Digital health companies are fighting the diabetes epidemic with innovative solutions including connected devices, tests and apps. The new offerings are translating into millions of dollars in revenue.
In 2017, the total revenue digital diabetes market tripled to $98 million, according to a new report from Research2Guidance, an independent digital health market research firm.
More than 425 million people worldwide are affected by diabetes, according to the International Diabetes Federation. Biotech giants tweaked their business models to offer them tools to self-manage this complex disease.
One way these companies are reviving the market and improving the lives of diabetics? Bundle services, an affordable, time-saving alternative to traditional diabetes managing tools.
The one offered by mySugr, for instance, costs $39.99 a month. It includes a starter kit with a lancing device, a blood glucose tracking app and unlimited test strips delivered to a patient’s door. The service doesn’t require health insurance or a prescription. Most importantly, mySugr gives customers access to a personal coach who would otherwise charge $65 per hour.
More health app developers are expected to follow suit and offer coaching services to their users.
Another major source of revenue in the digital diabetes market? Device sales, that are making their way into healthcare plans.
Abbott’s FreeStyle Libre real-time continuous glucose monitoring (CGM) system for example is now covered by Medicare.
This is an excellent time for executives in healthcare to embrace digital transformation and jump into this booming market. As Oleksiy Danilin puts it, “although the market has not yet reached a real breakthrough point, it has gained all the prerequisites of a mass consumer market and is now ready to take off.”
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