Diabetes Wearables Market
Diabetes Wearables Market: Global Industry Analysis 2016-2020 and Opportunity Assessment 2021- 2031
Diabetes Wearables Market Segmented By Stick-Free Glucose Testing, Noninvasive Glucose Monitoring, Closed-Loop Systems, Smart Pens Products used in Remote Patient Monitoring, General Health and Fitness, Home Healthcare
Global Diabetes wearables market: Market Outlook
Diabetes Wearable devices are electronic devices that record and store the health data of patients to manage their symptoms or support them with their daily routines. The focus on fitness and healthy lifestyles have provided this wearables a broad industry to explore. Diabetes is one of the major causes of death across the world.
According to The International Diabetes Federation, in 2019, Approximately 463 million adults (20-79 years) were surviving with diabetes and it is projected to increase to 700 million by 2045. Diabetes caused at least 10% of total health expenditure i.e. 760 billion dollars in 2019.
Patients with diabetes need to regularly monitor their blood sugar or blood glucose levels to prevent the disease from causing more damage. Traditionally, the glucose level is demonstrated by users pricking their fingers several times a day with lancing devices to get a drop of blood that can be tested with a glucose meter.
Wearable diabetes devices are currently available in the market to ease this process for diabetics. Wearable diabetes devices such as Continuous glucose monitors (CGM) and insulin pumps help to measure glucose levels from fluid beneath the skin.
Insulin pumps and Continuous glucose monitors (CGM) can make it easier and much more efficient for a person with diabetes to manage their blood glucose levels. The readings from CGMs are useful for the diabetic to take advice for what course of action to take, or in the case of emergencies, they can be sent immediately to physicians.
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What are the Key Trends Impacting Growth of the Global Diabetes wearables market?
The Diabetes wearables market is growing with emerging markets and government organizations, developing to introduce innovations in the field of wearable devices. The growing focus in research & development activities is another trending factor actively adopted by the leading manufacturers and researchers.
There are a lot of trends that have led to the increased popularity of diabetes wearable devices, however, one of the furthermost important is that wearable technology could help progress a patient's eminence of life by facilitating continuous monitoring of blood glucose levels.
Both patients and healthcare providers are driving the growing trend toward wearable diabetes devices. New technologies and the rapid adoption of them are also enabling the boom in the diabetes wearables market.
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What are the driving factors that expected to boost the global Diabetes wearables market growth?
Rising prevalence of diabetes and growing obesity triggered by causes like the rise in adoption of poor nutritious lifestyles, and lack of physical activity, which ultimately raises the risk of diabetes is driving the industry growth.
Growing awareness of healthy lifestyles and fitness, expansion of technically advanced devices, emergent elderly population, cost-restraint in healthcare provision, robust penetration of 3G and 4G networks for continuous healthcare services, and collective saturation of smartphones are some key factors boosting diabetes wearables market growth.
An increasing in smart-phone centered healthcare apps and developing a preference for wireless connectivity among healthcare providers is supplementing diabetes wearables demand.
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What are the restraining factors that can hamper the global Diabetes wearables market growth?
Issues such as user acceptance, ethics, security, and big data concerns in diabetes wearable still need to be addressed to enhance the usability and functions of these devices for practical use. However, patent protection of wearable diabetes devices, limited battery life and device design complexity may hamper the growth of this market to a certain extent.
There is an issue of data security in diabetes wearable devices which is anticipated to act as a restraint to the market growth. The general practitioner is less unlikely to recommend the use of diabetes wearables owing to a perception of poor quality of data, as well as a lack of clinical evidence supporting them. Lastly, regulation slows down the pace of innovation in the diabetes wearables market.
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Key Segments of the global Diabetes wearables market Covered in the Report
Based on Product type, the global Diabetes wearables market has been segmented as
- Stick-Free Glucose Testing
- Noninvasive Glucose Monitoring
- Closed-Loop Systems
- Smart Pens
Based on Grade Type, the global Diabetes wearables market has been segmented as
Based on application, the global Diabetes wearables market has been segmented as
- Remote Patient Monitoring
- General Health & Fitness
- Home Healthcare
Based on the distribution channel, the global Diabetes wearables market has been segmented as
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
Based on the region, the global Diabetes wearables market has been segmented as
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Why the consumer-grade segment accounted for the highest share in the Diabetes wearables market?
The consumer-grade segment accounted for the largest share of the diabetes wearables market. Factors such as the growing inclination toward self-monitoring devices, ease of availability of consumer-grade Diabetes wearables, and the moderately low cost of consumer-grade wearables as compared to clinical-grade wearables are the major factors accountable for the huge share of the consumer-grade Diabetes wearables segment.
