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, reaching 15.97 USD billion in 2025 from USD 5.6 billion in 2020. The North American region held the largest market share in 2019 due to increased awareness and government encouragements. The Asia Pacific digital diabetes management market to grow at the fastest rate, while the European market has the next most significant share.
Diabetes is a rare chronic ailment, and as indicated by the International Diabetes Federation influences around 425 million individuals around the world. It is there only logical for the introduction of digital health organizations to oversee further and control their illness, apart from traditional methods.
MARKET DRIVERS
Growing prevalence of diabetes is the primary growth driver for the market growth
Globally, the digital diabetes management market is mainly driven by the increasing number of diabetic patients across the world. 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 of the areas, the growing prevalence for the point of care testing devices that are accurate, and convenient for the users are fuelling the market. The ever increasing geriatric population base, along with 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 in favor of the end-users are likely to surge growth opportunities for digital diabetes management market. 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. Lack of proper knowledge over the advanced technologies in rural areas is slowly restraining the demand of the business. Also, less number of skilled technicians in resolving the issues quickly in real-time applications is 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 for the 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 |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
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 leading with the highest shares of the market. 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 the advanced technologies such as (AI) artificial intelligence, increasing acquisition of self-administering insulin delivery devices towards the diabetes management, and also the introduction of 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. 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 leveling up the growth rate of the market. 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 acts as display devices, also favorable government policies in developed countries in promoting CGM systems. 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 is dominating 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 is expected to hold a considerable share of the market over the period, which is attributed due 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 leading to dominant shares of the market. Increasing prevalence for the self-medication is leveraging the demand of the market.
Digital Diabetes Management Market - By Region
Regionally, North America was accounted for the dominating shares of the global digital diabetes management market in 2019. Increasing capital income in both developed and developing countries is fueling the demand for the regional market. Within North America, the United States led the market in the past years, and dominance is expected to continue during the foreseen period. The Canadian market is projected to perform well as the diabetic population in this country is growing at a significant pace.
The Asia Pacific is positioned second in leading the highest shares of the market. Rising populations and the emergence of the latest technologies in the medical sector are escalating the growth of the market. Growing support from the government by changing policies in favor of the ordinary people is gearing up the demand of the market.
Europe is accounted for to be having the fastest growth rate. It is estimated to hit the highest CAGR in the coming years with the increasing number of research institutes to develop new devices is broadening the demand of this market.
The Middle East and Africa are deemed to have substantial growth opportunities in the coming years.
TOP COMPANIES IN THE MARKET
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:
On June 15, 2020, Abbott Laboratories has received FDA clearance for its new continuous glucose meter, which is Freestyle Libre2. This new device is another challenger in the growing market for CGM. The new device is used in children above 4years and adults too, and this is applied on the back of the upper arm. This new version adds an advantage for users in setting the alarm in people whose glucose levels are too high or low.
On February 19, 2020, Dexcom collaborates with DreaMed to couple Dexcom continuous glucose monitors, and the DreaMed Advisor is a digital solution that generates insulin delivery by investigating information from continuous glucose monitoring self-monitoring blood glucose and insulin delivery devices.
On April 30, 2020, Roche Diagnostics has announced free access for mySugr Pro app in assisting millions of people who have diabetes to maintain their personalized daily diabetes during the COVID-19 crisis.
KEY HIGHLIGHTS OF THE RESEARCH REPORT:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Wearable Devices
5.1.2 Handheld Devices
5.1.3 Y-o-Y Growth Analysis, By Type
5.1.4 Market Attractiveness Analysis, By Type
5.1.5 Market Share Analysis, By Type
5.2 Product and Services
5.2.1 Smart Glucose Meters
5.2.2 Continuous Glucose Monitoring Systems
5.2.3 Smart Insulin Pens
5.2.4 Smart Insulin Pumps
5.2.5 Digital Diabetes Management Apps
5.2.6 Diabetes and Blood Glucose Tracking Apps
5.2.7 Weight and Diet Management Apps
5.2.8 Data Management Software and Platforms
5.2.9 Other Services
5.2.10 Y-o-Y Growth Analysis, By Product and Service
5.2.11 Market Attractiveness Analysis, By Product and Service
5.2.12 Market Share Analysis, By Product and Service
5.3 End-User
5.3.1 Individual/Home Healthcare
5.3.2 Hospitals and Specialty Diabetes Clinics
5.3.3 Academic and Research Institutes
5.3.4 Others
5.3.5 Y-o-Y Growth Analysis, By End-User
5.3.6 Market Attractiveness Analysis, By End-User
5.3.7 Market Share Analysis, By End-User
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Product and Service
6.1.3.4 By End-User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Product and Service
6.1.4.4 By End-User
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Product and Service
6.1.5.4 By End-User
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Medtronic
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Dexcom
8.3 Roche Diagnostics
8.4 Insulet Corporation
8.5 Tandem Diabetes Care
8.6 Ascensia Diabetes Care
8.7 Lifescan
8.8 Tidepool
8.9 AgaMatrix
8.10 Glooko Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Related Reports
Feb 2020
