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Artificial Intelligence in Diabetes Management Market Report 2024 - AI In Diabetes Management Market Trends, Size And Share
Artificial Intelligence in Diabetes Management Market
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According to The Business Research Company's, The artificial intelligence in diabetes management market size has grown exponentially in recent years. It will grow from $0.48 billion in 2023 to $0.63 billion in 2024 at a compound annual growth rate (CAGR) of 31.6%. The growth in the historic period can be attributed to data accumulation, rising diabetes cases, healthcare cost pressures, early ai applications.
The artificial intelligence in diabetes management market size is expected to see exponential growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%. The growth in the forecast period can be attributed to ai-powered decision support systems, telemedicine integration, genomic data utilization, regulatory support. Major trends in the forecast period include advancements in wearable technology, personalized treatment plans, continuous glucose monitoring advances, ai-powered risk prediction, behavioral modification support.
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Market Drivers and Trends:
The rising prevalence of diabetes is expected to propel artificial intelligence in the diabetes management market going forward. Diabetes occurs when the blood glucose, or blood sugar, is too high. Diabetes is a condition that causes various conditions such as eye problems, heart attacks and strokes, kidney problems, and others. Artificial intelligence is used to manage diabetes as it provides information about high or low blood sugar levels in a diabetic patient and collects data that has not been used previously. For instance, in December 2021, according to the International Diabetes Federation, a US-based intergovernmental organization, diabetes affected 537 million adults (20-79 years old) in 2021, and it is predicted that the number will climb to 643 million people by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes is driving the growth of artificial intelligence in the diabetes management market.
Technological advancements are a key trend gaining popularity in the artificial intelligence in diabetes management market. Major companies operating in the artificial intelligence in diabetes management market are focused on innovating new and advanced technological solutions to sustain their position in the market. For instance, in October 2022, Dr. Mohan's Diabetes Specialties Center, an India-based diabetes specialty hospital chain, launched an innovative artificial intelligence-enabled platform for precision diabetes care with the 3D Initiative. The first of the three Ds is DIA, an AI-powered chatbot that can help individuals through pre-recorded digital interactions. The second is DIALA, a user-friendly smartphone app for patients; the last is DIANA, a medical app for precise diabetic care. According to the company, it is supported by the most advanced Total Experience (TX) Automation Platform, which powers an AI-enabled virtual assistant that interacts with patients on platforms such as Facebook Messenger, WhatsApp, Google Business Message, and the web.
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Major Key Players of the Market:
Alphabet Inc., F. Hoffmann-La Roche AG, Abbott Laboratories, Medtronic Plc, Dexcom Inc., Insulet Corporation, Tandem Diabetes Care Inc., LifePlus Inc., Livongo Health Inc., Xeris Pharmaceuticals Inc., Virta Health Corp., Informed Data Systems Inc., Bigfoot Biomedical Inc., Lark Technologies Inc., Smart Meter LLC, Diabeloop SA, Quin Technology Ltd., Wellthy Therapeutics Pvt Ltd., Admetsys LLC, DreaMed Diabetes Ltd., Eyenuk Inc., Glooko Inc., PKvitality, Glytec LLC, Hygieia Inc., TypeZero Technologies Inc., Nemaura Medical Inc., GlucoMe, PredictBGL, Voluntis S.A.
Artificial Intelligence in Diabetes Management Market 2024 Key Insights:
• The artificial intelligence in diabetes management market size is expected to see exponential growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 31.7%.
• AI Revolution Is Transforming Diabetes Management In Response To Soaring Prevalence
• Revolutionizing Diabetes Management Cutting-Edge Technological Advancements In Ai-Powered Solutions
• North America was the largest region in the artificial intelligence (AI) in diabetes management market in 2023
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