Press release
Digital Diabetes Management Market Projections 2027 | Medtronic, Abbott, Dexcom, Inc., Insulet Corporation, Tandem Diabetes Care, Glooko, Inc
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Speaking of the increasing prevalence of diabetes, the International Diabetes Federation has reported that in 2019, nearly 463 million people were living with diabetes and this number is estimated to reach 700 million by 2045. Such rapidly increasing rate of diabetes population has fueled the demand for insulin management and delivery devices over the past few years and is likely to increase further during subsequent years.
Considering the increasing patient inclination towards digital diabetes management solutions, several industry players are focusing on developing sophisticated solutions to effectively meet the increasing consumer demand. For instance, in 2018, Roche collaborated with Wellthy Therapeutics, a digital health company for providing the consumers with an advanced digital diabetes management platform based on artificial intelligence which combines its Accu-Chek Active blood glucose meter with Wellthy Therapeutics’ Wellthy Care App. Apparently, this strategic move was claimed to strengthen the company’s product portfolio and allow it to gain a strong market presence.
An overview of some of the major segments propelling the growth of digital diabetes management market is outlined as under:
In terms of product type, smart insulin pens are gaining immense popularity owing to the advantages associated with them. Smart pens record the amount of each insulin dose and transmit the data through connected Bluetooth devices. Moreover, manufacturers of smart insulin pens are focusing on developing technologically advanced product such as user-friendly interface for diabetes patients which is expected to enhance the outlook of smart insulin pen segment over following years. According to the report, the segment is anticipated to register a lucrative CAGR of 22.0% CAGR through 2027.
Based on patient-type bifurcation, Type 1 diabetes segment is projected to record a notable CAGR of 18.3% through 2027 as patients with type 1 diabetes depend highly on insulin and need constant monitoring of blood glucose levels. As a result, demand for smart devices amongst type 1 diabetes patients is relatively higher. Besides, rising prevalence of type 1 diabetes patients across the globe will fuel the demand for digital diabetes devices further.
Top Industry Players –
Medtronic Plc,
F.Hoffmann-LA Roche Ltd.,
Abbott Laboratories,
Dexcom, Inc.,
Insulet Corporation,
Companion Medical,
Ypsomed,
Tandem Diabetes,
Glooko, Inc
In terms of the end-use bifurcation, home settings segment had recorded a significant valuation of around USD 4.5 billion in 2020 and is expected to grow over time. The growth can be attributed to rising awareness campaigns by government institutions regarding diabetes management which has evoked the demand for digital diabetes solutions. Moreover, growing elderly population and availability of more user-friendly digital diabetes devices is also complementing the segment growth. As per the World Bank report, nearly 9.9% of the global population is aged 65 years and above.
Digital Diabetes Management Market, By Product Type
By Device
By Device
Smart blood glucose meter
Smart CGM
Smart insulin pumps
Smart insulin pens
By Device Type
Handheld
Wearable
Services
Apps
Service/software
Digital Diabetes Management Market, By End-use
Hospitals
Home Settings
Diagnostic Centers & Clinics
Others
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Regionally, digital diabetes management market in Asia Pacific is estimated to observe a substantial CAGR of 19.5% through 2027 owing to the increasing government initiatives pertaining to healthcare along with growing disposable incomes in the region. Additionally, several business players are focusing on strengthening their presence in the region subject to the presence of large pool of diabetic patients as well as growing healthcare expenditure towards diabetes in the region. Further, increasing research activities coupled with rising awareness regarding digital diabetes devices is likely to foster the regional market growth over the foreseeable future.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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