborate for the development of new diabetes management technology. The use of this technology will allow health information stored on different diabetes devices to be consolidated for high-value usage.
Another notable development in the diabetes industry is the collaboration between Tandem Diabetes and Dexcom, a manufacturer of continuous glucose monitoring (CGM) devices. The companies will be working together for future integration of the next-gen Dexcom G5 and G6 sensors and slim insulin pump. This will eliminate the necessity for a separate CGM receiver.
In the wave of technological developments, IEEE (Institute of Electrical and Electronics Engineers), which is a global tech standards body, has adopted a new standard to enable open communication and interoperability between glucose meters. New devices incorporated with these specifications will be remarkable and will match the unmet needs in the diabetic community.
Diabetes Prevalence in the U.S. Promising for Global Diabetes Devices and Testing Market
Every year in the U.S., millions of people struggle to manage diabetes-related symptoms and risks on an everyday basis. A number of ways are adopted to tackle the effects of diabetes, including the adherence to a healthy diet, exercise, taking daily doses of medications, and regularly monitoring glucose levels. This are some of the critical health tasks that diabetics are required to do cumulatively. The financial impact related with poor diabetes management is also an enormous burden on the finances of individuals.
As reported by the American Diabetes Association in 2015, in the U.S., the direct and indirect costs associated with diabetes has surpassed US$174 bn, with almost 25.8 million children and adults with diabetes in the country.
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As such, there is immense scope for the development of newer drugs and devices for proper diabetes care and management. According to Transparency Market Research, a leading market intelligence firm, long-acting insulin derivatives led the global diabetes devices and drugs market in 2012, with the segment expected to exhibit the highest CAGR by 2019.