PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1522733
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1522733
Global digital diabetes management market is projected to witness a CAGR of 11.47% during the forecast period 2024-2031F, growing from USD 18.36 billion in 2023 to USD 43.76 billion in 2031F. The market's growth is bolstered by the rising cases of diabetes, increasing emphasis on disease surveillance, growing popularity of remote patient monitoring, rising investments towards novel product development, and increasing collaborations between the key players of the market.
The rapid adoption of digital diabetes management products and services can also be attributed to the ease of use associated with them. They allow for communication between physicians and patients on a regular basis and the constant monitoring of the glycemic data allows healthcare professionals and caretakers to improve health outcomes by enhancing the quality of care provided to the patients.
Additionally, the introduction of novel technologies by various companies bolsters the global digital diabetes management market size. In August 2023, Welldoc Platform announced that they had received 510 (k) FDA clearance for their BlueStar digital diabetes management platform. This clearance allowed BlueStar to ensure that the bolus insulin dose was provided as per the recommendations on the basis of the continuous glucose readings. This development is expected to aid patients who require multiple injections of insulin on a daily basis to manage diabetes. Additionally, in July 2023, Better Therapeutics, Inc. also received authorization from the Food and Drug Administration for AspyreRx, a prescription-only digital therapeutic treatment used for providing cognitive behavioral therapy to patients suffering from type 2 diabetes who are 18 or older. Such developments and approvals are expected to boost the global digital diabetes management market demand and provide lucrative growth opportunities to the market.
Increasing Governmental Efforts Support Market Expansion
The growing burden of diabetes and the increasing requirement for advanced digital solutions that allow the management of the condition in a streamlined manner are some of the major factors because of which various governments are investing in digital tools and services for managing diabetes. In 2023, the government of South Korea launched the Nation Integrated Bio-big Data Project to collect data from the participants to understand the new trends and implement effective measures to enhance patient outcomes. Additionally, in 2021 the Government of Canada announced an investment of USD 35 million in diabetes prevention, of which USD 25 million were promised for the development of a national framework for diabetes as well as towards research and surveillance. Such initiatives and supportive measures are expected to support the expansion of the market and boost the demand for digital diabetes management products and services.
Rising Cases of Diabetes Bolster Market Demand
The rise in the number of cases of diabetes in various regions across the globe due to increasing obesity, genetics, and sedentary lifestyles is propelling the requirement for digital diabetes management devices and services. According to the estimates of the World Health Organization (WHO), approximately 422 million individuals across the globe are living with diabetes. This increase is augmenting the efforts of various healthcare companies and academic institutions towards the development of digital diabetes management products as the self-monitoring of blood glucose (SMBG), continuous glucose monitoring (CGM), mHealth apps, and decision support systems aid in reducing glycemic variability, HbA1c levels, and enhance self-management of diabetes to ensure timely interventions in case of hypoglycemic events. The data collected from digital diabetes management devices have the potential of detecting hypoglycemia and ensures the safety and efficacy of digital support systems and workflow, thus boosting the market's expansion.
North America Accounts for Significant Market Share
The growth of the market in North America is supported by the rising cases of diabetes in the region, strong presence of key market players, and high acceptance of novel digital disease management solutions. Digital diabetes management devices aid healthcare providers in visualizing trends in blood glucose levels, generating reports, analyzing collected data, and ensuring medication adherence. Due to the rising cases of diabetes in the region, the reliance on digital devices and services has significantly increased to ensure optimal care is provided to the patients and allow the effective management of the disease. According to the estimates of the US Centers for Disease Control and Prevention, in 2021 approximately 29.7 million individuals, accounting for 8.9% of the population of the United States, had been diagnosed with diabetes.
The increasing accessibility of digital diabetes management services and products coupled with the rising efforts of the companies based in the regions towards the development of novel solutions is further propelling the expansion of the market in North America. In October 2023, Insulet Corporation announced that their Omnipod 5 App for iPhone has received 510 (k) clearance from the FDA. With this clearance, Insulet became the first company known for offering automated insulin delivery systems that are compatible with iOS and Android smartphones. Such developments are expected to boost the accessibility of digital diabetes management solutions, augmenting the expansion of the market in the region.
Wearable Devices Expected to Account Significant Share of the Market
The growth of the segment can be attributed to the different advantages associated with their usage, including automated insulin delivery and the availability of real-time insights related to blood glucose levels. Additionally, artificial intelligence (AI) tools and advanced analytics can also aid healthcare professionals in predicting blood glucose fluctuations and analyzing data, allowing them to suggest personalized treatment options and determine various risk factors and complications associated with diabetes.
Furthermore, the continuous efforts of various health technology companies towards the development of wearable devices with advanced technologies is another major factor supporting the expansion of the segment. In March 2024, Dexcom, Inc. received clearance from the US Food and Drug Administration for Stelo. This wearable glucose biosensor is worn by the patients on the back of their arms and delivers data directly on their smartphones. With the help of constant health monitoring and wearable devices, valuable insights are provided to physicians and patients to facilitate preventive measures and early interventions for potential chronic situations.
Future Market Scenario (2024-2031F)
According to the global digital diabetes management market analysis, the growing popularity of remote patient monitoring and increased acceptance of digital devices for the management of various diseases and disorders is anticipated to provide lucrative growth opportunities to the market. The rising cases of diabetes are also expected to bolster the market demand. According to the estimates of The Lancet, approximately 1.3 billion individuals are expected to have diabetes by 2050.
Personalization of healthcare with the help of digital devices is also expected to improve patient access to different treatments and allow them to effectively manage long-term diseases such as diabetes. Additionally, with the help of data analysis, digital diabetes management solutions are expected to aid in enhancing the understanding of the requirements of the patients as well as strengthen partnerships with digital experts. Furthermore, AI is expected to play a crucial role in providing personalized diabetes management by analyzing the glucose data of millions of individuals round-the-clock, which in turn can support decision-making for individual patients and ensure that they are provided with recommendations suggested to their requirements. Thus, boosting the expansion of the market in the coming years.
Key Players Landscape and Outlook
The rising collaborations between key players of the market to boost the development and introduction of novel products and technologies in different geographical locations is supporting the global digital diabetes management market growth. In July 2024, Abbott and Dexcom announced that they will be launching their continuous glucose monitor in the coming months of 2024. The devices are expected to aid the companies in reaching approximately 25 million individuals in the United States that are suffering from Type 2 diabetes and do not take insulin, 85 million with undiagnosed pre-diabetes, and 15 million with pre-diabetes.
In March 2023, Roche Diabetes Care Japan Co., Ltd. and Astellas Pharma Inc. announced that they had entered in an agreement to commercialize and develop Roche's Accu-Chek Guide Me blood glucose monitoring system. The development of advanced digital solutions for management of diabetes is gaining traction in Japan due to the rising cases of the disease in the country, thus supporting the growth of the market.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work