Various digital diabetes management devices such as smart glucose meters, continuous glucose monitoring systems, smart insulin pens, and smart insulin pumps/closed-loop systems and smart insulin patches are used for glucose monitoring and insulin delivery. Diabetes management applications, data management software & platforms, and services are used by patients and healthcare providers for remote monitoring, data analysis, and disease management.
The rising prevalence of diabetes has increased the focus on the development and adoption of better solutions for diabetes care. Also, advancements in technologies have ensured the introduction of highly flexible solutions in the market. These are the major factors driving the growth of the global digital diabetes management market. The increasing adoption of cloud-based enterprise solutions and the growing use of connected devices and apps are some of the other major factors supporting market growth.
The digital diabetes management market is projected to reach USD 19.98 billion by 2024, from an estimated USD 6.87 billion in 2019, at a CAGR of 23.8% during the forecast period.
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In-Depth Market Segmentation Analysis:
The increasing awareness about glucose monitoring; growth in the number of regulatory approvals for CGM systems; development of advanced wearable products such as closed-loop pump systems and smart insulin patches (and pipeline devices such as contact lenses and smartwatches synced with glucometers); and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery are the major factors driving the growth of the wearable devices market.
The major risk factors for diabetes include stress, sedentary lifestyles, unhealthy diets, and obesity. Aging-related physiological changes are also a significant contributor to the risk of diabetes. For instance, according to the World Population Aging Report 2017, the global population aged 60 and over increased from 962 million in 2017 to 1.9 billion in 2045. However, the diabetes prevalence for people more than age 60 is 18.5% in 2017. The number of elderly people with diabetes is around 177.4 million in 2017 and expected to increase up to 337.8 million in 2045. Therefore, the growing geriatric population, coupled with increasing population exposure to key risk factors, is expected to drive the demand for digital diabetes management solutions across major markets.
Regional Growth and Demand Analysis:
North america to dominate the global digital diabetes management market. This can primarily be attributed to the high adoption of connected diabetes management devices and apps, growing demand for closed-loop systems, high adoption of remote online coaching services for diabetes management, favorable reimbursement policies, and government initiatives to promote digital health in the region.
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Key Players:
Medtronic (Ireland), B. Braun (Germany), Dexcom (US), Abbott Laboratories (US), Roche Diagnostics (Switzerland), Insulet Corporation (US), Tandem Diabetes Care (US), Ascensia Diabetes Care (Switzerland), LifeScan (US), Tidepool (US), AgaMatrix (US), Glooko Inc. (US), and DarioHealth (Israel)
