Digital Diabetes Management Market to Reach $19.98 billion by 2024 | Market and Regional Growth Analysis

 

Digital diabetes management solutions are smartphone-connected diabetes management devices and software platforms used by patients suffering from Type 1, Type 2, and gestational diabetes. Medical professionals also use these solutions to manage diabetes.

Various digital diabetes management devices such as smart glucose meters, continuous glucose monitoring systems, smart insulin pens, and smart insulin pumps/closed-loop systems and smart insulin patches are used for glucose monitoring and insulin delivery. Diabetes management applications, data management software & platforms, and services are used by patients and healthcare providers for remote monitoring, data analysis, and disease management.

The Digital Diabetes Management Market is experiencing significant growth due to rising prevalence of diabetes has increased the focus on the development and adoption of better solutions for diabetes care. Also, advancements in technologies have ensured the introduction of highly flexible solutions in the market. The increasing adoption of cloud-based enterprise solutions and the growing use of connected devices and apps are some of the other major factors supporting market growth.

The digital diabetes management market is projected to reach USD 19.98 billion by 2024, from an estimated USD 6.87 billion in 2019, at a CAGR of 23.8%

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, competitive leadership mapping, key market dynamics, and key player strategies.

Market Size Estimation:

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by product & service, device type, end user, and region).

After arriving at the market size, the total digital diabetes management market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.

Both top-down and bottom-up approaches were used to estimate and validate the total size of the digital diabetes management market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

1. The key players in the industry and market have been identified through extensive secondary research

2. The market generated by leading players has been determined through primary and secondary research

3. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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Recent Developments in Industry:

1. In November 2018, Insulet Corporation collaborated with SAMSUNG. Under this collaboration, Insulet integrated its Omnipod System with Samsung smartphones, to enhance consumer-based digital health technologies.

2. In July 2018, Medtronic partnered with United HealthCare Services, to reduce preventable hospital admissions by 27%, enhance diabetes management, and cut healthcare costs. Also offering plan members with diabetes access to automated insulin delivery.

3. In July 2018, Roche Diagnostics received CE Mark for its Accu-Chek Solo micropump system.

4. In July 2018, Abbott Laboratories Received US FDA approval for the FreeStyle Libre 14-day Flash Glucose Monitoring System.

Key Questions Answered In The Research:

# Who are the key players in the digital diabetes management market and which strategies have they pursued?

# What does the competitive landscape in this market look like?

# What is the strategic analysis of different geographical regions?

# What are the different market opportunities for stakeholders?

Market Analysis:

# The devices segment to dominate the digital diabetes management market during the forecast period.

# The wearable devices segment to account for the largest CAGR during the forecast period.

# North America is estimated to grow at the highest CAGR during the forecast period.

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Key Market Players:

Prominent players in the Digital Diabetes Management Market are Medtronic (Ireland), B. Braun (Germany), Dexcom (US), Abbott Laboratories (US), Roche Diagnostics (Switzerland), Insulet Corporation (US), Tandem Diabetes Care (US), Ascensia Diabetes Care (Switzerland), LifeScan (US), Tidepool (US), AgaMatrix (US), Glooko Inc. (US), and DarioHealth (Israel).

Medtronic is the leading player in the digital diabetes management market. The company’s leading position in this market is attributed to its strong geographical presence and wide product portfolio, which includes insulin pumps, smart glucose meters, CGM systems, mobile applications, data management software, and services.