Elderly Population to reach 425 million by 2050, Spurring the Growth of Diabetes Care Device Market

Publisher: The Insight Partners

Diabetes is among the chronic diseases which occur due to high levels of blood sugar. The pancreas produces insulin, which is a hormone that helps glucose to produced energy. In a diabetic patients production of insulin is not enough. Hence they require intake or insulin through the injections. There are two major types of diabetes, such as type 1 and type 2.

There are other two more forms of diabetes such as gestational diabetes, which developed when a woman is pregnant. This type is often gone when a baby is born; however, it is with the mother; it may lead to type 2 diabetes. The other form of diabetes is monogenic diabetes, which is an inherited form of diabetes, and cystic fibrosis-related diabetes. These form of diabetes are rare. Therefore, it is necessary to monitor glucose levels in the blood regularly, and the intake of insulin properly can assist in maintaining diabetes efficiently.

Controlling diabetes and maintaining diabetes is done through various devices. Diabetes care devices are the medical devices; these are used to monitor the glucose levels in the blood of the patients. The monitoring devices are known as continuous glucose monitoring (CGM) tools or glucometers. The patients use other devices to deliver insulin inside the body as they are unable to produce insulin. There are various devices used for the delivery of the insulin, and the insulin delivery devices include pumps, syringes, pens, patches, and others.

The market for diabetes care devices market is growing due to several factors, such as significantly rising incidences of diabetes across the world. Among the types of diabetes, type 2 diabetes is the most predominant form of diabetes and has grown along with cultural and societal changes. The prevalence of the type 2 disease is more in the developed and economically stable countries; approximately 91% of the people are diagnosed with type 2 diabetes. Also, as the International Diabetes Federation (IDF) in 2017, about 425 million people had diabetes, and the prevalence is expected to reach nearly 629 million by 2045 across the globe.

The other leading cause of diabetes is the geriatric population, which also experiences growing incidences of diabetes. The aging population is more prone to various chronic complications. Moreover, it is poised to become one of the most significant transformations with a substantial impact on the social and economic level worldwide. As per the estimates published by the United Nation (2017), elderly population (above 60 years) was estimated to be approximately 962 million worldwide and is projected to reach nearly 425 million by 2050. As a result, demand for diabetes care devices is likely to increase in the coming future. 

Obesity is one of the major factor for the growth of the diabetes care devices. The change in the lifestyle has led to an increase in the inactive lifestyle. Also, unhealthy eating habits and inappropriate diet has a vital role to play for the increasing diabetes incidences among the population across the world.

However, there are some challenges for the diabetes care devices market which can limit the growth of the sales of the devices. The cost of the devices may restrict the usage of insulin delivery devices; for instance, the value of the insulin pump varies between US$ 4,500 and US$ 6,500 if they do not have insurance. The growth in technological development has resulted in simple and easy controlling and measuring the level of blood glucose. Incorporation of the digital information and in the devices are enforcing manufacturing companies to sell them at a higher price.

The guidelines for insulin delivery devices are stringent. Additionally, devices such as insulin pumps, pen injectors, and pen needles may show some adverse effects for the users. The risk misuse may result in the complications and discontinuation of the device can be seen as an outcome. For instance, reuse of pen needles to save cost may cause site infection on the skin of patients and may also limit the buying tendency of the patients. Thus, the challenges are likely to impact the growth of the diabetes care devices market in coming near future.

Nevertheless, rapidly growing technological advancements in the medical device industry are encouraging industry players to introduce more products. Products that made with the incorporation with technology have shown more valuable benefits, and therefore, the demand is increasing among the patients that will assist them in managing their disease. Additionally, the support from the regulatory bodies has fostered the innovation in the medical devices, and the significant growth in product manufacturing is observed. For instance, in July 2018, Hoffman LA Roche Ltd has received approval for CE mark for its innovative product Accu-Chek Solo micropump system. The system is portable and comprises functions such as detaching and re-attaching pump to avoid wastage of insulin. Thus, product innovation of diabetes care has offered more effective and personalized management of the disease. Hence, owing to the several driving factors, it is expected that the growth of the diabetes care devices market is likely to experience profitable growth in the future.