The global artificial intelligence in diabetes management market is expected to reach $626.3 million by 2022
Favourable demographics, obesity pandemic, urbanization, rising healthcare costs, and increasing digital affinity are few of the growth propelling factors in the global diabetes management market.
Infoholic Research LLP, a global market research and consulting organization has published a study titled “Artificial Intelligence in Diabetes Management Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2022”.
According to Infoholic Research, Artificial Intelligence (AI) has revolutionized every facet of our lives including healthcare. AI and machine learning are on the threshold of becoming major forces in the healthcare industry. The massive volume of available healthcare data is overwhelming even for the most intelligent clinicians, and thus it has become necessary for supercomputers to keep up with the latest best practices along with big data breakthroughs in predictive analytics, genomics, clinical decision support, and population health management. It has become essential to leverage data for strategic reasons and gain competitive advantage. In the backdrop of an aging population, increasing prevalence of chronic diseases, and pressing need to reduce healthcare costs, AI has invaded the healthcare industry. AI-powered medical devices have improved patient care.
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Diabetes is a major pervasive and chronic ailment that extensively afflicts the global population. It is a global epidemic and the most expensive disease. According to WHO statistics, nearly 422 million people globally have diabetes, and the number is accelerating at a burgeoning rate. The data-intensive nature of diabetes makes it an ideal fit for applying AI and machine learning to improve patient outcomes and find better solutions. Digitization has made big data technologies more relevant in the healthcare context. The proliferation of smart devices has accelerated the transition to digitized healthcare. Smart apps have made self-management of diabetes by patients affordable. Pharmacogenetics and machine learning will help systems embedded with AI to manage diabetes better than humans within the next 20 years. AI algorithms bring about state-of-the-art glucose prediction methods that help in tackling diabetes effectively. AI is efficiently leveraging the avalanche of healthcare data. Insulin trackers in the form of wearables, wristwatches, waistbands, and pens can monitor glucose levels in the blood. It is anticipated that diabetes will be extensively managed by smart machines and algorithms within the next 20 years.
The market has been segmented and analyzed by device types, artificial intelligence techniques, and regions. The market has been analyzed in terms of the following device types: glucose monitoring devices, diagnostic devices, insulin delivery devices, and other devices. The market has been studied broadly in terms of two artificial intelligence techniques namely case-based reasoning and intelligent data analysis.
The regions analyzed in the report are North America, Europe, APAC, and LAMEA. North America holds the largest market share followed by Europe and APAC. The existence of several AI start-ups, conglomerates, largest pharmaceutical companies, and the growing menace posed by the rising incidence of diabetes encourage AI-driven innovation in diabetes management in North America. In the European region, various governments and regulatory agencies are working toward unification of healthcare standards and are encouraging digitization in healthcare. Effective measures are being undertaken for better management of diabetes.
“The application of AI in diabetes management is relatively new compared to other fields of medicine. The data-intensive nature of the disease makes it an ideal fit for the application of AI technologies. The rising awareness about obesity control, diabetes management, and handling other comorbidities is encouraging extensive research in the field of AI in healthcare. Consequently, new technologies that can ensure better monitoring of the disease are emerging, i.e., painless non-invasive methods of insulin delivery, thereby resulting in better patient outcomes and experience. These technologies will be widely accepted by physicians and patients in the coming years as they will ease the management of the disease.” – Shayantani Deb Roy, Infoholic Research.
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The report covers the present scenario and the growth prospects of the “Artificial Intelligence in Diabetes Management” market during the forecast period (2016–2022). The report provides an exhaustive analysis of the industry covering the following features:
- The report is analyzed based on device types, techniques and regions
- The report covers the evolution of artificial intelligence in diabetes management, its features, advantages, and importance
- The report covers the drivers, restraints, and opportunities(DRO) in the market impacting the market growth during the forecast years
- The report includes a detailed vendor profiling, which includes financial health, business units, key business priorities, SWOT analysis, business strategy
- The report covers implementation and adoption of artificial intelligence in diabetes management