Digital Diabetes Management Market include the rising prevalence of diabetes, technological advancements, increasing adoption of cloud-based enterprise solutions, and the growing use of connected devices and apps.
What the Market Looks Like?
Predicted to grow at a CAGR of 23.8 % during the forecast period, the global Digital Diabetes Management Market is estimated to reach USD 19.9 Billion by the end of 2024. In 2018, North America, the largest regional market for digital diabetes management
Based on product & service, the market is divided into devices, apps, data management software & platforms, and services. The devices segment accounted for the largest market share in 2018. The growing demand for wireless and wearable devices for diabetes management, growing acceptance of smart insulin pumps & pens for insulin delivery, technological innovations & digital advancements in devices, and increasing awareness about continuous glucose monitoring in patients are the key factors driving the growth of the devices segment.
Based on device type, the wearable devices segment is expected to account for the largest share of the digital diabetes management market in 2019. The large share of the market is mainly due to factors such as the increasing number of regulatory approvals for CGM systems; technological advancements such as closed-loop pump systems, smart insulin patches, and other pipeline devices; and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery in diabetes management.
Based on type, the digital diabetes management devices market is segmented into wearable devices and handheld devices. The wearable devices segment accounted for the largest share of the digital diabetes management devices market in 2018. The large share of this segment can be attributed to the increasing number of regulatory approvals for CGM systems; technological advancements such as closed-loop pump systems, smart insulin patches, and other pipeline devices; and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery in diabetes management.
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Based on end user, the self/home healthcare is expected to account for the largest share of the market in 2019. The large share of this segment can mainly be attributed to technological advancements and a shift toward home care and self-management of diabetes.
What Drives the Market?
The growth of the global market for Digital Diabetes Management is primarily influenced by the following factors:
- Increasing Prevalence of Diabetes
- Technological Advancements
- Growing Adoption of Cloud-Based Enterprise Solutions for Diabetes Management
- Increasing Penetration of Digital Platforms and Adoption of Mobile Apps for Diabetes Management.
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Geographical growth scenario of Digital Diabetes Management Market
Geographically, North America accounted for the largest share of the digital diabetes management market in 2018, followed by Europe and the Asia Pacific. Factors such as growing adoption of connected diabetes management devices, high adoption of diabetes management apps, growing demand for integrated hybrid closed-loop systems, favorable reimbursement policies, and government initiatives to promote digital health in the region are driving the growth of the digital diabetes management market in North America.
Leading market players and strategies adopted
The prominent players in the Digital Diabetes Management market include Medtronic (Ireland), B. Braun (Germany), Dexcom (US), Abbott Laboratories (US), Roche Diagnostics (Switzerland), Insulet Corporation (US), Tandem Diabetes Care (US), Ascensia Diabetes Care (Switzerland), LifeScan (US), Tidepool (US), AgaMatrix (US), Glooko Inc. (US), and DarioHealth (Israel)
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