Digital Diabetes Management Market Updates, Top 10 Countries and Forecast to 2023
Market Scope:
Rising number of product launches in conjunction with integration of artificial intelligence and data analytics has propelled the market growth. The management apps have seen a meteoric adoption owing to proliferation of smartphones for daily uses. They also assist patients with the intake of foods and insulin dosages. Rising awareness of preventive care and prevalence of obesity can lead to a higher uptick in the demand of digital diabetes management applications.
The global Digital Diabetes Management Market Growth is anticipated to exhibit 23.7% CAGR during the forecast period. It was valued at USD 4,464.8 million in 2017. Major factors driving market growth include the growing geriatric pool, government initiatives, demand for self-care, and high prevalence of diabetes. Digital diabetes management applications assist patients by using blood glucose tracking apps and smart glucose meters.
However, strict regulations pertaining to approval of applications and devices can hamper market growth.
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Competitive Outlook:
Tandem Diabetes Care, Inc., Glooko, Inc., Agamatrix, Inc., Insulet Corporation, Ascensia Diabetes Care Holdings Ag., B. Braun Melsungen AG, Medtronic PLC, F. Hoffmann-La Roche, Dariohealth Corporation, Dexcom, Inc., Abbott Laboratories, Tidepool, Lifescan, Inc.
Segmentation
- The global digital diabetes management market has been segmented by type, product and services, and end user.
- By type, the market is divided into wearable devices and handheld devices. The wearable devices segment is expected to hold the largest market share of the digital diabetes management market during the forecast period owing to regulatory approval of advanced products and technological advancements such as smart insulin patches.
- By product and service, it is segmented into digital diabetes management apps, data management software and platforms, devices, and services. Devices consist of smart insulin pumps/closed loop systems & smart insulin patches, smart glucose meters, smart insulin pens, and continuous glucose monitoring systems. Moreover, digital diabetes management apps have been sub-segmented into weight & diet management apps and diabetes & blood glucose tracking apps.
- End users of the market include homecare, academic & research institutes, hospitals & specialty diabetes clinics, and others. The homecare segment can hold the largest market share in the global digital diabetes management market during the forecast period.
Regional Analysis
By region, the global digital diabetes management market is segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are touted to lead the market till the end of the forecast period owing to acceptance of digitally advanced solutions, favorable government schemes, and initiatives for promoting public health. Awareness of diabetes and development of mobile applications can drive regional market demand. The regional growth is characterized by mergers, acquisitions, and novel product launches. For instance, Abbott and Dexcom have decided to join hands with Insulet for the development of a digital health platform.
Europe is the second-largest region of the market and headed for growth due to ample funds in research and development and government support. Raising of funds by companies for encouraging research is expected to drive regional growth. Recently, Oviva a Swiss-based provider of digital solutions for diabetes has raised close to USD 21 million in funding.