Diabetes Tech Catches A New Wave Thanks To Apple & Amazon
- Apple, Amazon & Google are creating new diabetes tools and services
- African Americans have the second-highest rate of diabetes at nearly 13%
Big tech companies like Apple (AAPL -0.82%), Amazon (AMZN -1.38%) and Google (GOOG -1.39%) are intensely focusing their efforts and heavily investing in fighting diabetes as another possible revenue source.
Health tech is big business and projected to reach $149 billion by 2025, with the diabetes device market set to claim around $38 billion by 2026. Could this be the best chance for African American’s who over-index in this disease to start seeing lower treatment costs, and allow these tech companies to capture a big chunk of the diabetic business?
Why This Matters: African Americans have the second-highest rate of diabetes, a chronic condition that affects how the body regulates blood sugar, at nearly 13%, according to the CDC. However, for these tech juggernauts, the picture is even bigger, since there are more than 100 million people impacted by this disease. Due to this, Apple, Amazon, and Google want to help people with diabetes better manage their disease by creating new platforms and tools.
For these tech juggernauts the picture is even bigger, since there are more than 100 million people impacted by this disease
Medical device maker Dexcom is partnering with both Apple and Google to shake up the diabetes space, according to CNBC. Former Google life Sciences company Verily, wants to make its presence felt in this sector by developing new hardware with Dexcom, to continuously monitor blood sugar levels. Apple is working with the company to build tools for its Watch and iPhone, that will integrate with diabetic devices for easier monitoring. Amazon plans to use its popular Alexa-enabled products to help diabetics verbally check their blood sugar levels.
This could be a game changer for African Americans. The National Institute for Health found that biological risk factors, including weight and fat around the abdomen are primarily responsible for higher rates of diabetes in this group. These are all things that could also be monitored by a smartphone, watch or smart speaker.
Situational Awareness: Diabetes is not a cheap disease to treat, with insulin sellers constantly increasing prices as much 353%. WebMD found that average insulin costs for type 1 diabetes increased from $12,467 in 2012 to $18,494 in 2016. If these tech companies can actually figure out a way to solve these problems and lower costs, diabetics will be in a much better position.