The rising prevalence of diabetes has increased the focus on the development and adoption of better solutions for diabetes care. Also, advancements in technologies have ensured the introduction of highly flexible solutions in the digital diabetes management market. These are the major factors driving the growth of the global digital diabetes management market. The increasing adoption of cloud-based enterprise solutions and the growing use of connected devices and apps are some of the other major factors supporting market growth.
Various digital diabetes management devices such as smart glucose meters, continuous glucose monitoring systems, smart insulin pens, and smart insulin pumps/closed-loop systems and smart insulin patches are used for glucose monitoring and insulin delivery. Diabetes management applications, data management software & platforms, and services are used by patients and healthcare providers for remote monitoring, data analysis, and disease management.
The digital diabetes management market is projected to reach USD 19.98 billion by 2024, from an estimated USD 6.87 billion in 2019, at a CAGR of 23.8%.
The Digital Diabetes Management Devices to Dominate The Market:
1. Smart Glucose Meters
2. Continuous Glucose Monitoring (CGM) Systems
3. Smart Insulin Pens
4. Smart Insulin Pumps/Closed-loop Pumps and Smart Insulin Patches
The large share of devices segment can be attributed to the growing demand for wireless and wearable devices for diabetes management, increasing acceptance of smart insulin pumps and pens for insulin delivery, and the increasing awareness about continuous glucose monitoring in patients.
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Digital diabetes management solutions are smartphone-connected diabetes management devices and software platforms used by patients suffering from Type 1, Type 2, and gestational diabetes. Medical professionals also use these solutions to manage diabetes.
Regional Growth and Demand Analysis:
North America to Dominate The Global Diabetes Management Market:
This can primarily be attributed to the high adoption of connected diabetes management devices and apps, growing demand for closed-loop systems, high adoption of remote online coaching services for diabetes management, favorable reimbursement policies, and government initiatives to promote digital health in the region.
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Key Players and Growth Strategies Adopted by Them:
Prominent players in the digital diabetes management market are Medtronic (Ireland), B. Braun (Germany), Dexcom (US), Abbott Laboratories (US), Roche Diagnostics (Switzerland), Insulet Corporation (US), Tandem Diabetes Care (US), Ascensia Diabetes Care (Switzerland), LifeScan (US), Tidepool (US), AgaMatrix (US), Glooko Inc. (US), and DarioHealth (Israel).