While medical markets the world over have been slammed by the Covid-19 pandemic, a precious few have remained resilient and some have even grown. While elective surgeries such as hip / joint replacements or TAVI implants ground to a standstill, diabetes markets were resilient. In fact, they kept climbing.
This is due in part to the recent Covid-19-fuelled ascendancy of remote patient monitoring and virtual care. As the treatments for diabetes are largely hands-off once the patient has been diagnosed, the business model of the diabetes field is largely reliant on patients to self-monitor and self-treat.
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This meant that there was little to no reliance on the swamped healthcare industry to provide service and little to no extra risk of infection. This resulted in a market that was largely unaffected by the deleterious effects of the pandemic.
Adding onto that is the quiet revolution happening in the world of continuous glucose monitoring (CGM), which allows for automated insulin injection as opposed to self-injecting, a much safer and less intrusive method of diabetes management. What does this mean for the future? Many of the medical devices have had their growth stunted by the economic devastation of 2020 and will take many years to catch up to their previous projections. Diabetes management, however, will stay right on course, if not exceeding expectations in the future.
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By GlobalData
