The global digital diabetes management market is expected to grow at a CAGR of around 22.4% from 2020 to 2027 and expected to reach the market value of around US$ 21.3 Bn by 2027.
Diabetes management refers to dealing with short term events such as high and low blood sugar for controlling over the long term such as getting to grips with understanding the condition. Management of diabetes involves more than keeping blood sugar levels under control coupled with learning about hypos and hyper glycemia. Diabetes is increasing at an alarming rate in the US. According to the statistics released by the Centers for Disease Control and Prevention it is estimated that cases of diabetes have rise to 34.2 million in 2020. Additionally, an estimated 26.8 million people or 10.2% of the population had diagnosed diabetes. Approx. 7.3 million people have diabetes but have not yet been diagnosed since 2018.
Rising prevalence of diabetes
According to the International Diabetes Federation (IDF), in 2019, approximately 463 million adults (20-79) years were living with diabetes, and it is predicted that by 2045 it will rise to 700 million. The proportion of people suffering with type 2 diabetes is increasing in most countries. 1 in 5 of the people aged 65 years or old have diabetes. Moreover, 1 in 2 (232 million) people with diabetes were undiagnosed. Therefore, growing prevalence in geriatric population allied with increasing population exposure to risk factors is expected to drive the demand for digital diabetes management solutions across major markets.
Rapidly changing lifestyles and unhealthy dietary habits contribute for the growth of digital diabetes management market
Currently, obesity is the leading cause for diabetes. According to the Indian Journal of Health Sciences and Biomedical Research, diabetes in India is the second largest cause across the world with currently over 72 million cases of diabetes in India. The reported prevalence of obesity in type 2 diabetes mellitus (T2DM) was 60-90%. Obesity and overweight pose a major risk for chronic diseases and are considered to be a prominent risk factor for the development of T2DM. Over 72 million registered cases of diabetes in India, World Health Organization (WHO) reported that obesity is one of the most common and also the most neglected, public health problems in both developed and developing countries. Moreover, obesity is the major contributor to the T2DM epidemic contributing 88% of those suffering from T2DM considering overweight or obese.
Big calls for "Digitization"
Digital health technology, especially digital and health applications (apps) have gained significant prominence to assist people manage diabetes. Numerous health related apps incorporated on smart phones and other wireless devices support people with diabetes and provoked to adopt either lifestyle interventions or medication adjustments in response tp glucose-monitoring. Apart from that, Canadian Diabetes Association, virtual care encompassed new forms of digital glucose monitoring such as first-of-its-kind flash glucose monitoring recently got introduced in Canada. The newly launched technology tracks blood sugar level up to 14 days, using a sensor worn on the back of the upper arm. A one second-scan of the sensor with a hand held reader or smart phone offers a real-time glucose reading and a complete picture of the user's recent blood sugar history.
Based on type, the market is bifurcated as wearable devices and handheld devices. By app, the market is classified as digital diabetes management apps and weight & diet management apps. Further, by product, the market is segmented as smart glucose meter, continuous blood glucose monitoring system, smart insulin pens, smart insulin pumps, and among others.
Continuous blood glucose monitoring systems recorded 39.5% market share in 2018
Based on products, continuous blood glucose monitoring systems recorded largest market share in the past. Continuous glucose monitoring is a medical device specialized to track and monitor glucose levels in the blood. The system assists the patients to continuously track & monitor the fluctuations in the sugar level. Tracking the inclination of patients towards real-time health monitoring and availability of reliable frequent, and real time assistance are the major factors that bolster the continuous blood glucose monitoring systems segment.
Additionally, smart insulin pen segment is gaining a fast pace and is predicted to grow at the highest CAGR of 21.9% in the forecast period. Surge in product launches in the field of digital healthcare and introduction of artificial intelligence are the factors that contribute to the fullest for the segmental growth of smart insulin pen worldwide.
App segment recorded US$ 172.8 Mn in 2018 with 21.8% CAGR for digital diabetes management market
The weight and diet management apps segments hold a considerable share in the global market due to rising awareness of chronic diseases such as diabetes and related complications. These apps use advanced digital data analytics technology that provides healthcare professionals (HCPs) offer satisfactory service to patients with the best solutions possible. Moreover, improved health outcomes, reduction of error rates and declining healthcare costs are the key factors that contribute for the growth of the apps segment globally.
North America recorded largest market share for global digital diabetes management
North America dominated the digital diabetes management market in 2018 and will continue its trend in the forthcoming years. Rising adoption of advanced technology supported by digitization such as internet of things (IoT), machine learning, and robotics are the factors that upsurge the regional growth. On the other hand, Asia Pacific is predicted to witness significant growth in the forecast period owing to new product launches as the region comprises of big pool of diabetes patients. Currently, over 230 million people are living with diabetes accounting 54.8% of the global population. This is strong resembled by new product launches by the top market players. In May 2019, Roche Diabetes Care (RDC) India announced its latest Integrated Diabetes Management Solution (IDMS) with the launch of “mySugr” app and “Accu-Chek Instant” blood glucose monitoring system that together form the advanced connectivity and accuracy to assist the people with diabetes (PwDs) effortlessly manage blood sugar levels and spend more time in range.
Europe is projected to capture a considerable share over the forecast period due to its novel product launching and presence of prominent players residing in Europe region. This acts as one of the key factors that contribute fullest for the growth of digital diabetes management market in Europe regional market.
Key companies profiled in this report involve Medtronic, B. Braun, Dexcom, Abbott Laboratories, Roche Diagnostics, Insulet Corporation, Tandem Diabetes Care, Ascensia Diabetes Care, LifeScan, Tidepool, AgaMatrix, Glooko Inc., DarioHealth, and among others.
Market By Product
Smart glucose meter
Continuous blood glucose monitoring system
Smart insulin pens
Smart insulin pumps
Market By Type
Market By App
Digital diabetes management apps
Weight & diet management apps
Market By Geography
Middle East & Africa
Digital diabetes management is expected to reach a market value of around US$ 21.3 Bn by 2027.
The digital diabetes management is expected to grow at a CAGR of around 22.4% from 2020 to 2027.
Based on product, Continuous blood glucose monitoring system segment is the leading segment in the overall market.
Rising adoption of digitization is one of the prominent factors that drive the demand for digital diabetes management market.
Medtronic, B. Braun, Dexcom, Abbott Laboratories, Roche Diagnostics, Insulet Corporation, Tandem Diabetes Care, Ascensia Diabetes Care, LifeScan, Tidepool, AgaMatrix, Glooko Inc., DarioHealth, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years