Digital Diabetes Management Market worth $25.5 billion by 2027 - Exclusive Report by MarketsandMarkets™
On the basis of products and services, the diabetes management market is categorized into four major segments, namely, devices, apps, data management software & platforms, and services.
CHICAGO, April 22, 2022 /PRNewswire/ -- According to the new market research report "Digital Diabetes Management Market by Product (Device (Smart Glucometer, CGM, Insulin Patch Pump), Diabetes Apps, Service, Data Management Software), Device Type (Handheld & Wearables), End User (Hospitals & Self/home healthcare) - Global Forecast to 2027", published by MarketsandMarkets™, the global market is projected to reach USD 25.5 billion by 2027 from an estimated USD 14.3 billion in 2022, at a CAGR of 12.2% during the forecast period.
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199 – Tables
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234 – Pages
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The rising prevalence of diabetes has increased the focus on the development and adoption of better solutions for diabetes care. Also, advancements in technologies have ensured the introduction of highly flexible solutions in the market. The increasing adoption of cloud-based enterprise solutions and the growing use of connected devices and apps are some of the other major factors supporting market growth. However, factors such as the high device costs, lack of reimbursement in developing countries, and the higher acceptance of traditional diabetes management devices are expected to restrain the growth of this market during the forecast period.
"Devices segment accounted for the largest share in the Digital Diabetes Management market."
On the basis of products and services, the diabetes management market is categorized into four major segments, namely, devices, apps, data management software & platforms, and services. The devices segment includes smart glucose meters, continuous glucose monitoring (CGM) systems, smart insulin pens, and smart insulin pumps/closed-loop systems & smart insulin patches. Similarly, the apps segment is further categorized into diabetes & blood glucose tracking apps and obesity & diet management apps. In 2021, the devices segment accounted for the largest share of 74.4% of the diabetes management market. The large share of this segment can be attributed to factors such as the growing demand for wireless and wearable devices for diabetes management, growing acceptance of smart insulin pumps & pens for insulin delivery, and the increasing awareness about continuous glucose monitoring in patients.
"Wearable devices segment accounted for the largest share in the Digital Diabetes Management market."
Based on type, the digital diabetes management devices market is segmented into handheld devices and wearable devices. Wearable devices accounted for the largest share of 60.3% of the digital diabetes management devices market in 2021. This segment is projected to reach USD 12,029.9 million by 2027 from USD 6,470.1 million in 2022. The large share of this segment is mainly attributed to factors such as the increasing number of regulatory approvals for CGM systems; technological advancements such as closed-loop pump systems, smart insulin patches, and other pipeline devices; and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery in diabetes management.
"The Self/home healthcare segment accounted for the largest share of Digital Diabetes Management market in 2021"
Based on end user, the diabetes management market is segmented into self/home healthcare, hospitals & specialty diabetes clinics, and academic & research institutes. Self/home healthcare accounted for the largest share of 74.5% of the digital diabetes management market in 2021. The large share of this segment can mainly be attributed to technological advancements and a shift toward home care and self-management of diabetes.
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"North America accounted for the largest share of the Digital Diabetes Management market in 2021"
In 2021, North America accounted for the largest market share of 41.4%, followed by Europe with a share of 29.0%. Factors such as the growing adoption of connected diabetes management devices, high adoption of diabetes management apps, growing demand for integrated hybrid closed-loop systems, favorable reimbursement policies, and government initiatives to promote digital health in the region are driving the growth of the digital diabetes management market in North America.
In the Asia Pacific, countries such as China and India have a high prevalence rate of diabetes, primarily due to the growing population, urbanization, and lifestyle changes. The increasing incidence of diabetes, rising awareness, high undiagnosed population, and the increasing penetration of smartphones and tablets have driven the adoption of digital diabetes management solutions in the region.
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), Ascensia Diabetes Care Holdings AG (Switzerland), LifeScan, Inc. (US), Tidepool (US), AgaMatrix (US), Glooko, Inc. (US), DarioHealth Corporation (Israel), One Drop (US), Dottli (Finland), Ypsomed Holding AG (Switzerland), ARKRAY (Japan), ACON Laboratories, Inc. (US), Care Innovations, LLC (US), Health2Sync (Taiwan), Emperra GmbH E-Health Technologies (Germany), Azumio (US), Decide Clinical Software GmbH (Austria), Pendiq GmbH (Germany), and BeatO (India).
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