Press release
Smart Diabetes Management Market Share to be Driven by the Growing Diabetic Patients in the Forecast Period of 2021-2026
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
Historical Market Value (2020): USD 4 Billion
Forecast CAGR (2021-2026): 14.75%
Forecast Market Value (2026): USD 9.2 Billion
North America is one of the leading regional markets for smart diabetes management. The emergence of key players with a diverse product range and the early acceptance of technologically innovative treatment strategies are driving the smart diabetes management market in the region.
The industry in the region is being pushed ahead by a rising trend among patients to treat their illness themselves. Due to the growing population of diabetic patients in regions like the Asia Pacific and Europe, they are also important markets in the industry.
For glucose control and insulin distribution, automated diabetes control devices such as smart glucose meters, continuous glucose tracking systems, smart insulin pens, smart insulin pumps/closed-loop systems, and smart insulin patches are used. The growing demand for such devices is likely to aid the growth of the market.
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Industry Definition and Major Segments
Smart diabetes care aids in the management of diabetes by patient compliance and assisting a person in maintaining blood glucose levels, which is a critical component of diabetes regulation. It includes blood glucose control and insulin distribution systems, as well as devices that connect to mobile apps via Bluetooth or USB.
Based on products, the smart diabetes management market can be divided into:
Smart Glucose Meters
Continuous Glucose Monitoring Systems
Smart Insulin Pens
Smart Insulin Pumps
Closed Loop Systems
The market can be broadly categorised based on its applications segments as:
Type 1 Diabetes
Type 2 Diabetes
Based on its end-use segments, the industry can be divided as:
Home Healthcare
Hospitals
Specialty Diabetes Clinics
The regional markets for the product include:
North America
Europe
The Asia Pacific
Latin America
The Middle East and Africa
Market Trends
The rising prevalence of diabetes and an increasing need for self-diabetes management are driving the industry. In the coming years, the demand is expected to be driven by increasing creativity and product diversification in the sector.
The growing market for smart glucose level tracking and insulin devices that are combined with digital health applications is expected to propel the industry forward.
Healthcare IT and linked healthcare are also anticipated to drive the industry forward. Patients and healthcare facilities are increasingly using diabetes management applications, data processing technologies and platforms, and programmes for online control, data processing, and disease prevention, which is expected to propel the market forward.
Key Market Players
The major players in the market are F. Hoffmann-La Roche Ltd, Medtronic PLC, Dexcom, Inc, Insulet Corporation, Ascensia Diabetes Care Holdings AG, LifeScan, Inc., and Glooko, Inc., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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