Pune, India, March 09, 2021 (GLOBE NEWSWIRE) --
The digital diabetes management market size is predicted to expand at significant CAGR during the forecast period, with the need for accurate, evidence based, and personalized solutions among diabetes patients. The global rise in diabetes occurrence has been linked with various factors including inactive lifestyles, poor diet choices, and associated conditions such as obesity. Elderly people constitute a significant share of the global diabetic population and hence an aging world population is constantly driving the need for new digital diabetes care solutions.
Digital solutions for diabetes monitoring and management include a range of technologies, devices, applications, platforms, and services that help patients in glucose monitoring, insulin management, diet management, and maintaining other health relater parameters. Let’s take a look at how the global digital diabetes management industry will fare in the near future and explore some of the top trends driving the industry outlook.
Widespread occurrence of type-1 and type-2 diabetes in North America
The number of patients suffering type-1 diabetes in North American countries has increased considerably over the years. These patients require continuous monitoring of blood glucose and insulin levels to maintain optimum health. Digital diabetes care products serve as a cost-effective and promising solution for such patients. Based on these factors, it is estimated that the adoption of digital diabetes management solutions across type-1 diabetes patients in North America will grow at a CAGR of about 17.9% through 2027.
On the other hand, the type-2 diabetes segment will continue to dominate the regional market, expanding at a CAGR of over 18.7%, with increasing awareness regarding self-medication and the need for customized solutions.
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Presence of leading medical device manufacturers in the U.S. and Canada
The U.S. digital diabetes management market size was valued at USD 3 billion in 2020 and it is slated to grow substantially in the future. The International Diabetes Federation estimates that the number of diabetic patients in the country will hit 36 million by 2045.
Meanwhile, the digital diabetes management industry is gain traction and record a healthy 19% CAGR up to 2027. Robust research and development in the field of diabetes care has led to numerous innovations in recent years. Citing an instance, in February 2019, Dexcom, a leading manufacturer of glucose monitoring devices, had received Health Canada approval for its G6 CGM. It is an advanced solution for diabetic patients and can be used by patients aged two years or more.
Robust demand across hospitals as well as homecare settings in Europe
Europe digital diabetes management industry had generated nearly USD 1.2 billion from homecare settings in 2020 and will witness similar trends in the future. The region is home to a large number of elderly citizens. In fact, Europe reports that over 20% of the EU-27 population was aged 65 years or more in 2019. These factors are leading to the widespread adoption of digital diabetes care solutions among older patients which allows them to monitor and manage health parameters at the comfort of their homes.
However, hospitals will continue to dominate the regional trends and will create a substantial demand for these solutions over the coming years. in 2020, European hospitals accounted for a market share of around USD 1.3 billion.
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Growing popularity of smart CGMs and smart insulin pens in Asia Pacific
Smart CGMs have rapidly emerged as a reliable and efficient solution for reducing hypoglycemia and the time taken for delivering the target glucose range. These devices provide healthcare professionals with more data, allowing them to deliver immediate feedback to patients and improve patient outcomes. In 2020, the Asia Pacific smart CGM market had generated more than USD 950 million in annual revenue and is estimated to record notable growth by 2027.
Meanwhile, the adoption of smart insulin pens in Asia Pacific is projected to grow at a robust CAGR of 21.3%. The regional manufacturers are collaborating with other players to implement advanced connected technologies into these devices and improve their accuracy.
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Rising healthcare expenditure and favorable government initiatives in APAC
China has one of the largest numbers of diabetes patients in the world. In fact, nearly 116 million people were suffering with diabetes in the country during 2019. Additionally, the cost of diabetes per person has increased drastically from USD 115 to USD 936.2 between 2010 and 2019. China had captured around 19% revenue share of Asia Pacific digital diabetes management market in 2020 and will witness commendable growth through 2027.
In India, the adoption of digital diabetes monitoring solutions is slated to grow at a 21% CAGR in the next few years. In addition to constant investments in healthcare infrastructure development, the government has also taken numerous measures to raise awareness about diabetes and reduce the burden of the disease.
Constant technological advances and the development of innovative digital solutions for diabetes monitoring and management will create a favorable growth outlook for the industry. Newer, more advanced solutions are enabling the personalization of diabetes care as patients can work with their healthcare advisors to determine which solution fits their needs perfectly. Increased accuracy and efficiency of these devices could allow patients to improve glycemic control while at the same time reducing the risk of hypoglycemia.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.