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The global digital diabetes management market size is estimated to grow by USD 19.12 billion at a CAGR of 21.99% between 2023 and 2028.
The digital diabetes market refers to the use of technology and digital tools in managing and monitoring diabetes. Diabetes, a chronic condition, arises when the body struggles to utilize insulin effectively or when the pancreas fails to produce adequate insulin. Elevated blood sugar levels, known as hyperglycemia, pose significant risks and can lead to severe complications if left unmanaged. The burgeoning popularity of digital diabetes management stands as a key driver fueling market growth. As diabetes prevalence escalates globally, there is an increasing demand for effective management solutions to improve patient outcomes and mitigate healthcare expenses. Digital diabetes management encompasses the utilization of technological tools such as wearables, smartphone applications, and cloud-based platforms for monitoring and managing diabetes effectively.
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The market share growth by the hospitals segment will be significant during the forecast period. The hospital segment of the digital diabetes management market refers to the use of digital tools and technology to manage and treat diabetes in a hospital setting. This segment includes various digital solutions such as mobile applications, online platforms, electronic health records (EHRs), medical devices, and telehealth services that are used by healthcare professionals and patients to manage diabetes.
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The hospitals segment was valued at USD 1.77 billion in 2018. Some of the key aspects of the hospital segment in the digital diabetes management market include remote patient monitoring, diabetes education, and self-management, electronic health records (EHRs), telehealth services, medical device integration, data analytics, and decision support. By adopting digital tools and technologies, hospitals can provide more personalized care, improve access to healthcare services, and empower patients to actively participate in their diabetes management, which will drive the growth of the market during the forecast period.
Wearable devices for diabetics include continuous glucose monitoring (CGM) systems and insulin pumps, which help to manage their blood sugar levels much more effectively and easily. Wearable devices were originally developed for people with type 1 diabetes, but technological advances have expanded their use in type 2 diabetics. Moreover, growth in the number of regulatory approvals for CGM systems and the development of advanced wearable products such as closed-loop pump systems and smart insulin patches will further enhance the growth of the wearable devices segment of the market during the forecast period.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. With the increasing incidence in the region, there is a high demand for innovative solutions to manage and monitor this disease. Additionally, the region's demand for telemedicine platforms and remote patient monitoring devices is driven by the need for remote monitoring and virtual consultations.
Furthermore, favorable government programs and regulatory frameworks are also fostering market growth. North America is home to a number of significant market participants, such as Medtronic, Dexcom, Abbott Laboratories, Insulet Corporation, and Livongo Health. Due to factors like the increased prevalence, rising acceptance of digital health technology, and supportive government initiatives, the market is expanding significantly which will drive market growth during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers digital diabetes management product namely FreeStyle Libre.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The digital diabetic market is experiencing dynamic growth driven by advancements in technology such as glucose monitoring devices and wearable sensors. These innovations revolutionize insulin management and blood sugar monitoring, enhancing patient care and treatment. Integration of telemedicine and mobile apps facilitates remote monitoring and data analysis, empowering patients with real-time insights into their condition. Furthermore, the incorporation of artificial intelligence enables accurate diagnosis and personalized treatment plans. With the rising prevalence, the demand for digital healthcare solutions continues to surge, shaping the landscape of diabetic management. There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The rising global burden of diabetes is the key factor driving market growth. Its a chronic disease that occurs when the body cannot use insulin effectively or when the pancreas does not produce enough insulin. High blood sugar or increased blood sugar can lead to serious damage or complications, which can be life-threatening if not treated. The global prevalence of the disease is increasing rapidly. It is projected that the number of diabetic patients will double in the next 25 years.
Furthermore, countries with a higher population base, such as China and India, are likely to have a higher incidence of diabetes due to increased obesity and urbanization factors. Thus, the increasing incidence of diabetes is likely to increase the adoption of systems, which is expected to drive market growth during the forecast period.
The rising adoption of wearable devices is the primary trend shaping market growth. Smartwatches, fitness trackers, and wearable blood glucose monitors are just a few examples of devices with sensors that can track and monitor many health parameters related to diabetes. Wearable technology makes it simple for diabetics to track their physical activity levels, check their blood sugar levels, and get real-time With features like built-in insulin pumps, continuous glucose monitoring, and data communication to smartphone apps and cloud platforms, these devices are likewise growing more sophisticated.
In addition, there are many benefits to using wearable technology to treat diabetes. It encourages self-management by giving patients the tools they need to manage their own health. Moreover. continuous monitoring, data connectivity, and individualized treatment plans provided by wearable devices help patients have better health outcomes and a higher quality of life. The upgrade of wearable devices will drive the growth of the global market during the forecast period.
The stringent regulatory framework is a challenge that affects market growth. Players offering advanced digital diabetes management devices must comply with strict regulations before they launch in the market. The US FDA has classified diabetes care management devices such as insulin pumps, infusion sets, and insulin boluses as Class II.
Moreover, failing to adhere to the US FDA regulations or causing complications would lead to the product's recall. A product recall will significantly affect the company's brand name. The players focusing on adopting innovative technologies and designing novel products should undergo stringent postmarket approvals before their launch. Therefore, the stringent regulatory scenario may impede the growth of the market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The diabetes technology market is witnessing significant growth propelled by advancements in technology such as insulin pens, insulin pumps, and insulin patches, alongside wearable sensors. These innovations revolutionize diabetes management by providing real-time data on blood glucose levels and facilitating remote monitoring through telemedicine and mobile apps. Artificial intelligence plays a crucial role in diagnosis and personalized interventions, enhancing patient care. Despite the lack of awareness, the increasing prevalence of diabetes drives the adoption of digital healthcare solutions among healthcare providers and patients alike. With technological interventions and diabetes management tools continually evolving, market is poised for further expansion, offering promising prospects for improving diabetes care globally.
Non-invasive Glucose Market -The market size is estimated to grow by USD 25.98 million at a CAGR of 15.46% between 2023 and 2028.
The diabetes management industry report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.99% |
Market Growth 2024-2028 |
USD 19.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
21.14 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 46% |
Key countries |
US, Germany, France, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, B.Braun SE, Becton Dickinson and Co., DarioHealth Corp., Dassault Systemes SE, decide Clinical Software GmbH, Dexcom Inc., F. Hoffmann La Roche Ltd., Glooko Inc., GlucoMe Ltd., Informed Data Systems Inc. and One Drop., Insulet Corp., LifeScan IP Holdings LLC, Medtronic Plc, Orpyx Medical Technologies Inc., PHC Holdings Corp., Sharecare Inc., SOCIALDIABETES SL, Tandem Diabetes Care Inc., and WaveForm Technologies Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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