The global Digital Diabetes Management market size is expected to be worth around US$ 26.6 billion by 2028, according to a new report by Vision Research Reports.
The global Digital Diabetes Management market size was valued at US$ 6.10 billion in 2020 and is anticipated to grow at a CAGR of 19.9% during forecast period 2021 to 2028.
The market is propelled by increasing number of product launches, coupled with innovation in technologies such as predictive analytics, Artificial Intelligence (AI), and Internet of Things (IoT).
Data analytics and artificial intelligence are now an integral part of digital solutions for diabetics. Artificial intelligence is gaining rapid attention in its ability to harness massive volumes of patient information. Digital diabetes management tools help patients analyze their glucose levels and pattern. They also help patients decide food intake and dosage of insulin. The number of smartphone apps for disease management has seen a monumental rise over the past few years, giving the market a major boost.
The market is further augmented by increasing prevalence of obesity, growing aged population, and rising awareness about diabetes preventive care. Moreover, increasing number of active users of smart devices and launch of new apps have allowed patients to monitor their blood glucose levels in real time. These apps also enable healthcare professionals to provide better patient outcomes. In May 2019, Roche Diabetes Care India introduced its Integrated Diabetes Management Solution (IDMS) program in India with the launch of Accu-Chek Instant blood glucose monitoring (BGM) system and the My Sugar app. The combination marks the entry of next-generation BGM systems. This is expected to propel product demand.
Based on product, the market has been segmented into smart glucose meter, continuous blood glucose monitoring systems, smart insulin pens, smart insulin pumps, and apps. Continuous blood glucose monitoring systems held the largest market share of just under 40.0% in 2020 owing to their compatibility with smart devices that serve as a display device. Moreover, they can also be set to send custom alerts to patients when certain glucose thresholds are reached.
The smart insulin pen segment is expected to grow at the highest CAGR of 22.05% over the forecast period. The high growth rate of the segment is majorly attributed to increasing number of product launches in the field of digital healthcare and introduction of artificial intelligence. Many market players are focusing on innovating smart insulin pen to stay ahead of the competition. For instance, Companion Medical’s InPen system, which was launched in December 2017, is the first FDA-approved solution that can connect with smartphone apps.
By apps, the market is divided into digital diabetes management apps and apps for weight and diet management. The former segment captured the largest market share in 2018 and was valued at USD 173.0 million that year. The growth of the segment is majorly attributed to increasing preference of patients for these apps. Such apps allow continuous monitoring of blood glucose levels and are widely used by the elderly population as well.
The weight and diet management apps segment also holds a considerable share in the market owing to increasing awareness of chronic diseases such as diabetes and its related complications. These apps use advanced digital data analytics to allow healthcare professionals to provide patients with the best possible solution. Key factors driving this segment are improved health outcomes, reduction of error rates, and declining healthcare costs. This segment is expected to register a CAGR of 22.0% over the forecast period.
Based on type, the digital diabetes management market has been segmented into wearable and handheld devices. Wearable devices held the largest market share and the segment is expected to exhibit the fastest CAGR of 19.6% over the forecast period. The growth of the market is majorly attributed to technological advancements such as advent of artificial intelligence, growing adoption self-administering insulin delivery devices in diabetes management, and launch of new products such as closed-loop pump systems and smart insulin patches.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America dominated the market in 2020 driven by increasing penetration of smart consumer devices and innovation in AI-based services. Furthermore, the region is in the next stage of digitization of concepts such Internet of Things, big data, machine learning, and robotics. Thus, these digital technologies are expected to propel the regional market during the forecast period. Europe is also expected to capture a considerable share over the forecast period owing to novel product launches and presence of key players in the region.
F. Hoffmann-La Roche Ltd
Ascensia Diabetes Care Holdings Ag
B Braun Melsungen AG
Smart glucose meter
Continuous blood glucose monitoring system
Smart insulin pens
Smart insulin pumps
Digital diabetes management apps
Weight & diet management apps
Middle East & Africa
The Digital Diabetes Management market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Digital Diabetes Management market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Digital Diabetes Management market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Digital Diabetes Management market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Digital Diabetes Management market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Digital Diabetes Management capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Digital Diabetes Management by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Digital Diabetes Management market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Digital Diabetes Management market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Digital Diabetes Management market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Digital Diabetes Management industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Digital Diabetes Management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Digital Diabetes Management market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Digital Diabetes Management market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Digital Diabetes Management market. These factors have benefited the growth of the global market for Digital Diabetes Management. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Digital Diabetes Management. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Digital Diabetes Management are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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