DIGITAL DIABETES MANAGEMENT MARKET ANALYSIS

The global digital diabetes management market was valued at US$ 7.60 Bn in 2022 and is forecast to reach a value of US$ 38.55 Bn by 2030 at a CAGR of 22.5% between 2023 and 2030. The global digital diabetes management market is experiencing strong growth owing to the increasing prevalence of diabetes and growing geriatric population around the world. Moreover, the advent of Artificial Intelligence (AI) in diabetes management devices and increasing demand for digital diabetes management devices is expected to boost the growth of the market. However, factors such as high cost of digital diabetes management devices and patient data privacy concerns are expected to hamper growth of the global digital diabetes management market.

Global Digital Diabetes Management Market: Regional Insights

Based on geography, the global digital diabetes management market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing prevalence of diabetes, growing geriatric population, rise in adoption of digital diabetes management devices, and growing awareness among people in the region. For instance, according to the Centers for Disease Control and Prevention’s (CDC’s) National Diabetes Statistics Report (2022), over 130 Billion adults in the U.S. are living with diabetes or prediabetes. Growing rates of obesity, poor diets, and lack of physical activity, among others, have contributed to a more than three-fold increase in the number of adults living with diabetes.

Europe and Asia Pacific are also expected to witness robust growth in the global digital diabetes management market owing to the rise in burden of diabetes, growing geriatric population, growing awareness among people, and increasing adoption of digital diabetes management devices in these region. For instance, according to the World Health Organization (WHO), Diabetes EURO, there are more than 60 Billion people with diabetes in the European Region, or about 10.3% of men and 9.6% of women aged 25 years and over. Europe has one of the highest prevalence of diabetes, and it is estimated that this figure will reach 71 Billion by 2040.

Figure 1. Global Digital Diabetes Management Market Share (%), by Region, 2023

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Global Digital Diabetes Management Market Drivers:

Rise in burden of diabetes to propel market growth

One of the key factors expected to augment the growth of the global digital diabetes management market over the forecast period is the increasing prevalence of diabetes across the globe. Diabetes is a chronic, and largely preventable, disease that can lead to cardiovascular disease, kidney failure, blindness, loss of limbs, and loss of life. According to the International Diabetes Federation (IDF), around 537 Billion people (aged 20 to 79 year) are living with diabetes, and the number is expected to reach around 643 Billion by 2030 and 783 Billion by 2045. This in turn is expected to increase the adoption of digital diabetes management devices worldwide.

Growing geriatric population to boost market growth

Another factor driving the growth of the global digital diabetes management market is the growing geriatric population around the world. For instance, diabetes is common in older adults, affecting an estimated 33% of people aged 65 and older. Geriatric population is more at risk of developing diabetes-related complications such as heart disease, kidney failure, and hypoglycemia (low blood sugar) than younger people living with diabetes. Moreover, diabetes in older adults is a significant and growing public health problem across the globe. According to the WHO, by 2050, the world's population of people aged 60 years and older will double (2.1 billion).

Global Digital Diabetes Management Market Opportunities:

Advent of artificial intelligence (AI) in diabetes management devices is expected to offer lucrative growth opportunities for players in the global digital diabetes management market. For instance, digital diabetes management devices are revolutionizing diabetes treatment with the introduction of AI in these devices. In September 2022, Diabeloop developed an AI algorithm that promises to close the diabetes management loop by connecting insulin pumps and continuous glucose monitors and fully automating the entire insulin delivery process. It takes in blood sugar readings every five minutes and uses its AI algorithms to analyze the readings in real time.

Increasing demand for digital diabetes management devices is expected to offer significant growth opportunities for players in the global digital diabetes management market. For instance, there is an increasing demand for digital devices, such as smart insulin pens, smart insulin pumps, smart glucose meter, and/or continuous blood glucose monitoring devices worldwide. In February 2023, Mednow Inc. launched its enhanced Virtual Diabetes Management program, an end-to-end digital diabetes management solution, to enable convenient on-demand access to Dexcom G6 real-time continuous glucose monitoring supplies and personalized diabetes care services.

