Digital Diabetes Management Market 2023 Top Key Players and Analysis Report Till 2028

Northbrook, IL 60062 -- (SBWire) -- 07/13/2023 --Digital Diabetes Management Market in terms of revenue was estimated to be worth $16.8 billion in 2023 and is poised to reach $31.3 billion by 2028, growing at a CAGR of 13.3% from 2023 to 2028 according to a new report by MarketsandMarkets™. As diabetes prevalence has increased, there is an increasing demand for more efficient diabetes care solutions. Furthermore, technological advancements have made it possible for the market to acquire flexible solutions. The growing number of connected devices and apps, along with the widespread use of cloud-based enterprise solutions, is one of the main factors driving market growth.

The digital diabetes management industry is set to undergo transformative advancements in the near future. With the integration of cutting-edge technologies like wearable devices, continuous glucose monitoring systems, and AI-powered algorithms, individuals will have access to personalized, real-time insights into their condition. Remote patient monitoring and telemedicine will become increasingly common, enabling convenient access to healthcare professionals and facilitating proactive interventions. The industry will focus on seamless data integration, ensuring comprehensive and secure management of patient information. By prioritizing personalized care, behavioral and psychological support, and collaborative partnerships, the digital diabetes management industry is poised to empower individuals with diabetes, improve outcomes, and revolutionize the way diabetes is managed.

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"Continuous Glucose Monitoring (CGM) systems segment to grow at the highest CAGR during the forecast period."
Sub-segments of the products & devices taken into consideration in the digital diabetes management market include devices, digital diabetes management apps, data management software & platforms, and services. The devices segment includes CGM systems, smart insulin pens, smart insulin pumps/closed-loop systems, smart insulin patches, and smart glucose meters. The market for continuous glucose monitoring systems is anticipated to continue to grow at the highest CAGR during the forecast period. This is primarily because these CGM systems are less invasive than conventional blood glucose meters testing.

"Wearable devices segment held the largest share in the Digital Diabetes Management market in 2022."
Based on the device type, the digital diabetes management device market is segmented into handheld and wearable devices. Wearables accounted for the largest market share of all device types in 2022. Some of these devices include CGM systems, smart insulin pumps, and smart insulin patches. Increasing awareness of glucose monitoring, technological advancements like closed-loop pump systems, smart insulin patches, and various upcoming devices are the main factors driving the demand for wearable devices for digital diabetes management. Apart from that, connected devices allow patient for data uploading from home, immediate access to periodic glucose level readings, and dose management and planning.

"The Self/home healthcare segment to grow at the fastest CAGR during the forecast period"

The majority of end users in the digital diabetes management market are academic & research institutions, hospitals & specialty diabetes clinics, and self/home healthcare. The self/home healthcare segment is anticipated to grow at the highest CAGR during the forecast period. Precision, accuracy, minimal invasiveness, and user friendliness have all improved in digital diabetes management systems and platforms for self/home care.

"North America accounted for the largest share of the Digital Diabetes Management market, followed by Europe in 2022"

North America, followed by Europe, held the largest market share in 2022. The market for digital diabetes management in North America was further dominated by the US. This is driven on by a number of factors, such as the rising prevalence of diabetes, technological advancements in digital diabetes management solutions, an increase in the number of smartphone users, and an increasing emphasis on raising the quality of patient care.

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Digital Diabetes Management Market Dynamics:

Drivers:

1. Advent Of Artificial Intelligence In Diabetes Care Devices

Restraints:

1. High cost of devices and lack of reimbursement in developing countries

Opportunities:

1. Increasing diabetes-related health expenditure

Challenges:

1. Low penetration in developing economies

Key Market Players:

The prominent players operating in the global digital diabetes management market are Medtronic (Ireland), B. Braun Melsungen AG (Germany), Dexcom, Inc. (US), Abbott Laboratories (US), F. Hoffmann-La Roche (Switzerland), Insulet Corporation (US), Tandem Diabetes Care (US), Dottli (Finland), Ypsomed Holding AG (Switzerland), ARKRAY (Japan), Ascensia Diabetes Care Holdings AG (Switzerland), Health2Sync (Taiwan), Emperra GmbH E-Health Technologies (Germany), ACON Laboratories, Inc. (US), Care Innovations, LLC (US), Azumio (US), LifeScan, Inc. (US), Tidepool (US), AgaMatrix (US), Glooko, Inc. (US), DarioHealth Corporation (Israel), One Drop (US), Decide Clinical Software GmbH (Austria), Pendiq GmbH (Germany), and BeatO (India).

Report Link: Digital Diabetes Management Market

Recent Developments:

- In February 2023, Dexcom launched Dexcom G7 CGM device in the US and is planning to launch in Europe and Asia Pacific by first quarter of 2024

- In October 2022, Abbott laboratories launched Freestyle Libre 3 CGM device worldwide.

- In April 2022, Dexcom launched Dexcom ONE device. The company launched the new Dexcom ONE Continuous Glucose Monitoring System in the UK.

- In April 2022, Ascensia Diabetes Care Holdings AG (Switzerland) launched Eversense's 6-month CGM system in the US.

- In October 2021, LifeScan, Inc. (US) launched OneTouch Solutions. This is a holistic digital health offering linking people with diabetes to solutions and support from proven experts.

- In September 2020, Roche Diagnostics (Switzerland) launched a remote patient monitoring ssolution, which is a new element of the RocheDiabetes Care Platform and uses its pattern detection feature.

Digital Diabetes Management Market Advantages:

- Improved Monitoring: Digital diabetes management solutions, such as wearable devices and continuous glucose monitoring systems, provide real-time and continuous monitoring of blood glucose levels. This allows individuals to track their levels more accurately and make timely adjustments to their treatment plans, leading to better glycemic control.

- Enhanced Self-Management: Digital tools empower individuals with diabetes to take an active role in managing their condition. Through mobile applications and online platforms, individuals can easily track their food intake, physical activity, medication adherence, and overall well-being. This increased engagement and self-management can lead to better diabetes control and improved health outcomes.

- Personalized Recommendations: Advanced algorithms and machine learning techniques enable digital diabetes management solutions to analyze individual data and provide personalized recommendations. These recommendations can include medication dosages, dietary choices, and lifestyle modifications tailored to each person's unique needs and preferences. This personalized approach enhances treatment effectiveness and patient satisfaction.

- Remote Access to Healthcare Professionals: Digital diabetes management facilitates remote patient monitoring and telemedicine, allowing healthcare professionals to remotely monitor individuals with diabetes and provide timely interventions. This remote access saves time and travel costs for patients while enabling healthcare providers to reach a larger patient population, leading to improved access to care and better disease management.

- Data-Driven Insights: Digital solutions generate large amounts of data related to blood glucose levels, medication adherence, and lifestyle factors. By analyzing this data, healthcare providers can gain valuable insights into patterns, trends, and potential risks associated with diabetes management. These insights can inform treatment decisions, facilitate personalized care, and optimize outcomes.

- Behavioral Support and Education: Many digital diabetes management solutions incorporate behavioral support and educational resources to help individuals make positive lifestyle changes. These resources can include virtual coaching, personalized educational content, and social support networks, fostering behavior modification, motivation, and emotional well-being.

- Cost-Effectiveness: Digital diabetes management has the potential to reduce healthcare costs associated with diabetes management. By promoting proactive and preventive care, digital tools can help individuals avoid costly complications and hospitalizations. Additionally, remote monitoring and telemedicine can reduce the need for frequent in-person visits, leading to cost savings for both patients and healthcare systems.
Overall, the advantages of the digital diabetes management market include improved monitoring, enhanced self-management, personalized recommendations, remote access to healthcare professionals, data-driven insights, behavioral support, and cost-effectiveness. These benefits contribute to better diabetes control, improved quality of life, and more efficient healthcare delivery.