Product Code: RP-ID-10085014 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10085014
Market Overview:
GLOBAL DIGITAL DIABETES MANAGEMENT MARKET SIZE AND Forecast to 2030
In 2021, the global digital diabetes monitoring market is likely to be USD 7 Billion, and it is expected to grow at a compound annual growth rate (CAGR) of 21% from 2022 to 2030. The strong growth in market share is mainly attributable to advances and innovations in the field of technological increase. In recent years, the number of smartphone applications that can be used for disease management has increased, and web-based application stores provide a variety of applications that can help patients monitor blood sugar levels. The key factors driving the development of the market include the growth of the elderly population, the increase in the incidence of diseases, and the increase in health care expenditures. According to the International Diabetes Federation, approximately 425 million adults had diabetes in 2017, and this number is expected to reach 629 million by 2045. With the continuous advancement of digital technology, the market is expected to witness a wide range of innovations in this field. Diabetes, which may change the way patients manage this disease. Rapidly changing lifestyles and unhealthy eating habits are causing the global prevalence of diabetes to continue to rise.
Obesity is also one of the main factors leading to diabetes. According to the World Health Organization, more than 650 million people were obese in 2016, and this number is expected to increase further during the forecast period. As the obese population increases and people’s awareness of it increases, the diet and weight management application market shows great potential. Diabetes is a clinical condition in which the pancreas is unable to produce insulin leading to increased glucose levels in the body. Diabetics face many daily challenges, such as dietary restrictions and regular insulin injections. The anytime, anywhere nature of digital technology enables patients to solve their health problems by contacting medical teams and sharing data. This is creating a digital ecosystem of data-driven tools that can connect patients and their care teams for better diabetes management.
PRODUCT INFORMATION:
Is based on the product, and the market has been subdivided into smart blood glucose meters, continuous blood glucose monitoring systems, smart insulin pens, smart insulin pumps and applications. Due to compatibility with smart devices used as display devices, continuous blood glucose monitoring systems had the largest market share in 2018, slightly less than 40.0%. In addition, they can be configured to send personalized alerts to patients when certain glucose thresholds are reached. During the forecast period, the smart insulin pen segment is expected to grow at the highest compound annual growth rate of 22.0%. The high growth rate of this segment is mainly due to the increase in the number of product releases in the digital medical field and the introduction of artificial intelligence. Many market participants are focusing on innovative smart insulin pens to stay ahead of the competition. For example, the InPen system launched by Companion Medical in December 2017 is the first FDA-approved solution that can be connected to a smartphone application.
APP INSIGHTS :
By application, the market is divided into digital diabetes management applications and diet and weight management applications. The first part occupied the largest market share in 2018 and was valued at US$173 million that year. The growth of this market segment is mainly due to the increasing preference of patients for these applications. These apps allow continuous monitoring of blood glucose levels and are also widely used by the elderly population. Due to the increasing awareness of chronic diseases such as diabetes and related complications, diet and weight management applications also occupy a considerable market share. These applications use advanced digital data analysis to enable healthcare professionals to provide patients with the best solutions. The main drivers of this segment are improving health outcomes, reducing error rates, and reducing healthcare costs. The compound annual growth rate of this market segment is expected to be 22.0% during the forecast period.
TYPE INSIGHT: Based on type, the digital diabetes management market has been subdivided into wearable devices and wearable devices. Portable devices have the largest market share, and this segment is expected to have the fastest compound annual growth rate of 19.6% during the forecast period. The market growth is mainly due to technological advances, such as the emergence of artificial intelligence, the increasing use of self-administered insulin delivery devices in diabetes management, and the introduction of new products such as closed-loop pump systems and drug patches.In 2018, the market share of the portable device segment exceeded 43.0% and is expected to achieve steady growth during the forecast period. This is mainly due to the release of new products in this field. For example, in June 2018, Insulets handheld dashboard system was approved by the FDA. The device is a touch-screen personal diabetes manager with Wi-Fi connection that allows remote software updates.
REGIONAL INSIGHT: Geographically, the market is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Due to the increasing popularity of smart consumer devices and service innovation based on artificial intelligence, North America dominated the market in 2018. In addition, the region is in the next stage of digitization of concepts such as the Internet of Things, big data, machine learning, and robotics. Therefore, these digital technologies are expected to boost the regional market during the forecast period. Due to the launch of new products and the presence of major players in the region, Europe is also expected to occupy a considerable share during the forecast period. Due to the launch of new products and a large number of people with diabetes, it is expected that the Asia-Pacific region will experience exponential growth during the forecast period. Currently, more than 230 million people suffer from diabetes, accounting for about 55.0% of the worlds population. The region has also witnessed the release of many products. For example, in May 2019, Roche Diabetes Care India launched its Integrated Diabetes Management Solutions (IDMS) program in India, launching the Accu-Chek Instant Blood Glucose Monitoring (BGM) system and My Sugar app. This combination marks the entry of the next-generation BGM system.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS:
Major companies and market share prospects: Some well-known participants are Abbott Laboratories; Medtronic; F. Hoffmann-La Roche Ltd; Bayer AG; Lifescan, Inc.; Dexcom, Inc.; Sanofi; Insulators; Ascensia Diabetes Care Holdings Ag; and B Braun Melsungen AG. These participants focus on adopting new technologies and introducing advanced products to provide customers with better services and strengthen their influence in the market. For example, in June 2018, Medtronic Plc and its technology partner IBM Watson Health launched Sugar. Intelligent Diabetes Assistant IQ. This smart app is designed to improve your daily diabetes management. Some of the major players in the digital diabetes management market include: Abbott Laboratories ,Medtronic plc,F. Hoffmann-La Roche Ltd , Bayer AG, Lifescan, Inc. Dexcom Inc., Sanofi ,Insulet Corporation , Ascensia Diabetes Care Holdings Ag, B Braun Melsungen AG.
MARKET SEGMENTS COVERED BY THE REPORT :
This report forecasts revenue growth at the global, regional, and country levels, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Kenneth Research has segmented the global digital diabetes monitoring market report according to product, type, application and region: Product outlook (revenue, million dollars, 2022-2030) Smart blood glucose, meter system continuous blood glucose, Monitoring smart insulin pen smart insulin pump application. Application outlook (revenue, millions of dollars, 2022-2030): digital applications for diabetes control, Diet and weight management application. Prospects (revenue, millions of dollars, 2022-2030): portable devices, handheld devices.
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