The digital diabetes management market size will reach USD 13 billion by 2024, growing at a CAGR of 18% during 2019-2025. The market has witnessed significant growth in sales volume due to the growing prevalence of diabetes and the increasing awareness of self-management of the disease. The increased demand from developing regions, the introduction of innovative smart diabetes management devices, and increased marketing activities via online stores contribute to the growth of the market worldwide.
The market has been witnessing a broad range of technological innovations and improvements in recent years. As the demand for digitally advanced blood glucose monitoring devices is growing significantly, vendors are focusing on developing innovative devices, incorporating new technological platforms, and improving existing ones to enhance overall patient care. Besides, vendors are also offering a wide range of innovative BGM devices with improved features such as inbuilt alert systems, wireless connectivity, data storage, compatibility with Android and iOS platforms, and messaging options to evaluate the patient’s blood glucose levels regularly. Hence, the introduction of advanced digital devices has enabled both patients and healthcare professionals to monitor blood glucose levels in real-time, thereby enhancing the management of diabetes.
The digital diabetes management market is highly influenced by the increasing adoption of smartphones, wearable medical devices, and the availability of several mHealth applications for blood glucose tracking. mHealth applications and data integration software platforms help in storing blood glucose data of the patient and transmitting the same to healthcare professionals for clinical decision making. Therefore, the increasing usage of mobile applications and data management platforms contributes to the growing demand for smart devices for effective and accurate diabetic management.
DIGITAL DIABETES MANAGEMENT MARKET SEGMENTATION
This research report includes detailed segmentation by
- Distribution Channels
INSIGHTS BY PRODUCTS
The digital diabetes management devices segment is growing at a faster rate due to the growing adoption of several digitally advanced diabetic care devices, including digital blood glucose meters, Continuous Glucose Monitoring (CGM) devices, insulin pumps, and digital insulin pens. Among all these devices, CGM devices are contributing to the largest share in 2018. The wide availability of technologically advanced blood glucose monitoring devices and the rapid expansion of telehealthcare facilities contribute to the digital diabetes management market share.
The growing prevalence of diabetes, mainly in the growing geriatric population, is the key factor driving the growth of the applications and software segment. Further, technological advancements are a crucial factor in the development of the segment. The encouraging sale of smartphones, coupled with growing focus on home healthcare and remote patient monitoring, has led to several mHealth applications for tracking several health activities such as physical activities, blood glucose levels, blood pressure, heart rate, among others.
INSIGHTS BY DISTRIBUTION CHANNEL TYPE
Retail stores are considered an indispensable distribution channel for digital diabetes monitoring devices. They offer easy access to a broad customer base and involve personalized attention to each consumer’s needs. A major exciting trend observed in this distribution system is that they are increasingly getting integrated with online platforms with retail chains either having their standalone online portals or participating through marketplaces through e-commerce companies.
Online stores have played a pivotal role in dispensing information and bringing radical changes in the consumption pattern and the shopping behavior of consumers. The rise of standalone web portals for retailers and the emergence of exclusive online marketplaces for home care and self-testing products such as digital BGM devices have recently gained attention in the market. For instance, BGM devices and accessories are readily available through online e-commerce portals such as Amazon, Flipkart, Snapdeal, and Paytm. Besides, manufacturers are also offering BGM devices through direct B2C online channels.
INSIGHTS BY END-USERS
The rapidly increasing diabetic population due to unhealthy lifestyle patterns, excess alcohol consumption, low diet, and the lack of physical activities worldwide are majorly contributing to the growing demand for several digital diabetes devices. Also, the healthcare industry has witnessed a paradigm shift in the last decade with an increasing preference toward self-monitoring of blood glucose levels over hospital-based testing.
Healthcare professionals in hospitals and clinics use professional devices for quick and accurate measurement of blood glucose levels. The hospital segment is growing at a healthy rate and is likely to grow steadily during the forecast period. The adoption of POC tests, which is increasing at a significant rate for evaluating blood glucose levels, is a major factor for digital diabetes management market growth. The availability of skilled healthcare professionals with knowledge and expertise in assessing blood glucose levels and aiding in diabetes management attracts more patients to hospitals and clinics than other healthcare providers.
INSIGHTS BY GEOGRAPHY
The growing diabetic patient population, high preference for self-monitoring of blood glucose levels, and the advent of highly advanced and innovative blood glucose management devices are the primary factors for the high share in North America. Also, the growing geriatric population with an increased risk of increasing blood glucose levels is another key factor driving the growth of the region.
Europe is the second-largest market. Germany, France, Spain, the UK, and Italy are the major revenue contributors in Europe. The growth is mainly due to the highly sophisticated healthcare infrastructure, the increasing patient population with high awareness levels regarding the availability of advanced treatment options for diabetic care.
APAC is the third-largest market. It has the largest population density and the highest proportion of people with diabetes. India and China population have around 195 million people with diabetes. Japan, China, South Korea, India, and Australia are the major revenue contributors from the region. China, South Korea, and India hold significant shares and are expected to witness the significant growth rate due to advancements in healthcare infrastructure, the rise in healthcare expenditure, and favorable public and private initiatives for an increase in the healthcare access.
Brazil, Mexico, and Argentina are the major revenue contributors to the digital diabetes management market shares in Latin America. Turkey, Saudi Arabia, Iran, and South Africa are the major revenue contributors in MEA. The lack of awareness and the availability of various advanced treatment options for diabetic management have led to lower uptake in MEA than the US, Europe, Latin America, and APAC.
KEY VENDOR ANALYSIS
The global digital diabetes management market is highly competitive and dynamic, characterized by the presence of many international, regional, and local vendors offering a diverse range of technologically advanced devices, including CGM devices, test strips, digital insulin pens, insulin pumps sensors, lancets, and lancing devices for enhancing/improving the overall patient care. Approximately more than 400 vendors are offering such a wide array of products worldwide. Many global, regional, and local players manufacture and promote a diverse range of devices for the effective management of diabetes. The market is subject to rapid technological changes and significantly affected by new product launched and other strategies of industry participants Abbott, Ascensia Diabetes Care, B. Braun Melsungen, Dexcom, F. Hoffmann-La Roche, LifeScan, Medtronic, and Insulet are the major players.
The digital diabetes management market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Products
- Applications and Software
By Distribution Channel Type
- Retail Stores
- Online Channels
- Hospitals and Specialty Diabetes Clinics
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa