As per our report, the size of the global digital diabetes management market is forecasted to grow at a CAGR of 23.32% over the forecast period and be worth USD 19.70 billion by 2027 and USD 6.91 billion in 2022. The North American region held the largest market share in 2020 due to increased awareness and government encouragement. On the other hand, the Asia Pacific digital diabetes management market grows at the fastest rate, while the European market has the next most significant share.
MARKET DRIVERS
Y-O-Y growth in the prevalence of diabetes is the primary growth driver for the global digital diabetes management market.
Globally, the digital diabetes management market is mainly driven by the increasing number of diabetic patients worldwide. According to IDF (International Diabetes Federation), there were 463 million patients diagnosed with diabetes, and this figure is estimated to increase by 700 million by 2045.
Additionally, rising awareness over the treatment procedures among individuals in most areas, the growing prevalence of point of care testing devices that are accurate and convenient for the users are fuelling the market. Furthermore, the ever-increasing geriatric population base and the rapid shift towards digitization and digital solutions for medical problems are definite plus points driving the market growth.
Furthermore, the increase in the budgets being allotted for diabetic healthcare expenditure in emerging economies, the rise in support from the public and private organizations in developing various products favoring the end-users are likely to surge growth opportunities for the digital diabetes management market. In addition, the trend towards the adoption of advanced technologies and the growing geriatric population around the world are also significant factors influencing the growth of the market significantly.
MARKET RESTRAINTS
However, the high cost of these digital devices and the lack of reimbursed healthcare policies in developing countries are the major restraints. In addition, the lack of proper knowledge of the advanced technologies in rural areas is slowly restraining the demand of the business. Also, fewer skilled technicians in resolving the issues quickly in real-time applications are hampering the need for digital diabetes management.
COVID-19 impact on the global digital diabetes management market
Diabetes management is an essential healthcare area that demands regular care and attention. In a short period, the COVID-19 pandemic has significantly changed the digital healthcare industry. During the hard times of COVID-19, many diabetic patients have obtained digital solutions for diabetes management, which is added as a boost to the global market and has opened new growth possibilities.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2021 to 2027 |
Base Year |
2021 |
Forecast Period |
2022 to 2027 |
Segments Covered |
By Type, Products & Services, End-User, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global digital diabetes management market has been segmented and sub-segmented based on type, products & services, end-user, and region.
Digital Diabetes Management Market - By Type:
Based on type, the Wearable devices segment is predicted to dominate the global digital diabetes management market during the forecast period. Rising demand for the use of convenient devices and also highly reliable devices are lavishing the need for digital diabetes management. This segment is strongly driven by advanced technologies such as (AI) artificial intelligence, increasing acquisition of self-administering insulin delivery devices towards diabetes management, and introducing new products and devices like smart insulin patches and many more. These devices offer better services to people like accessibility, scalability, and the capability to get examined anywhere. Therefore, the handheld devices segment will have decent growth during the forecast period.
Digital Diabetes Management Market - By Product and Service:
Based on devices, the smart glucose meters segment is the most lucrative and expected to register healthy CAGR during the forecast period. The continuous glucose monitoring meters segment is expected to grow at a healthy CAGR during the forecast period due to their consistency with smart devices, which act as display devices, also favorable government policies in developed countries in promoting CGM systems. Furthermore, the smart insulin pens segment is to have lucrative possibilities to explore to the next level due to factors like the growing number of product launches related to the digital healthcare of AI.
Based on applications, diabetes & blood glucose tracking apps category dominates with the most significant shares of the market. The rise in the concern towards health care is escalating the demand of the market. The weight and diet management segment are expected to hold a considerable share of the market over the period, attributed to factors such as growing awareness about chronic diseases like diabetes and other difficulties related to it.
Digital Diabetes Management Market - By End-User:
Based on end-user, the Individual/home healthcare divisions segment is expected to dominate the global digital diabetes management market during the forecast period. In addition, the increasing prevalence of self-medication is leveraging the demand of the market.
Digital Diabetes Management Market - By Region:
The North American digital diabetes management market was the most dominating regional market in the global digital diabetes management market in 2020. Increasing capital income in both developed and developing countries is majorly promoting the growth rate of the regional market. Within North America, the United States led the market in the recent past, and dominance is expected to continue during the foreseen period. However, the Canadian market is projected to perform well as the diabetic population in this country is growing at a significant pace.
The Asia Pacific digital diabetes management market was positioned second in gaining the majority of the share in the global market in 2020. Rising populations and the emergence of the latest technologies in the medical sector are escalating the market's growth. Growing support from the government by changing policies in favor of the ordinary people is gearing up the market's demand.
The European digital diabetes management market is forecasted to account for a substantial share in the global market during the forecast period due to the increasing number of research institutes to develop new devices.
The Middle East and Africa are deemed to have substantial growth opportunities in the coming years.
KEY MARKET PARTICIPANTS:
Leading companies operating in the global digital diabetes management market are Medtronic (Ireland), B. Braun (Germany), Dexcom (United States), Abbott Laboratories (United States), Roche Diagnostics (Switzerland), Insulet Corporation (United States), Tandem Diabetes Care (United States), Ascensia Diabetes Care (Switzerland), LifeScan (United States), Tidepool (United States), AgaMatrix (United States), Glooko Inc. (United States), and DarioHealth (Israel).
RECENT MARKET HAPPENINGS:
FAQ's
As per our research report, the global digital diabetes management market size is projected to be USD 19.70 billion by 2027.
Geographically, the North American digital diabetes management market accounted for the largest share of the global market in 2021.
The global digital diabetes management market is estimated to grow at a CAGR of 23.32% from 2022 to 2027.
Insulet Corporation (United States), Tandem Diabetes Care (United States), Ascensia Diabetes Care (Switzerland), LifeScan (United States), Tidepool (United States), AgaMatrix (United States), Glooko Inc. (United States) are some of the significant players operating in digital diabetes management market,
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: sales@marketdataforecast.com