Global Digital Diabetes Management Market Overview
Diabetes is a disease in which glucose levels in the body shoots up on account of less secretion of insulin from the pancreas and the inability of insulin to maintain the blood glucose levels in the body. There are three main types of diabetes which include Type 1 diabetes, Type 2 diabetes and Gestational diabetes. Type 2 diabetes is one of the most common form of diabetes occurring these days. If the glucose level spikes up in the body, it is medically termed as hyperglycemia, whereas, if the glucose level goes down, it is medically referred to as hypoglycemia.
Diabetes have the potential to cause a spectrum of health related problems which includes hyperosmolar hyperglycemic state, diabetic ketoacidosis, chronic kidney diseases, different types of cardiovascular diseases or it can even lead to death. Diabetes management comprises of connected devices, application driven applications, test strip supplies and educating patients to manage their blood glucose levels effectively. Certain apps and devices help to track and maintain a record which further help physicians to provide the best advice for effective treatment of patients. For long term monitoring and control, digital diabetes management solutions have gained a prime importance.
Market Size and Forecast
The market is observing vibrant growth on account of increasing number of diabetic patients, thereby driving the demand for digital diabetes management. Growing adoption and penetration of digital platforms and mobile applications are further projected to drive the market growth. Additionally, technological advancements and rising geriatric population across the globe are expected to boost the market shares over the forecast period i.e. 2019-2027.
The digital diabetes management market is anticipated to record a CAGR of 23.7% over the forecast period. The market is segmented by product type into wearable and handheld devices, out of which, the wearable devices are expected to capture the highest market share on the back of enhancement in the adoption of smartphone connected wearable devices. The market is further segmented by devices into smart glucose meters, smart insulin pens, continuous glucose monitoring systems, closed loop systems and smart insulin patches, out of which, the continuous glucose monitoring systems are expected to have the highest market share over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Increasing Prevalence of Diabetes
Number of people suffering from diabetes are increasing at a higher pace across the world. For a diabetic patient, it becomes mandatory to manage the blood glucose levels in the body to lead a normal healthy life. Diabetes has become one of the common medical disorders all over the world. According to International Diabetic Federation, 425 million people are suffering from diabetes across the globe and 82 million people in the South East Region, by the year 2045, this will rise to 151 million. There were over 72 million cases of diabetes in India during the year 2017. This enhancement in the diabetic population across different regions of the world is anticipated to drive the growth of the market over the forecast period.
Growing Geriatric Population
The growing rate of geriatric population across the globe is directly related to the increase in the diabetic population as the impaired glucose regulation and sudden hormonal changes occur in people who grow old. According to National Institute of Health (NIH), older population across the world is anticipated to enhance in an unprecedented manner. Worldwide, 8.5% of the total world population (617 million) are aged 65 and over. According to the latest report, this percentage is anticipated to rise approximately 17% of the total global population by the year 2050 (1.6 billion). Therefore, the growing rate of older population that is more prone to diabetes is estimated to fuel the growth of the market over the forecast period.
Digital diabetes management is very expensive and there is a lack of reimbursement in the developing nations, due to which, people are adopting and accepting traditional diabetes management devices. These factors are expected to restrain the growth of the market over the forecast period.
Our-in depth analysis of the global digital diabetes management market includes the following segments:
By Product Type
By Product and Services
On the basis of regional analysis, the global digital diabetes management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to dominate the market on account of booming digital platform, rising prevalence of diabetes coupled with improved reimbursement policies. Further, growing rate of smartphone users, higher investment on research by the government, advanced healthcare infrastructure and digital platform adoption is anticipated to boost the market growth across the region.
Further, the Europe market is estimated to hold second largest market share on the back of growing diabetes population, increase in the healthcare expenditure and higher adoption of smartphones.
The global digital diabetes management market is further classified on the basis of region as follows:
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