Type 2 Diabetes Market Size, Share, Growth Analysis, By Drug Class(Dipeptidyl Peptidase-4 Inhibitors, Glucagon-like Peptide 1 Receptor Agonists, Biguanides, Sodium-Glucose Cotransporter 2 (SGLT2) Inhibitors), By Route of Administration(Oral, Parenteral), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), By End User(Homecare Settings, Hospitals & Clinics, Academic & Research Institutes, Others), By Region - Industry Forecast 2024-2031

Drivers

AI Diabetes Care Devices

• The subject of artificial intelligence (Al) is expanding quickly, and its applications in diabetes have changed how this chronic condition is diagnosed and managed. Algorithms to enable predictive models for the risk of getting diabetes or its complications have been developed using machine learning principles. Al will present a paradigm change in the treatment of diabetes that replaces traditional management techniques with focused, data-driven precision care.

Increasing Diabetes-Related Health Expenditure

• Diabetes-related health spending has increased significantly worldwide, from USD 232 billion in 2007 to USD 966 billion in 2021 for persons aged 20 to 79. This is a 316% rise in just 15 years. Many makers of digital diabetes management devices are concentrating on growing their company in these regions in order to take advantage of new opportunities, given the rising costs associated with diabetes-related healthcare in emerging nations.

Restraints

Developing Countries Lacks Reimbursement Schemes

• While most commercial health plans in industrialised nations cover the cost of commercially marketed devices, in underdeveloped nations, differences in reimbursement systems frequently lead to treatment non-compliance. Diabetes patients in China and India must pay for integrated CGM systems, insulin, blood glucose monitors, and their upkeep out of pocket. Therefore, it is reasonable to assume that in the next years, the adoption of digital diabetes management solutions will be constrained by the exorbitant costs and dearth of reimbursements in developing nations.

Low Penetration for New Advancements

• Comparatively speaking, underdeveloped nations have a lower uptake of technologically sophisticated digital diabetes management platforms than do industrialised nations. This is due to a number of factors, including poor infrastructure, hazy national e-health agendas, the need to allay public concerns about data security and privacy, challenges in achieving interoperability, a dearth of health informatics-trained workers and initiatives, and a dearth of regional integration tactics. The poverty rate is negatively impacted by low levels of digitalization, poor quality and access, and critical health consequences. This leads to a widespread unwillingness and incapacity to fully implement cutting-edge technologies, such as computerised diabetes care.