Diabetes Diagnostics Market Gaining Momentum as Demand for Advanced Technologies Rises for Faster & Accurate Diagnosis: Fact.MR
Published : 21 Dec 2020 Industry: Healthcare
Rising cases of type 2 diabetes due to unhealthy lifestyle practices and increasing obesity rates are expected to drive the diabetes diagnostics market, finds Fact.MR. According to the World Health Organization (WHO), prevalence of diabetes in people over the age of 18 rose from 4.7% in 1980 to 8.5% in 2014. The International Diabetes Federation also stated that, around 425 million people were suffering from diabetes in 2017, and around 630 million cases are expected to be reported by 2045.
The WHO report also states that, excess body weight and increasing inactivity are key causes of diabetes. With this, demand for diabetes diagnostics is expected to increase across regions. Adoption of universal screening for gestational diabetes mellitus is expected to drive economic growth in the industry.
Key Takeaways from Diabetes Diagnostics Market Report
- Asia Pacific will continue offering lucrative prospects as incidence of diabetes rises due to increasing prevalence of unhealthy lifestyle. Demand from India and China will support overall expansion of the diabetes diagnostics market in the region.
- Hospitals will continue exhibiting high demand as an increasing number of patients opt for regular checkups
- Analog glucose monitors continue to garner steady revenue as newer technologies are yet to be adopted widely across healthcare facilities
- Increasing support from governments is driving innovations in the diabetes diagnostics market. For instance, the Australian government announced a US$ 100 million funding to subsidize glucose monitoring devices under the National Diabetes Services Scheme
“Some companies continued their launches and even acquired Food and Drug Administration (FDA) approval amid the COVID-19 crisis. For instance, the FreeStyle Libre, Abbott's continuous glucose monitoring technology was approved by the FDA recently to help self-diagnosis of diabetes during the pandemic. Such launches have helped the market sustain growth amid extended periods of lockdown,”said a lead analyst at Fact MR.
Research and Development Efforts to Boost Growth
Developments in the food and information technology sector have transformed the diagnosis of diabetes. For instance, the launch of novel technologies such as Dexcom G6 a standalone CGM, sugarBEAT CGM a non-invasive glucose monitoring method, and AerBetic have revolutionized the market. These technologies are changing the way diabetes diagnostics traditionally worked, from conventional blood sample testing and monitoring they are now using smart phone linkage to promote noninvasive diagnosis.
Advancements in continuous glucose monitoring such as development of potent disease prevention and smart prediction algorithms for automated control proves will boost the diabetes diagnostics market. For instance, devices such as the InPen and Gocap allow users to keep track of their insulin dosage by connecting the device via bluetooth to their smartphones. Players are increasingly focusing on developing easy to use, accurate, and non-invasive techniques for glucose testing.
Some of the companies operating in the diabetes diagnostics market are Abott Diabetes Care Inc., Becton, Dickinson and Company, EKF Diagnostics Holdings Plc, OSANG Healthcare Co. Ltd., Apex Biotechnology Corporation, Ascensia Diabetes Care Holdings AG, Beckman Coulter Inc., A. Menarini Diagnostics Ltd., Trividia Health Inc., Tandem Diabetes Care Inc., PTS Diagnostics, Diazyme Laboratories Inc., Medtronic Plc, Treumo Corporation, Sinocare Inc. and Nova Biomedical Corporation.
Valuable Insights on Diabetes Diagnostics Market Report
Fact.MR in its latest report has presented a detailed analysis on the diabetes diagnostics market. The report includes an assessment for the forecast period of 2020-2030. In order to present a comprehensive analysis, the diabetes diagnostics market has been divided into several segments. The diabetes diagnostics market is segmented based on product type into test strips, lancets, analog glucose monitors, and continuous glucose monitors. Analog glucose monitors display stable growth as they are traditionally used blood glucose meters that analyze blood samples obtained by pricking a patient's finger.
On the basis of the end user, the market is divided into hospitals, clinics, diagnostic centers and homecare settings. The diabetes diagnostics market is segregated based on geography into North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa. Regions under Asia Pacific are expected to display rapid growth due to increasing prevalence of unhealthy lifestyle.
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