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According to World Health Organization (WHO), an estimated 422 million people all over the globe have diabetes. Such increasing prevalence is alarming the healthcare professionals as well as the population to control and manage diabetes. Changing lifestyle habits, smoking, alcoholism, and lack of exercise are major factors to scale-up diabetes cases around the world. Finding a way out through this challenging situation, pharmaceutical and several biotechnology companies have launched digital platform for effective diabetes management. Moreover, the diabetes tracking apps on the smartphone or smart technology enabled insulin pens and pumps have helped patients to track diet and exercise ensuring stable glucose range. In addition, numerous start-ups are entering the market by launching advanced digital platforms. In addition, the availability of telehealth platform, and government initiatives in promoting adoption of digital health has a positive impact on the market, thus leveraging its market potential in the forecast period.
The factors attributable for the growth of the global digital diabetes management market includes growing adoption of wearable platform for diabetes monitoring. Besides, the market is also expected to propel due to increasing prevalence of diabetes due to changing lifestyle, government initiatives in promoting digital diabetes managenent platforms, and launch of user-friendly smart pens, pumps, and apps to help diabetes patients.
Key Market Driver -
Increased use of wearable devices coupled with growing prevalence of diabetes
Key Market Restraint -
Lack of awareness among patients in emerging countries
On the flip side, due to lesser awareness among the middle and lower-income population there is lower penetration of advanced technologies. This has led to restraint the global market growth during the forecast period. Additionally, lack of avaliability of smart devices for diabetes management in the low-income countries is also likley to hinder the market growth.
By device type, the market is segmented into hand held and wearable. Based on product, the market is segmented into smart glucose meter, continuous glucose monitoring systems, smart insulin pens, smart insulin pumps, and others. Based on end users, the digital diabetes management market is segmented into hospitals, home healthcare, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global digital diabetes management market report includes Care Innovations, LLC, GlucoMe, Medtronic, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, Dexcom, Inc., Abbott., Insulet Corporation, Bayer AG, and others.
Geographically, global digital diabetes management market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America leads the digital diabetes management market in 2019 by market share and value owing to high adoption of the digital platform to monitor diabetes, favourable reimbursement policies, and government as well as non-governmental initiatives to promote digital health. Europe holds the second position in the global market owing to promotion of the use of digital health platforms and emergence of start-ups in the market. Moreover, increasing prevalence of diabetes in emerging countries such as India, China, and others is attributable for Asia Pacific region to mark the highest CAGR in the global digital diabetes management market. Furthermore, Latin America and Middle East & Africa is expected to have comparatively lower growth owing to slower penetration of digital platforms in the region.
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