The global Digital Diabetes Management Market is estimated to be valued at US$ 9.31 Bn or Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global AI and digital technologies have enabled accurate monitoring of diabetes and administration of insulin with minimal human intervention thereby improving patient care and clinical outcomes. Technological advancements in devices, apps and connected healthcare services have simplified complex treatment regimen and data management for diabetes patients across various settings.
Market Overview:
Digital diabetes management products include smart glucose meters, continuous glucose monitoring (CGM) systems, insulin pens and pumps, diabetes management apps, and AI-powered virtual assistants that help diabetes patients to get access to needed care services remotely and digitally. These products empower patients to take an active role in managing their condition, track patterns, and make timely treatment decisions.
Market key trends:
One of the major trends is the increasing adoption of AI and digital health technologies by diabetes care providers and payers for remote monitoring, predictive analysis, and personalized care of patients. AI algorithms are being used to locate patterns and generate insights from huge volumes of patient data to forecast glycemic outcomes and complications. This enables providers to proactively engage high-risk patients and optimize therapies accordingly. Digital tools also help payers to manage costs by reducing avoidable hospitalizations and improving patient outcomes.
The digital diabetes management market has been witnessing increasing adoption of connected diabetes monitoring devices and digital applications for diabetes management and control. Continuous glucose monitoring (CGM) devices and insulin pumps, which can be integrated with different devices through mobile applications, are gaining widespread acceptance among patients and healthcare providers. Advancements in remote monitoring technologies, AI-powered data analysis, and cloud-based platforms allow more comprehensive diabetes care and management outside of clinical setups.
SWOT Analysis:
Strengths: Growing prevalence of diabetes globally is driving demand. Advanced digital solutions are improving treatment outcomes.
Weaknesses: High upfront costs of devices and application subscriptions. Data privacy and cybersecurity concerns persist with digital health technologies.
Opportunities: Untapped growth potential in developing nations. Integration of digital solutions with existing diabetes drugs/devices can enhance efficacy.
Threats: Stringent regulations for medical devices and data usage. Competition from affordable self-testing devices limiting adoption of expensive digital solutions.
Key Takeaways:
Global Digital Diabetes Management Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing adoption of advanced connected diabetes monitoring devices.
The North America region dominates the digital diabetes management market currently due to rapid technological advancements and growing acceptance of hi-tech monitoring and treatment solutions in the region. However, Asia Pacific is expected to witness the highest growth during the forecast period with growing diabetes prevalence and health digitization programs in many countries.
Key players operating in the Digital Diabetes Management market are Abbott Laboratories, Acon Laboratories, Inc., Bayer AG, F. Hoffmann-la Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, Terumo Corporation, Dexcom, Inc., and Becton, Dickinson and Company, among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it