According to the new market research report "Digital Diabetes Management Market by Product (Device (Smart Glucometer, CGM, Insulin Patch Pump), Diabetes Apps, Service, Data Management Software), Device Type (Handheld & Wearables), End User (Hospitals & Self/home healthcare) - Global Forecast to 2027", MarketsandMarkets expects the global digital diabetes management market is projected to reach USD 25.5 Billion by 2027 from an estimated USD 14.3 Billion in 2022, at a CAGR of 12.2% during the forecast period
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In this report, the digital diabetes management market is segmented on the basis of product & services, type, end user, and region.
Various products and services included in the digital diabetes management market are devices, apps, data management software & platforms, and services. The devices segment comprises smart glucose meters, continuous glucose monitoring (CGM) systems, smart insulin pens, and smart insulin pumps/closed-loop systems & smart insulin patches. Similarly, the apps segment is further categorized into diabetes & blood glucose tracking apps and obesity & diet management apps. The devices segment accounted for the largest share of 74.4% of the digital diabetes management market in 2021. Factors such as the increasing demand for wireless and wearable devices for diabetes management, growing acceptance of smart insulin pumps & pens for insulin delivery, and the growing awareness about continuous glucose monitoring in patients are driving the market growth.
Different types of digital diabetes management device studied in the report are handheld devices and wearable devices. Among these, the wearable devices accounted for the largest share of 60.3% of the digital diabetes management devices market in 2021. This segment is projected to reach USD 12,029.9 million by 2027 from USD 6,470.1 million in 2022. Factors such as the increasing number of regulatory approvals for CGM systems; technological advancements such as closed-loop pump systems, smart insulin patches, and other pipeline devices; and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery in diabetes management are boosting the segment growth.
Various end users of the digital diabetes management market are self/home healthcare, hospitals & specialty diabetes clinics, and academic & research institutes. The self/home healthcare accounted for the largest share of 74.5% of the digital diabetes management market in 2021. The large share of this segment can mainly be credited to technological advancements and a shift toward home care and self-management of diabetes.
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Geographical Growth Scenario:
North America is estimated to grow at the highest CAGR during the forecast period. The region also accounted for the largest market share of 41.4%, followed by Europe with a share of 29.0% in 2021. Various factors attributing to the growth of the digital diabetes management market in North America are growing adoption of connected diabetes management devices, high adoption of diabetes management apps, growing demand for integrated hybrid closed-loop systems, favorable reimbursement policies, and government initiatives to promote digital health in the region.
Furthermore, In Asia Pacific, countries such as China and India have a high prevalence rate of diabetes, primarily due to the increasing urbanization, population and lifestyle changes. The increasing incidence of diabetes, rising awareness, high undiagnosed population, and the rising penetration of smartphones and tablets have propelled the adoption of digital diabetes management solutions in the region.
Key Players:
Prominent players in the Electrophysiology market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Siemens Healthcare GmbH (Germany), Stereotaxis, Inc. (US), Merit Medical Systems (US), Atricure Inc. (US), APN Health, LLC (US), Osypka Medical (Germany), Japan LifeLine Co., Ltd. (Japan), Johnson & Johnson (US), Biotronik (Germany), MicroPort Scientific Corporation (China), and Acutus Medical, Inc. (US), and Among others
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