PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463776
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463776
Market Overview
The global digital diabetes management market revenue for 2023 has been estimated at USD 17.8 billion, which is expected to observe a compound annual growth rate of 13.7% during 2024-2030, to reach USD 43.4 billion by 2030. As per the International Diabetes Federation, around 538 million adults were suffering from diabetes in 2021, and this count is projected to touch 643 million by 2030 and 783 million by 2045.
In the past, no two years only, many new scientific discoveries were made in the sphere of diabetes care focused on smart sensor-based glucose monitoring technology, closed-loop systems, implantable digital medical devices for diabetes control, and wearable and smartphone-based health trackers.
The advancements in technology have improved the management of diabetes and have enabled patients, kids, and their families to have shorter periods of time they need to monitor the levels of blood, while at the same time, being able to maintain a flexible schedule of their daily life. This digital health therapeutics area is rich with products such as pre-filled syringes, insulin pumps, and glucose meters with test strips which are comparable in battle with the existing analogy way.
Fundamentally, the world is observing progress in the diabetes management system due to the improvements in remedies and diagnostic techniques for hyperglycemia. In addition, the major part of smart insulin pens is the I-Sens adaptor, which gauges the insulin level and therefore, guides for the correct angle injection.
Key Insights
In 2023, the CGM systems generated the largest revenue share of 40% because of enhanced features such as connectivity with smart gadgets and modifiable notifications on the basis of glucose thresholds.
Over the forecast period, the smart insulin pens category is projected to advance at a CAGR of 14.3%, propelled by AI addition and augmented product launches by major players.
In March 2022, Novo Nordisk launched the intelligent insulin pens (NovoPen Echo Plus and NovoPen 6) in the U.K., thereby making the treatment more efficient for patients with insulin-dependent diabetes, thanks to NHS's partnership.
Smartphone and wearable adoption, the growth of the aging population, and the increased need for better IT infrastructure will help track the application of diabetes and the management of blood glucose to see a gradual growth in this field.
Companies have adopted a new approach to improving patients' compliance by using modern apps with more capabilities.
Wearable devices are estimated to attain a substantial 70% share of the worldwide digital diabetes management industry by the end of the decade.
CGM systems have attained governing approvals, and smart insulin patches are witnessing ongoing technical improvements, contributing to the supremacy of wearable devices.
CGM systems provide complete data including blood glucose analyses and warnings for abnormal levels, growing patient suitability and propelling acceptance worldwide.
In 2023, the North American region had the largest income share of approximately 55% in the diabetes management industry.
Reasons contributing to this supremacy include growing diabetes cases, technical improvements in digital solutions, high smartphone utilization, and acceptance of cloud-based healthcare solutions.
The region's concentration on advancing treatment quality, enhanced healthcare infrastructure, and acceptance of connected diabetes management applications and remote coaching facilities also contribute to industry growth.