Consumer-grade diabetes wearables used various technologies including smartphone apps and sensors. One renowned example of consumer-grade diabetes wearables is the wearable arti?cial endocrine pancreas, which is a closed-loop system shaped by an implanted insulin pump and wearable glucose monitors for the management of diabetes.
Why Remote Patient Monitoring has gained popularity in the Diabetes wearables market?
The rising prevalence of sedentary diseases like diabetes has led to the rise of personalized medicine and remote patient monitoring. Growth in this market segment can be endorsed to the increasing adoption of inactive and unhealthy lifestyles, growing implementation of self-monitoring of vitals, increasing incidences of diabetes, the low cost of remote patient monitoring devices, and the presence of a large number of manufacturers with multi-functionality devices.
Timely glucose monitoring helps to avoid undesirable glucose fluctuations, hyperglycemia or hypoglycemia, which are eminent to have severe inferences, including kidney damage, diabetic ketoacidosis, cardiovascular complications, visual impairment and circulatory defects.
Key players such as Medtronic, Hoffmann-La Roche AG, Dexcom Inc., Senseonics, Sano Intelligence, GraphWear technologies, PKvitality, Pops Diabetes, PHC Holdings, LifeScan, Ascensia Diabetes Care, Abbott Laboratories, Tandem Diabetes Care and others involved in the Diabetes wearables market.
What strategies are the Key Players adopting to increase their market share in the Diabetes wearables market?
The established manufacturers are exploring opportunities in developing nations like India, China to enhance their revenue gains by highly investing in research areas to innovate progressive solutions for the Diabetes wearables market.
The companies are actively focusing on novel product development, new product launches.
The key players are actively contributing in collaborative agreements and acquisitions to increase their Diabetes wearables market penetration and shape their position in the leading Diabetes wearables market. Additionally, the companies are actively entering into strategic distribution agreements to expand their sales impression globally.
In February 2020, Abbott and Insulet Corporation signed a partnership agreement to offer personalized automated insulin delivery and care for people living with diabetes by integrating Abbott's glucose-sensing technology with the next-generation tubeless system of Insulet Corporation.
- In January 2019, Medtronic plc. in collaboration with Eris Lifesciences launched the world’s first Smart Continuous Glucose Monitoring System -Guardian Connect for a diabetes monitoring initiative in India.
What are the Key Opportunities in the Diabetes wearables market?
The various medical devices companies are focusing on innovation and technological advancement of their product to capture the unmet needs of the physicians and patients. Concurrently, investments for new product launch are showing increasing growth.
Why North America is dominating the Diabetes wearables market?
North America is dominating the Diabetes wearables market owing to the increasing prevalence of diabetes among the growing population in the American countries. According to the National Diabetes Statistics Report, 2020 in America around 4.2 million are living with diabetes.
Among every 10 people, 1 is having diabetes. Growing demand for better healthcare services, increasing healthcare costs, government initiatives to promote digital health, the robust penetration of 3G and 4G networks, and the growing awareness of self-health management is responsible for the largest share of North America in the diabetes wearables market.
The presence of major key players in North America like Abbott Laboratories, Dexcom Inc. and other key players are witnessing the region to persist a strong R&D background with increased healthcare expenditure. The rise in economic standards and changing consumer preference for self-care with increased preference for advanced technology such as wearable devices for diabetes management is fueling market growth in North America.
Why do Diabetes wearables demand increases in developing countries?
The healthcare infrastructure in developing countries such as India, China and Brazil is rapidly developing, and technology plays a more important role than ever before. Moreover, the increasing adoption of mobile platforms, increasing adoption of AI and 5G, and the growing awareness and preference for home healthcare are all expected to help further boost the market.
Similarly, the ratio of people with type 2 diabetes is growing in developing countries, 79% of adults with diabetes were living in developing countries. 1 in 5 of the people who are above 65 years old have diabetes. Thus the rising prevalence of diabetes and increasing geriatric population in these countries is boosting the growth of the market.
What is the Repercussion of the Covid-19 Pandemic on the Growth of the Diabetes wearables market?
Currently COVID-19 pandemic has an impact on the diabetes wearable market due to the increasing demand for wearable devices. Individuals are invented to avoid public get-together to follow social distancing.
Thus, doctors are advising wearable devices where they can monitor patients from a distance without producing a space for any type of virus infections. The development of advanced diabetes wearables to integrate artificial intelligence (AI) in its structures to help medical personnel as well as the evolution of telemedicine has stimulated diabetes wearable market growth.
The research report on the diabetes wearables market presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report on the market provides analysis and information according to market segments such as product type, grade type, application, distribution channel and regions.
The report covers exhaust analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, ASEAN)
- Oceania (Australia, New Zealand)
- The Middle East and Africa (GCC Countries, South Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint