Digital Diabetes Management Market worth over $54 Bn by 2027

Digital Diabetes Management Market size is set to surpass USD 54 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

According to the World Health Organization, the proportion of population aged over 60 years would reach to 22% of the total population by 2050. Diabetes in aged population is increasing rapidly. According to the American Diabetes Association, almost one-third of adults aged over 65 years have diabetes in U.S. Thus, with increasing in geriatric pool and risk of diabetes, the demand for digital diabetes products will expand in the forthcoming years.

 

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Increasing awareness about diabetes preventive care and rising adoption of wearable devices

Increasing awareness about diabetes preventive care coupled with rising adoption of wearable diabetes devices will boost the digital diabetes management market growth. Diabetes patients are now preferring smart diabetes devices that can assist with real-time blood glucose reading and help in taking timely decisions. These devices are user-friendly and allow patients to perform their daily activities. Moreover, launch of several diabetes awareness campaigns by governments is also augmenting the market revenue.
 

Rising number of product launches is propelling the market expansion

The market leaders in digital diabetes space are continuously innovating and launching advanced products. The digital diabetes devices are becoming more integral part of people with diabetes for better disease management. The companies are developing new systems to appeal broad spectrum of potential users. For instance, Apple is working on non-invasive CGM system. In June 2019, Companion Medical and Dexcom announced the collaboration to integrate Inpen insulin data with Dexcom CGM data.
 

Browse key industry insights spread across 129 pages with 169 market data tables & 12 figures & charts from the report, Digital Diabetes Management Market Size By Product Type (Devices {Smart Glucose Meters, CGM, Insulin Pumps & Patches, Insulin Pens}, By Device Type [Wearable, Handheld], Services {Diabetes Apps, Software}), By Patient Type (Type 1, Type 2), By End-Use  (Hospitals, Home settings, Diagnostic Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, South Korea, Brazil, Mexico, Argentina, Colombia, South Africa, Saudi Arabia, UAE), Competitive Market Share & Forecast, 2021 – 2027 in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/digital-diabetes-management-market
 

Adoption of closed loop-system (Artificial Pancreas) will boost the demand for insulin pumps

The smart insulin pump segment is expected to witness 19.1% CAGR during the forecast period, owing to technological advancements and robust product pipeline. For instance, in February 2020, Insulet Corporation announced partnership with Dexcom and Abbott for its tubeless artificial pancreas system.
 

Rising healthcare expenditure to diabetes will boost the demand for hospitals

The hospitals segment revenue in the digital diabetes management market was over USD 4.5 million in 2020, owing to rising FDA approval of digital devices in hospitals. Additionally, increasing hospital stay and reimbursement of certain diabetes devices in hospitals will fuel the market demand.
 

High usage of digital diabetes devices in type 1 patients

Type 1 diabetes patients are highly dependent on insulin, and thereby require continuous monitoring of glucose. Moreover, adoption rate of connected devices and diabetes apps & software is also very high in type 1 diabetes patients. Type 1 diabetes patients are largely using glucose monitoring apps, nutrition apps, insulin titration apps, insulin delivery apps, and apps for closed loop system (artificial pancreas), among others.
 

Increasing prevalence of diabetes in Europe

Europe digital diabetes management market accounted for around 28% revenue share in 2020. Germany, U.K., France, Italy, and Spain are top countries in Europe with a high incidence of diabetes. According to the International Diabetes Federation, more than 59 million people in Europe were living with diabetes in 2019. Furthermore, presence of major players in the region, new product launches and implementation of better reimbursement policies are anticipated to impel the demand in the region.
 

Strong focus on product development by industry players

Some of the notable companies operating in the digital diabetes management market include Medtronic Plc, Abbott Laboratories, F.Hoffmann-LA Roche Ltd, Dexcom, Inc, Insulet Corporation, Tandem Diabetes, Ypsomed,  and Glooko, Inc., among several others.
 

These players are involved in mergers & acquisitions, joint ventures, licensing & partnership and technological collaborations to stay ahead in the market. For instance, in September 2019, Bayer licensed One Drop’s digital diabetes management platform, offering USD 40 million through the series B financing. Through this licensing Bayer would leverage One Drop’s predictive capabilities and harness its mobile platform.
 

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