Global Digital Diabetes Management Market
Global digital diabetes management market report provide a comprehensive outlook on digital diabetes management worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global digital diabetes management market gives historical, current and future market size (US$ Mn) on the basis of product, app, device type, end user, and geography. This study analyses the global digital diabetes management market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Digital Diabetes Management Market:
The market for digital diabetes management is expected to hit US$ 20.9 billion by 2026, with a CAGR of 23.8%, from US$ 7.2 billion in 2019. The rising geriatric pool, government initiatives, self-care demand, and high diabetes prevalence are major factors driving market growth. Market growth has been powered by a growing number of product launches in conjunction with the integration of artificial intelligence and data analytics. Increased understanding of preventive care and the prevalence of obesity may lead to a greater rise in the demand for digital applications for diabetes management. Strict regulations related to the approval of applications and devices, however, can impede market development.
Increasing prevalence of diabetes:
Stress, sedentary lifestyles, poor diets, and obesity are the main risk factors for diabetes. Physiological changes due to ageing are also a major contributor to the risk of diabetes. For instance, the global population aged 60 and over grew from 962 million in 2017 to 1.9 billion in 2045, according to the World Population Aging Report 2017. Nevertheless, the prevalence of diabetes for people over the age of 60 in 2017 is 18.5%. The number of elderly people with diabetes is projected to grow to around 177.4 million in 2017 and to 337.8 million in 2045. The rising geriatric population, coupled with increasing population exposure to key risk factors, is therefore expected to drive demand across major markets for digital diabetes management solutions.
North America dominates the market share in global digital diabetes management market:
Because of the adoption of technologically advanced technologies, favorable government schemes, and initiatives to support public health, the North America is touted to lead the global digital diabetes management market until the end of the forecast period. Diabetes awareness and mobile application creation can drive regional market demand. Regional development is marked by mergers, acquisitions, and the introduction of new goods. For example, for the creation of a digital health platform, Abbott and Dexcom have agreed to join hands with Insulet.
Key players profile in global digital diabetes management market include-
- Abbott Laboratories
- Roche Diagnostics
- Insulet Corporation
- Tandem Diabetes Care
- Ascensia Diabetes Care
- On June 15, 2020, Abbott Laboratories has received FDA clearance for its new continuous glucose meter, which is Freestyle Libre2. This device is another challenger in the growing market for CGM.
- On February 19, 2020, Dexcom collaborates with DreaMed to couple Dexcom continuous glucose monitors, and the DreaMed Advisor is a digital solution that generates insulin delivery by investigating information from continuous glucose monitoring self-monitoring blood glucose and insulin delivery devices.
- On April 30, 2020. Roche Diagnostics has announced free access for mySugr Pro app in assisting millions of people who have diabetes to maintain their personalized daily diabetes during COVID-19 crisis.
Key findings of report:
- Global digital diabetes management market expanding at significant CAGR over 2020 to 2026 owing to rising geriatric pool, government initiatives, self-care demand, and high diabetes prevalence.
- North America accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Smart glucose meter
- Continuous blood glucose monitoring system
- Smart insulin pens
- Smart insulin pumps
- Digital diabetes management apps
- Weight & diet management apps
- Handheld Devices
- Wearable Devices
- Self/Home Healthcare
- Hospitals & Specialty Diabetes Clinics
- Academic & Research Institutes
- Rest of Europe
- Southeast Asia
- Rest of APAC
- Rest of SA
- Saudi Arabia
- South Africa
- Rest of MEA