Global Digital Diabetes Management Market Trends:

Advancements in diabetes care device is a recent trend

With technologies such as AI, diabetes care devices can play a vital role in managing this chronic disease. For instance, smart insulin pens can transmit dosing data with Bluetooth Technology and allow programming of carbohydrate ratios and sensitivity factors, simplifying the management for clinicians. Technological advancements or technologies like these make it easier to manage people with diabetes more carefully and increase the demand or adoption of such devices worldwide. This trend is expected to continue during the forecast period.

Increasing awareness among people is another trend

Government initiatives to promote awareness about diabetes and user-friendly interfaces of insulin delivery devices are driving the demand for digital diabetes management devices in the homecare settings. Growing awareness about technologically advanced products is responsible for the higher adoption of these devices worldwide. Moreover, considerable rise in diabetes burden and several government awareness programs may propel the growth of the market. This trend is also expected to continue over the forecast period, driving the market growth.

Global Digital Diabetes Management Market Restraints:

High cost of digital devices to hinder market growth

One of the key factors expected to hinder growth of the global digital diabetes management market is the high cost of digital diabetes management devices. People with diabetes are 300% more likely to be hospitalized, and thus, they incur higher healthcare costs compared to those without diabetes. According to the American Diabetes Association, on average, people with diagnosed diabetes have medical expenditures around 2.3 times higher than what expenditures would be in the absence of diabetes. Moreover, the cost of devices, such as insulin pumps and CGM, are very high, owing to the sophisticated sensors integrated into them.

Patient data privacy concerns to hamper market growth

Another factor which is hampering growth of the global digital diabetes management market is the patient data privacy concerns. Digital diabetes management device manufacturers do not provide assurance of security of patient data, thus consumers are concerned about their health data privacy. This in turn limit the adoption of technologically advanced devices among patients. The data may be compromised and technology may subject them to unwanted personal surveillance. Moreover, the security issues associated with digital devices are expected to hamper the market growth.  

Figure 2. Global Digital Diabetes Management Market Share (%), by Type, 2023

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Global Digital Diabetes Management Market Segmentation:

The global digital diabetes management market report is segmented into Type, Product, and Region.

Based on Type, the digital diabetes management market is segmented into Handheld Devices and Wearable Devices. Out of which, Handheld Devices Segment is expected to dominate the market over the forecast period and this is attributed to the rise in burden of diabetes across the globe.

Wearable Devices Segment is also expected to witness significant growth in the near future and this is owing to the increasing adoption of wearable devices.

Based on Product, the market is segmented into Continuous Blood Glucose Monitoring Systems, Smart Glucose Meter, Smart Insulin Pumps, Smart Insulin Pens, and Apps. Of which, Continuous Blood Glucose Monitoring Systems Segment is expected to dominate the market during the forecast period and this is attributed to the increasing awareness among people about diabetes care and the benefits of continuous blood glucose monitoring devices.

Smart Insulin Pens Segment is also expected to witness significant growth in the near future and this is owing to increasing adoption of digital diabetes management devices.

Global Digital Diabetes Management Market: Key Developments

In November 2022, Eli Lilly and Company (LLY) planned to rollout first connected platform, the Tempo Personalized Diabetes Management Platform, in the U.S. The platform aims to help people living with Type 1 and Type 2 diabetes and clinicians make informed, data-backed decisions to manage treatment with Lilly insulins.

In April 2022, Dexcom announced the launch of new Dexcom One continuous glucose monitoring (CGM) system in the U.K. The Dexcom One system as an easy-to-use, real-time CGM that it aims to make more affordable and accessible for people with diabetes in the U.K.

In March 2022, India Medtronic Private Ltd. announced the launch of the MiniMed 780G system in India. The MiniMed 780G system is a next generation closed loop insulin pump system for the treatment of type 1 diabetes in people age 7 to 80 years.

In March 2022, Novo Nordisk launched smart insulin pens in the U.K., giving people treated within the NHS (the National Health Institutes) for diabetes access to devices that can monitor and record dosing information for the first time.

Global Digital Diabetes Management Market: Key Companies Insights

The global digital diabetes management market is highly competitive. This is attributed to the rise in adoption of digital diabetes management devices around the world, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global digital diabetes management market are Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffmann-la Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others.

*Definition: Digital diabetes management devices, like smart insulin pens, smart insulin pumps, smart glucose meter, and continuous blood glucose monitoring devices, help people with diabetes (type I and type II) to monitor and manage their glucose levels.