Digital diabetes management products provide innovative solutions to patients suffering from diabetes by helping them monitor glucose levels, manage diets, and track medication schedules conveniently. With the use of advanced technologies such as continuous glucose monitoring systems, smart insulin pens, and diabetes management apps, patients can gain better control over their condition from the comfort of their homes. These solutions help reduce hospital visits and lower healthcare costs associated with diabetes care.
The global Digital Diabetes Management Market is estimated to be valued at US$ 9.31 billion in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of remote patient monitoring systems is expected to be a major trend in the digital diabetes management market. Remote patient monitoring allows frequent transmission of clinical health data using digital technologies from patients’ homes to healthcare providers, who can monitor patients’ conditions and help modify treatments if needed. This eliminates the need for frequent in-person visits, saves costs for both patients and insurers, and improves accessibility of care, especially for those in rural areas. It is expected that rising investments by major players in development of advanced remote monitoring systems for diabetes management will drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The digital diabetes management market has moderate threat from new entrants due to high R&D and product development costs.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of many product options from various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials and components used in digital diabetes management devices and software.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives to digital diabetes management devices and software.
Competitive rivalry: The competitive rivalry is high among existing competitors like The Kraft Heinz Company, McCormick & Company Inc., Sempio Food Company to gain more market share.
Key Takeaways
The Global Digital Diabetes Management Market Growth is expected to witness high. The global Digital Diabetes Management Market is estimated to be valued at US$ 9.31 billion in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
North America dominates global Digital Diabetes Management market and is expected to grow at a high CAGR over the forecast period due to the early adoption of advanced technologies and rising awareness among patients for diabetes management.
Key players operating in the Digital Diabetes Management market are The Kraft Heinz Company, McCormick & Company Inc., Sempio Food Company, Delmaine Foods, Edward & Sons Trading Co., Cajun Powder Sauce, General Mills Inc., and Bull-Dog Sauce Co. Ltd. These key players are focusing on new product launches and geographical expansion to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it