The global diabetes care devices market is estimated to grow significantly at a CAGR of 6.5% during the forecast period. Various pivotal factors are boosting the market growth which includes rising incidence and prevalence rate of diabetes across the globe, increasing awareness among the population towards diabetes and availability of a variety of diabetes care devices in the market.
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Diabetes Care Devices Market, Size, Share, Analysis
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The rapid evolution of the diabetes care devices industry has led to the emergence of advanced devices
such as smart insulin and artificial pancreas for the detection and treatment of diabetes. Smart insulin is
also known as glucose-responsive insulin, would be able to act automatically according to the patient's
blood sugar levels. Higher the blood sugar level, the more insulin will be activated and vice versa. This
innovative drug could prove to be a game-changer in the global diabetes care devices market as smart
insulin, once launched would eliminate repetitive injections and blood sugar level testing. With smart
insulin, the patient would be relieved of routine hassles of blood glucose monitoring. Presently, the
research for the development of smart insulin is under process.
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Merck is the first company to be in the first phase of human trials of smart insulin. Other companies
such as Sanofi have also entered a research partnership with JRDF (Juvenile Diabetes Research
Foundation). The two organizations will jointly fund researchers to develop new and different
approaches to glucose-responsive insulin. Moreover, Eli Lilly has acquired Glycostasis Inc. -a start-up
company working on smart insulin technology and is funding its research on smart insulin. Further,
Denmark based Novo Nordisk A/S is also focusing on the R&D of smart insulin. Organizations such as
JDRF, Sanofi, and the ADA Pathways Program are supporting many of these projects b