According to Fact.MR, the diabetes diagnostics market would be driven by the rising incidence of type 2 diabetes as a result of bad lifestyle habits and rising obesity rates. Diabetes prevalence in adults over the age of 18 increased from 4.7 percent in 1980 to 8.5 percent in 2014, according to the World Health Organization (WHO). According to the International Diabetes Federation, over 425 million individuals were diagnosed with diabetes in 2017, with an estimated 630 million cases projected by 2045.
Excess body weight and rising inactivity, according to the WHO report, are two major causes of diabetes. Demand for diabetes diagnostics is likely to rise as a result of this. Economic development is predicted to be fueled by widespread screening for gestational diabetes mellitus.
Key Takeaways from Diabetes Diagnostics Market Report
- As the incidence of diabetes develops due to an increase in the prevalence of unhealthy lifestyles, Asia Pacific will continue to provide profitable opportunities. The total rise of the diabetes diagnostics market in the region will be aided by demand from India and China.
- As a growing number of people want to have frequent checks, hospitals will continue to be in high demand.
- Analog glucose monitors continue to generate consistent revenue, even though newer technologies have yet to be broadly embraced throughout healthcare facilities.
- The diabetes diagnostics sector is seeing increased government funding, which is pushing innovation. For example, under the National Diabetes Services Scheme, the Australian government promised a subsidy of US$ 100 million to subsidize glucose monitoring devices.
“Amid the COVID-19 issue, some businesses continued to launch products and even received FDA approval. For example, the FDA recently approved Abbott’s FreeStyle Libre continuous glucose monitoring equipment to aid self-diagnosis of diabetes during the pandemic. According to a research analyst at Fact MR, “such introductions have helped the market continue growth through extended periods of lockdown.”
The advent of Nanotechnology Propelling Growth
Nanotechnology is at the forefront of technologies that are expected to provide a dependable way for diagnosing and treating diabetes early and precisely. Experts are using nanotechnology to develop advanced glucose detection and insulin delivery technologies due to the advantages of nanotechnology, such as drug release control and target specification. Such advances are expected to boost the global diabetes diagnostics market’s growth.
Nanotechnology enables enhanced sensing technologies to provide diabetic information that is more immediate and accurate. A pair of Oregon State University College of Engineering researchers devised a method for printing transistor-based glucose sensors onto a catheter connected to a wearable pump. Diabetics might program the pump to give glucagon and insulin in precise dosages using this technology.
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