AUSTRALIA DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

AUSTRALIA DIABETES CARE DEVICES MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Australia Diabetes Care Devices Market is expected to register a CAGR of more than 3.1%, during the forecast period 2022-2027 and is estimated to reach around USD 758 million by 2027.

The COVID-19 pandemic positively impacted the Australia Diabetes Care Devices Market growth. Patients with diabetes, infected with COVID-19 may experience elevated blood glucose, abnormal glucose variability, and diabetic complications. Currently as of July 2022, according to the Australian Government Department of Health and Aged Care, a total of 92,35,681 are confirmed cases of COVID-19 since the inception of the pandemic in Australia. The prevalence of diabetes in people with COVID-19 caused a significant increase in severity and mortality of COVID-19 in people with either type 1 (T1DM) or type 2 diabetes mellitus (T2DM), especially in association with poor glycemic control. While new-onset hyperglycemia and new-onset diabetes (both T1DM and T2DM) have been increasingly recognized in the context of COVID-19 and have been associated with worse outcomes. To avoid aggravation, a patient's blood glucose should be monitored and maintained regularly, which has underlined the importance of diabetes care devices.

According to Australian National Health Survey 2020-2021, one in twenty (5.3%) people had diabetes. Type 2 diabetes was the most common type of diabetes (85.5%), followed by Type 1 diabetes (11.0%) and type not known by the person reporting (4.1%). The main diagnosis for diabetes patients is imbalances in blood glucose levels, which are not in compliance with the standard blood glucose levels. The general lab diagnostic tests can only help to diagnose the disease by physicians. Patients with more fluctuations in glucose levels need to get it checked every day. Patients administering insulin need to check their blood glucose levels frequently, adjust the doses of insulin, or change the medication, if necessary.

The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developed countries are indications of the increasing usage of diabetic care products. Moreover, the increasing adoption of insulin delivery devices and the rising prevalence of diabetes are driving the market growth. Leading manufacturers are focusing on technological innovations and the development of advanced products to gain a substantial share of the market.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsIncreasing Diabetes Prevalence

The prevalence of diabetes in Australia has more than tripled between 1991-2021. In 2021, Australia had about 1.44 million diabetic patients. In 2021, according to Mordor Intelligence data Type-2 diabetes patients accounted for most of the total diabetic population in Australia however, Type 1 diabetes is much more common in Australia than in many other countries.

One of the main aims of diabetes treatment is to keep blood glucose levels within a specified target range which can be achieved by balancing food with activity, lifestyle, and diabetes medicines. Blood glucose monitoring readings provide the information required to determine the best management strategy for diabetes. Keeping blood glucose levels within a target range can help reduce a person’s risk of developing a range of diabetes-related complications such as diabetic retinopathy, heart diseases, kidney diseases, etc. The number of times people with diabetes who use insulin will check their blood glucose levels varies according to several factors. People with type 2 diabetes not using insulin may not need to check their blood glucose levels as regularly, however, they may find a period of structured self-monitoring to be helpful. The Australian National Diabetes Strategy is designed in response to diabetes and informs how existing limited health care resources can be better coordinated and targeted across all levels of government. This Strategy identifies the most effective and appropriate interventions to reduce the impact of diabetes in the community and leads the way internationally in diabetes prevention, management, and research.

Due to the early age and longer diabetes duration, the youth is at risk of developing diabetes at a younger age, which lessens their quality of life, shortens life expectancy, and increases healthcare costs to society. Hence, the demand for diabetes care devices market has been on the rise, and its adoption rate is seen increasing, which has been driving the market. Also, with the increasing awareness among Type-2 diabetes patients worldwide, the demand for the Diabetes Devices market has been rising at a rapid pace.

Continuous Glucose Monitoring Segment is expected to grow during the forecast period 2022-2027

The continuous glucose monitoring segment is expected to witness a CAGR of more than 15% over the forecast period.

Diabetes mellitus has been of wide concern with its high prevalence, resulting in increased financial burdens for clinical systems, individuals, and governments. The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness.

The National Diabetes Services Scheme (NDSS) is an initiative of the Australian Government. Once the patient is registered with the NDSS, blood glucose monitoring products can be accessed at subsidized costs. Registration with the NDDS is free and open to everyone in Australia with a Medicare card, diagnosed with diabetes. NDSS registration forms must be filled out by the patient and a member of the health care team. The blood glucose monitoring strips are subsidized by the NDSS. Some people with type 1 diabetes are eligible to access subsidized FGM and CGM.

Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated to the transmitter. Sensors are the most important part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period. Continuous glucose monitoring has become a popular alternative to the portable finger-prick glucometers available in the market for the convenience of diabetic patients. According to a research study by Ziyi Yu et al., published in IOP Science Journal in March 2021, a large variety of promising glucose-sensing technologies from traditional electrochemical-based glucose sensors to novel optical and other electrical glucose sensors has been developed which shows a positive impact on the market growth.

Furthermore, the current continuous glucose monitoring devices can either display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays. Continuous glucose monitoring devices are becoming cheaper with the advent of new technologies, like cell phone integration, which is likely to drive the segment.

Thus, owing to the above-mentioned factors it is expected to drive the segment growth over the forecast period.

Competitive Landscape

There have been constant innovations driven by manufacturers to compete in the market. The major players, such as Abbott and Medtronic, have undergone many mergers, acquisitions, and partnerships, to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies. The manufacturers of insulin delivery devices are spending a massive amount on the R&D of the devices. For instance, in Feb 2020, Abbott and Insulet partnered to integrate Abbott's glucose-sensing technology with Insulet's tubeless system, the Omnipod Horizon Automated Insulin Delivery (AID) System (Omnipod Horizon System), to offer personalized automated insulin delivery and care for people living with diabetes.

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