Digital Diabetes Management Market opportunities and prominent trends to 2027
The digital diabetes management market size is set to register lucrative gains over the coming years due to the growing diabetes populations base.
Delaware , United States – July 23, 2021 /MarketersMedia/ —
With rising prevalence of diabetes around the world, several awareness campaigns and government initiatives regarding preventive care of diabetes are being undertaken worldwide. In addition to this, with several innovative diabetes care solutions being introduced almost every year, digital diabetes management market is set to witness a meritorious growth over the coming years.
Elaborating on the increasing prevalence of diabetes, the International Diabetes Federation has reported that around 463 million people were living with diabetes in 2019 and by 2045, this number is anticipated to reach 700 million. Considering the rapidly increasing rate of diabetes prevalence, demand for insulin management and delivery devices is likely to increase significantly over the subsequent years.
According to Global Market Insights Inc., digital diabetes management market size was valued at around USD 13.0 billion in 2020 and is projected to witness an appreciable CAGR of 18.8% through 2027, given the prominence of below mentioned trends:
Strategic initiatives by prominent industry players
Major industry players operating in digital diabetes management market such as Medtronic Plc, Abbott Laboratories, F.Hoffmann-LA Roche Ltd, Tandem Diabetes, Dexcom, Inc., Insulet Corporation, Glooko, Inc, etc. are adopting various business strategies such as merger, acquisitions, new product development to strengthen their market presence. For instance, in 2020, Tandem Diabetes Care announced the U.S. launch of t: slim x2 insulin pump with an aim to strengthen the company’s presence in the U.S. market.
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Burgeoning demand for smart insulin pens
Smart insulin pens are in high demand owing to the benefits associated with them. This advanced digital diabetes management solution records the amount of each insulin dose and transmits the related data using connected Bluetooth devices. Moreover, manufacturers of smart insulin pens are inclined on incorporating advanced features to the product such as user-friendly interface for diabetes patients.
Quoting an instance, in 2020, Medtronic announced the launch of the latest version of its smart insulin pen which features integrated continuous glucose monitoring (CGM). According to the company, it is the first ever “connected” device designed for diabetes patients using multiple daily injections of insulin. Further, this InPen with Real-Time Guardian Connect CGM Data enables users to view glucose readings as well as insulin dose information in same app. In addition, these pens can be programmed with parameters such as target blood glucose levels, insulin sensitivity and insulin-to-carb ratios. With such growing innovations, smart insulin segment is expected to see a lucrative CAGR of 22.0% through 2027.
Increasing popularity among Type 1 diabetes patients
As patients with type 1 diabetes are highly dependent on insulin and need consistent monitoring of blood glucose levels, there has been a significant rise in the adoption of digital diabetes solutions among this patient base. Besides, rising prevalence of type 1 diabetes will also fuel the product adoption further over the coming years. Taking these factors into consideration, type 1 diabetes segment across the overall digital diabetes management market is projected to register a substantial CAGR of 18.3% through 2027.
Heightened adoption across home care settings
Diabetes management devices are being increasingly adopted in homecare settings as they are user friendly and can be utilized with minimum or no assistance. Moreover, introduction to an increasing number of awareness campaigns by government bodies regarding diabetes management is supporting the product demand further, thereby propelling the digital diabetes management market growth. For the records, in 2020, home settings segment had recorded a valuation of over USD 4.5 billion. Another important factor propelling the segment growth is growing geriatric population who are susceptible to diabetes. As per the World Bank statistics, around 9.9% of the global population is aged 65 years and above.
Growing awareness regarding digital diabetes devices in Asia Pacific
With growing awareness regarding diabetes management using digital solutions in the region, Asia Pacific digital diabetes management market is anticipated to observe a notable CAGR of 19.5% through 2027. In addition, increasing R&D activities for developing advanced digital diabetes devices is expected to foster the product adoption over time. Besides, growing geriatric population, increasing disposable income, and rising government initiatives pertaining with healthcare in the region are also supporting the business space.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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