Digital Diabetes Management Market is to Estimated High Growth by 2031 | Abbott Laboratories, Acon Laboratories, Inc., Bayer AG

The Quantum Digital Diabetes Management Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Digital diabetes management involves use of applications, devices, and platforms to manage diabetes remotely without visiting the doctor frequently. It allows diabetes patients to monitor glucose levels, carb intake, insulin dosage and physical activities on mobile applications and share the data with caregivers and healthcare providers.

Market Dynamics:

The global digital diabetes management market is expected to witness significant growth over the forecast period owing to increasing adoption of mobile applications for diabetes management and remote monitoring. Mobile applications help track glucose levels, food intake, physical activity, and medication which helps patients better manage their condition without frequently visiting doctors. Furthermore, growing connectivity and penetration of smart devices is also expected to support the adoption of digital solutions for diabetes care. Emergence of various technologies including AI and IoT integrated solutions is further expected to support market growth during the forecast period.

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Top Companies Covered In This Report: Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffmann-la Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others.

Market Segmentation:

Global Digital Diabetes Management Market, By Type:
Handheld Devices
Wearable Devices

Global Digital Diabetes Management Market, By Product:
Continuous Blood Glucose Monitoring Systems
Smart Glucose Meter
Smart Insulin Pumps
Smart Insulin Pens
Apps

Geographically, the detailed analysis of consumption, revenue, Digital Diabetes Management Market share, growth rate, etc. of the following regions:

» North America (United States, Canada, and Mexico)
» Europe (Germany, France, UK, Russia, Italy)
» Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
» Latin America (Brazil, Argentina, Colombia)
» Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Growing Adoption of Smart Diabetes Devices as Monitoring and Management Tools

The digital diabetes management market is seeing increasing growth in adoption of smart diabetes devices like continuous glucose monitors (CGM) and insulin pumps which help in constant monitoring of blood glucose levels as well as automated insulin delivery. These smart devices connect with mobile apps and dashboards which allow sharing of data with care teams as well as enable remote patient monitoring. Factors like rising prevalence of diabetes, increasing awareness about benefits of constant glucose monitoring, technological advancements making these devices more user friendly and affordable are driving greater adoption of these smart devices. According to various studies and reports, sales of CGM and smart insulin pumps is projected to grow significantly in the coming years owing to their effectiveness in managing diabetes as well as improving patient outcomes.

Increasing Incidence of Diabetes due to Growing Aging Population and Obesity Rates

According to WHO, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. This dramatic rise can be attributed in large part to increasing rates of obesity worldwide due to sedentary lifestyles and unhealthy dietary habits. Obesity is a leading risk factor for type 2 diabetes which accounts for around 90% of diabetes cases globally. Additionally, aging populations across developed nations is another key factor fueling the rise in diabetes prevalence since risk of diabetes increases with age. With growing elderly demography, diabetes burden too is set to surge substantially in the coming decades. This rising incidence of diabetes has boosted demand for digital diabetes management services, products and solutions aimed at effective monitoring and control of blood glucose levels.

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Lack of Awareness and High Costs Pose Challenges for Wider Adoption

While digital diabetes devices offer immense benefits, their high costs remain a key restraint for wider adoption especially in developing and underdeveloped regions where diabetes rates are rising fast. For example, a continuous glucose monitor can cost over $1000 while an insulin pump is upwards of $5000. Not only the devices but also the supplies needed to operate them on regular basis contribute to significant recurring costs. This acts as a barrier for people with limited financial means and non-comprehensive insurance coverage. Furthermore, lack of awareness among patients as well as care providers about latest digital solutions also impacts uptake. This gap needs to addressed through education and awareness campaigns as well as efforts to make advanced diabetes management technologies more affordable and accessible globally.

Opportunities in Remote Patient Monitoring and Use of AI Assistants

The digital diabetes management market sees promising opportunities in increasing integration of remote patient monitoring capabilities as well as artificial intelligence assisted decision support tools. As more patients utilize CGM devices and diabetes apps on a regular basis, there is a growing pool of real world data that can be leveraged for remote tracking of patterns and generating insights. This allows timely interventions and management of high or low blood glucose events without need for frequent clinic visits. Similarly, AI assistants have potential to analyze glycemic trends, medication adherence, dosing and lifestyle habits to provide personalized predictions and recommendations to en[hance diabetes self management. With continued advances in data analytics and AI, integration into existing digital solutions can help optimize outcomes making diabetes care more effective and efficient.


Growing Momentum in Artificial Pancreas Device Systems Adoption

Digital diabetes management market is seeing rising interest and adoption of artificial pancreas device systems (APDS) which take human intervention out of insulin delivery decisions. APDS use smart algorithms along with CGM and insulin pump to automatically monitor glucose levels and adjust insulin doses accordingly thereby mimicking functions of a healthy pancreas. In recent times, regulatory approvals and commercial launches of APDS from market leaders have boosted the category. For example in 2018, FDA approved first commercial APDS from Medtronic. Other notable players like Tandem Diabetes Care and Insulet are progressing their integrated hybrid closed loop systems as well. With their effectiveness demonstrated via studies, APDS are poised to witness strong demand growth from both pediatric and adult populations seeking to achieve desirable glucose control with minimal effort. This emerging trend has potential to transform diabetes management landscape in coming years.

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𝐅𝐀𝐐'𝐬

Q.1 What are the main factors influencing the Digital Diabetes Management market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market's opportunities, risks, and general structure?
Q.4 Which of the top Digital Diabetes Management Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Digital Diabetes Management market's distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area's assessment of agreements, income, and value implicate?

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.