The smart diabetes management market is expected to grow at a CAGR of 15.1% during the forecast period of 2020 to 2027 and to reach market value around US$ 13.9 billion by 2027.
The report analyzes and forecasts the smart diabetes management market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. 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 comprises a detailed value chain analysis, which provides a comprehensive view of the global smart diabetes management market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the smart diabetes management market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of smart diabetes management market for the base year 2018 and the forecast between 2019 and 2026. 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.
The devices segment held a major share of the smart diabetes management market in 2019. It is likely to maintain its dominance during the forecast period, attributed to a surge in inclination toward self-diabetes management. The demand for smart insulin delivery and glucose level monitoring devices has been rising due to their advanced technological features such as data collection and integration with digital health solutions, and more accurate and cost-effective diabetes management. Furthermore, the introduction of new products and ease of handling of these products are anticipated to drive the devices segment of the smart diabetes management market. The trend of connected healthcare and healthcare IT is likely to drive the adoption of smart diabetes management devices and apps. Features of connectivity with electronic health record (HER) and electronic medical record (EMR) systems, assistance in tele medicines, and remote patient monitoring are key features that are likely to propel the smart diabetes management market in the near future. In terms of application, the type 2 diabetes segment of the smart diabetes management market is estimated to account for a major share, and expand at a rapid pace during the forecast period. Physical inactivity, change in lifestyles, and unhealthy dietary habits are causing diabetes. Expansion of the application segment is attributed to a surge in the geriatric population with a high prevalence of diabetes. For instance, According to the World Health Organization, an estimated 1.6 million deaths were caused due to diabetes in 2014, and around 8.5% of adults had diabetes, worldwide.
North America holds a major share of the global smart diabetes management market. The market in the region is estimated to expand at a moderate CAGR during the forecast period. The smart diabetes management market in North America is primarily driven by the early adoption of technologically-advanced products and inclination toward self-diabetes management among patients in the region. Moreover, the presence of key players with diversified product portfolios and a supportive reimbursement scenario from public and private sectors are major factors that are anticipated to boost the smart diabetes management market in the region. For instance, In March 2018, Sanofi-Aventis U.S. LLC received approval from the U. S. Food and Drug Administration for Toujeo Max SoloStar. This product approval enabled the company to strengthen its product portfolio. In February 2018, Medtronic received U.S. Food and Drug Administration approval for the Guardian Sensor 3. This product approval enabled the company to strengthen its diabetes group product portfolio. Asia Pacific accounts for a significant share of the global smart diabetes management market.
The market in the region is projected to expand at a rapid pace during the forecast period. Rise in population with high diabetes prevalence is anticipated to drive the smart diabetes management market in the region. Moreover, rising awareness about self-diabetes management is likely propel the smart diabetes management market in the region. Europe is likely to hold a notable share of the smart diabetes management market, and expand at a moderate CAGR during the forecast period. The smart diabetes management market in Europe is primarily driven by an increase in prevalence of diabetes. For instance, according to the International Diabetes Federation, an estimated 35 million people had diabetes in 2011, and the number is projected to reach 43 million by 2030. Moreover, distribution agreements among key players are likely augment the smart diabetes management market. For instance, in April 2018, Tandem Diabetes Care entered into an agreement with Movi SpA for the distribution of the t:Slim X2 insulin pump in Italy. This agreement enabled the company to expand its insulin pump options for patients and healthcare providers.
The global smart diabetes management market is moderately fragmented, with top three to four players accounting for around 40% to 50% of the global market. Key manufacturers engage in new product development, collaborations, key acquisitions, and distribution agreements. For instance, in June 2018, Medtronic plc, a leader in medical technology, launched an updated iPro (TM) 2 myLog app. It is powered by Nutrio. This app enables a patient to understand the link between meals and glucose variability. In November 2018, Insulet Corporation collaborated with Samsung Electronics America, Inc. It is the first medical device that has enabled consumers to control insulin pump therapy with the help of a smartphone, and improve diabetes management. Key developments by market players are likely to propel the smart diabetes management market.
Prominent players operating in the smart diabetes management market are F. Hoffmann-La Roche Ltd, Medtronic, Dexcom, Inc., Insulet Corporation, Abbott, Jiangsu Delfu medical device Co., Ltd, DIAMESCO CO., Ltd., LifeScan, Inc., Glooko, Inc., and GlucoMe.
Smart Diabetes Management Market by Product
Smart Diabetes Management Market by Application
Smart Diabetes Management Market by End User
Smart Diabetes Management Market by Region
Reasons to Purchase this Report:
- Estimates 2019-2026 smart diabetes management market development trends with the recent trends and SWOT analysis
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 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.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: