Demand for Innovative Diabetes Devices and Drugs to Rise against Backdrop of Alarming Rise in Diabetic Numbers
The growing cases of diabetes around the world have led to an exponential increase in the demand for advanced devices and medicines to diagnose and monitor diabetes. A WHO report stated that the prevalence of diabetes among people of 18 years and above was recorded to be 9%. In this regard, extensive research and development activities are being funded for product innovation of self-monitoring and insulin delivery devices along with the development of more beneficial drugs.
According to Transparency Market Research, the global diabetes devices and drugs market is expected to rise at a modest CAGR of 5.90% from 2013 to 2019. The global diabetes devices and drugs market is estimated to reach a value of US$83.0 bn in 2019 from US$54.0 bn in 2012.
How will technological advancements in diagnostic devices help increase the sales of diabetes devices and drugs?
Due to the consolidated nature of the diabetes device and drugs market, the demand for various innovative devices as well as drugs is increasing rapidly. The diabetes device market comprises various insulin devices and diabetes diagnostic and monitoring devices. The drug segment comprises drugs such as oral anti-diabetes drugs, non-insulin injectable drugs, and insulin derivatives. Companies operating in the diabetes devices and drugs market are investing in research and development projects for technological and product innovations to meet the rising demand for insulin delivery devices and self-monitoring.
One of the companies in the manufacturing of diabetes devices, Medtronic has come up with a product called 670G pump. This pump is a basal rate modulator which is devised to modulate the basal insulin all through the day and night, but does a better job overnight. This device will make it easy for patients to keep a check of their daily diabetes level and maintain the insulin level efficiently. The device is reported to have been submitted for the approval of FDA in 2017.
Thus, such technological advancements are expected to increase the sales of diabetes devices and drugs in the upcoming years.
What factors can restrain the demand for diabetes devices and drugs in future?
Expensive diabetes diagnosis and treatment is the most considerable factor that can impede the demand for diabetes devices and drugs. Diabetes devices and drugs come at a higher price placing them beyond the reach of the average consumer, especially in emerging economies. The lack of reimbursement policies in developing counties is also one of the major factors resulting in a backward thrust in the demand for diabetes devices and drugs. The reimbursement policies that the governments provide patients with are considerably not enough to meet their treatment costs. Thus, affording the treatment without proper compensation becomes difficult for consumers, leading to a fall in the demand for diabetes devices and drugs.
The test strip segment is expected to emerge as the largest segment in terms of devices by 2019. The continuous glucose monitoring device segment is expected to exhibit the fastest growth by the end of 2019. Regionally, North America is anticipated to lead the global diabetes devices and drugs market as a result of the increasing demand for quality drugs and novel devices. However, Asia Pacific is expected witness the fastest growth by 2019. Leading companies such as Abbott Laboratories, AstraZeneca, B. Braun Melsungen, DexCom, Eli Lilly and Company, and Bayer HealthCare are capitalizing opportunities from the advancements in insulin formulations and medicine delivery services.