The Diabetes Wearables Market report by Persistence Market Research goes by the changing trend of consumerism all across the healthcare vertical. “Going cashless” is amongst the “new” normals. Inorganic growth has also picked up. Key participants of the healthcare value chain – both – private and public – have joined hands for competing in the ever-demanding landscape.
The focus on fitness and healthy lifestyles have provided these 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.
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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.
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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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.
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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