by The Digital Diabetes Management Market is estimated to be valued at US$ 9.31 Bn or 9.31 billion in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital diabetes management involves the use of various digital health solutions such as glucose monitoring apps, insulin delivery apps, diabetes & diet apps, and other solutions to manage diabetes. These digital solutions help in tracking blood glucose levels,carb intake, insulin dosage, and habits that affect blood sugar. They transmit the data to healthcare providers and families to ensure timely decision making and avoid health complications. Digital tools provide an easy,convenient, and cost-effective way to manage the diabetes condition.
Market Dynamics:
Growing prevalence of diabetes across the globe is a major driver of the digital diabetes management market growth. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045. Moreover, increasing adoption of advanced data-driven healthcare solutions owing to their benefits such as ease of use, convenience, and cost-effectiveness is also fueling market growth. Growing smartphone and internet penetration has improved access to digital diabetes management apps anytime and anywhere, thereby supplementing the market expansion. However, data privacy and security concerns associated with these digital tools may hinder the market growth over the forecast period.
Segment Analysis
The global digital diabetes management market can be segmented into devices, applications, end user and region. The devices segment is further divided into smart glucose meters, continuous glucose monitoring systems, smart insulin pens and smart insulin pumps among others. Continuous glucose monitoring systems account for the largest market share as they help people with diabetes monitor glucose levels in real-time and take preventive actions. They are more convenient compared to finger prick tests.
PEST Analysis
Political: Governments worldwide are increasingly supporting initiatives aimed at digital health to improve diabetes care and management. They provide reimbursements for digital diabetes devices and apps to make treatment affordable.
Economic: The rising prevalence of diabetes and growing healthcare costs are driving demand for cost-effective digital solutions. Digital tools help achieve targets through remote monitoring and avoid expensive treatments.
Social: Growing awareness and acceptance of digital health have boosted adoption of diabetes apps and devices. People prefer convenient tools to self-manage the condition and obtain social support through online communities.
Technological: Advanced technologies like AI, cloud computing, connectivity and predictive algorithms are improving the effectiveness of digital diabetes solutions. Smart devices and apps offer real-time insights, personalized guidance and timely alerts.
Key Takeaways
Global Digital Diabetes Management Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing preference for diabetes self-management tools and remote monitoring solutions.
North America dominates the market currently due to high diabetic population, developed healthcare infrastructure and rapid technological adoption. However, Asia Pacific is expected to grow at the fastest pace owing to rising healthcare expenditure, growing medical tourism and increasing diabetes prevalence in China and India.
Key players operating in the digital diabetes management market include Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffmann-la Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others. These players are focusing on developing advanced smart devices, user-friendly apps and digital platforms to drive market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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