SANTA CLARA, Calif., April 6, 2017 /PRNewswire/ -- Innovations across wellness, diagnosis, monitoring and therapy are
"Rising diabetes prevalence and costs are shifting care focus from monitoring and therapy to prevention and the overall wellbeing of diabetics and pre-diabetics, driving high growth in the wellness segment," said Transformational Health Research Analyst Siddharth Shah. "Diagnosis, however, continues to be the neglected aspect of diabetes, and novel approaches will be necessary to improve screening and early detection to save long-term costs."
Future of Diabetes Care Paradigms, Forecast to 2022, new research from Frost & Sullivan's Advanced Medical Technologies Growth Partnership Service program, finds that health expenditure on diabetes and its complications will rise 19 percent annually until 2040, reaching $802 billion. The study examines diabetes-related medical devices, pharmaceutical drugs, and digital technologies such as smartphone apps, wearables, telehealth, analytics and AI. Business and care delivery models, as well as the role of technology giants in diabetes care, are also covered.
To know more about Frost & Sullivan's research and to sign up for our Growth Strategy Dialogue, a complimentary one-hour interactive session with Frost & Sullivan's thought leaders, please click here.
Typically, diabetics remain undiagnosed until other symptoms prompt their physicians to prescribe blood tests. Testing itself is neither quick nor convenient enough for mass screenings, especially in remote or undeveloped regions. As a result, there is a pressing unmet need for tools that are non-invasive, affordable, and fast enough to help diagnose diabetes, preferably at the point of care.
While diagnosis remains the foremost challenge for the industry, therapy is its largest revenue spinner. Challenges with inhaled insulin products are steering research in other directions, such as incretin hormones analogues and cell-based therapies.
Wellness will be the fastest-growing segment, garnering the attention of payers and diabetics. The space will provide opportunities for partnerships and collaboration, as well as reducing care costs. Market majors such as Medtronic, Dexcom and Beta Bionics, as well as technology giants like IBM (Watson) and Verily (Alphabet nee Google's life sciences arm), are leveraging diabetes stakeholders' realization of the growing role of technology in managing the disease.
"Diabetes is no longer limited to developed countries; in fact, the region with the fastest projected growth in the number of diabetics is Africa," noted Shah. "Considering the population sizes of diabetics and growth rates, South East Asia is the most attractive market, closely followed by the Middle East and North Africa, and then South and Central America."
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Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community.
Future of Diabetes Care Paradigms, Forecast to 2022K180-54
Contact:Mariana FernandezCorporate Communications North AmericaP: +54 11 4778 3540F: +54 11 4777 0071E: [email protected]
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