Jersey City, NJ, April 24, 2023 (GLOBE NEWSWIRE) -- The global digital diabetes management market is estimated to reach over USD 35.15 billion by 2030, exhibiting a CAGR of 11.16% during the forecast period.
Diabetes is a medical illness when the body's glucose levels rise due to the pancreas' failure to make insulin. The impact of food and activity on sugar levels, interpreting medical advice, and choosing what to eat are just a few of the daily issues faced by diabetic people. The surge in diabetes cases worldwide is attributed to fast-evolving lifestyles, such as smoking and alcohol intake. Additionally, one of the leading causes of diabetes is obesity. With the rising number of obese people and greater patient awareness, the market for diet and weight control apps is showing enormous promise.
The market's strong growth is primarily due to the rising incidence of diabetes and technological improvement and innovation. The COVID-19 pandemic has had a favourable effect on the market expansion for digital diabetes management devices. Managing blood glucose levels became crucial when patients with severe lung infections were admitted to hospitals. The patient's blood glucose levels significantly changed due to the disease-treating medications. Increased disease burden and rising diagnostic and therapeutic costs will both have a positive effect on market statistics.
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The increasing awareness regarding diabetes management and home care will further contribute to the high price of diagnosis, thereby stimulating the overall market growth. The prevalence of type one diabetes globally is also creating a great demand for this product. The preference for traditional diabetes management techniques, the huge cost associated with the devices and the shortage of reimbursement facilities in less developed nations are the major factors that are predicted to hamper the market's progress during the forecast year.
Recent Developments:
- In November 2020- Abbott expanded its product portfolio by launching its FreeStyle Libre system in India. The device offers a thorough picture of each person's glucose level and permits real-time monitoring of blood glucose measurements.
- In September 2020, Dexcom Inc. announced introducing of the G6 CGM system in Turkey. The product launch has increased the company's market reach abroad.
List of Prominent Players in the Digital Diabetes Management Market:
- Medtronic (Ireland)
- B.Melsungen AG (Germany)
- Dexcom, Inc. (US)
- Abbott Laboratories (US)
- F. Hoffmann-La Roche (Switzerland)
- Insulet Corporation (US)
- Tandem Diabetes (US)
- Ascensia Diabetes Care Holdings AG (Switzerland) LifeScan Inc. (US)
- Tidepool (US)
- AGaMatrix (US)
- Glooko, Inc. (US),
- DarioHealth Corporation (Israel)
- One Drop (US)
- Bottle (Finland)
- Ypsomed Holding AG (Switzerland)
- ARKRAY (Japan)
- ACON Laboratories, Inc. (US)
- Care Innovaions, LLC (US)
- Health2Sync (Taiwan)
- Emperra GmbH E-Health Technologies (Germany)
- Azumio (US)
- Decide Clinical Software GmbH (Germany)
- BeatO (India), among others
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Global Digital Diabetes Management Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 15.07 billion |
| Revenue Forecast In 2031 | USD 39.64 billion |
| Growth Rate CAGR | CAGR of 11.54% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Product and services, Type, End-User |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
Market Dynamics:
Drivers:
Patients with diabetes depend heavily on technologies for ongoing monitoring and must seek prompt medical attention in the event of fluctuations to prevent serious complications. As a result, using digital devices to manage diseases has made it possible to track, monitor, and share lifestyle data with concerned healthcare professionals. The global market for digital diabetes management will therefore be driven by the increasing acceptance of novel technologies for managing chronic diseases. There has been a rise in demand for digital diabetes solutions among patients with type one diabetes or those who are insulin-dependent and require constant monitoring of blood glucose levels.
Challenges:
The main factors anticipated to impede the digital diabetes management market growth during the forecast period include the preference for traditional diabetes management techniques, the high cost of the devices, and the lack of reimbursement facilities in less developed countries. The digital diabetes management market is anticipated to face challenges in the future due to the growth in data security concerns and lower penetration in developing countries.
Regional Trends:
The North America digital diabetes management market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The presence of industry leaders, the emphasis on ongoing technical improvements, and new product releases are all factors contributing to regional market growth. The region's growing patient population offers market players prospects for expansion. In addition to the high prevalence of diabetes, implementing favourable reimbursement rules will increase the regional market size. Besides, the Asia-Pacific is predicted to experience exponential growth over the projected period. Due to the introduction of new goods, a sizable diabetes population, the spread of smart consumer devices, and the development of AI-based services, Furthermore, the area is in the final stage of the digital revolution with ideas like the Internet of Things, big data, machine learning, and robotics.
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Segmentation of Digital Diabetes Management Market:
By Product & Services
- Devices
- Smart Glucose Meters
- Continuous Glucose Monitoring (CGM) Systems
- Smart Insulin Pens
- Smart Insulin Pumps/Closed-loop Pumps & Smart Insulin Patches
- Application
- Diabetes & Blood Glucose Tracking Apps
- Obesity & Diet Management Apps
- Data Management Software & Platforms
- Services
By Device Type
- Handheld Devices
- Wearable Devices
By End User
- Self/ Home Healthcare
- Hospitals & Specialty Diabetes Clinics
- Academic & Research Instuties
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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