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Global Digital Diabetes Management Market to Reach US$ 29.6 Billion by 2027, Propelled by Rising Prevalence of Diabetes

Published on Nov 21, 2022

According to the latest report by IMARC Group, titled “Digital Diabetes Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global digital diabetes management market size reached US$ 8.7 Billion in 2021. Digital diabetes management refers to the electronic solutions that help in the care, support, and prevention of diabetes. It includes devices, services, platforms, and virtual tools, such as blood glucose meters, smart insulin pumps, mobile applications, online patient portals, and community support and education hubs. Digital diabetes management is widely used for glucose monitoring, diet management, administering doses, medication adjustment, and tracking lifestyle data, such as weight and exercise. It is easy to use, assists in disease self-management, provides a better understanding of an individual’s condition, and offers necessary nutrition, exercise, and general health guidance. Digital diabetes management also aids in improving healthcare processes or preventing diabetes complications, and minimizing medical costs. 

Digital Diabetes Management Market Trends:

The rising prevalence of diabetes due to sedentary lifestyles and obesity across the globe is driving the market growth. Digital diabetes management is widely used to keep patients within their targeted blood glucose range, administer medications, provide remote guidance, predict fluctuations, and integrate relevant data from various devices to create a comprehensive picture for personalized recommendations. In addition, the widespread adoption of digital diabetes management among healthcare professionals to quickly access patient information, recommend dose adjustment, and prepare for the next appointment is acting as another growth-inducing factor. Furthermore, the widespread adoption of electronic solutions and devices to provide motivation, offer wellness guidance, and track activities due to the increasing health consciousness among the masses is facilitating the market growth.  Apart from this, the integration of big data analytics and artificial intelligence (AI) to provide real-time access to structured and unstructured data and offer customized solutions for hypoglycemia control to patients is positively influencing the market growth. Moreover, the introduction of continuous glucose monitoring (CGM) devices that are convenient, provide accurate information throughout the day, and eliminate the need for the finger-prick test is propelling the market growth. Other factors, including rising expenditure capacities of consumers, increasing investments in research and development (R&D) activities, and rapid digitalization of the healthcare industry, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 29.6 Billion by 2027, exhibiting a CAGR of 22.6% during 2022-2027.

Market Summary:

  • On the basis of the product type, the market has been divided into smart glucose meters, smart insulin pumps, smart insulin pens, and apps. Among these, smart glucose meters dominate the market.
  • Based on the device type, the market has been bifurcated into handheld and wearable devices, wherein wearable devices exhibit a clear dominance.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and the Middle East and Africa. At present, North America represents the largest regional market.
  • The competitive landscape of the industry has also been examined, with some of the key players being Abbott Laboratories, ACON Laboratories Inc., Ascensia Diabetes Care Holdings AG (PHC Holdings Corporation), Becton, Dickinson and Company, Dexcom Inc., F. Hoffmann-La Roche AG, Medtronic plc, Novo Nordisk A/S, Tandem Diabetes Care Inc. and Terumo Corporation.
     

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