The Digital Diabetes Management Market is estimated to be valued at US$ 9.31 Bn 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.
Market Overview:
Digital diabetes management provides advanced tools and systems that help people with diabetes better manage their condition and make informed decisions. These tools include smart insulin pens, continuous glucose monitoring systems, diabetes management apps and software to track blood glucose levels, carbohydrate intake, insulin dosage and other factors. These digital solutions enable remote monitoring by healthcare providers, automated insulin dosage calculations and personalized diet and exercise recommendations which help in better management of diabetes.
Market key trends:
One of the key trends fuelling the growth of digital diabetes management market is the advancement in connected healthcare technologies. Integrating connectivity and data sharing capabilities in diabetes care devices and software is allowing for continuous monitoring of patients’ health status. This real-time data sharing allows healthcare providers to remotely monitor patients and intervene accordingly. It also enables patients to share this data with caregivers and family members for added support. Furthermore, connectivity allows devices to communicate with each other for automated insulin dosage calculation and updates based on readings. This interconnectivity of devices is driving better management of diabetes through personalized care.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established industry players make it difficult for new players to enter the market. However technology advancements have lowered the entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power. With increasing awareness, buyers can choose from various product options and brands but established brands have customer loyalty.
Bargaining power of suppliers: Suppliers of devices, components and other raw materials have moderate bargaining power due to established supply networks of industry players.
Threat of new substitutes: Moderate threat due to alternative diabetes management options like insulin pens, continuous glucose monitors (CGM), artificial pancreases etc.
Competitive rivalry: Intense competition among existing players to gain market share through new product launches, partnerships and mergers & acquisitions.
SWOT Analysis
Strengths: Growing diabetes patient population, rising healthcare expenditure, increasing adoption of self-monitoring diabetes devices and digital solutions.
Weaknesses: Data privacy and security concerns, high costs of devices, requirement of frequent calibrations, limited medical reimbursements.
Opportunities: Untapped growth potential in emerging markets, incorporation of AI and IoT in products, favorable regulatory environment.
Threats: Production/supply disruptions due to COVID-19 pandemic, intellectual property infringements, lengthening replacement cycles.
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 prevalence of diabetes worldwide. North America dominated the market in 2023, owing to presence of key market players and availability of advanced digital diabetes management devices in the region.
Regional analysis - Asia Pacific is expected to witness the fastest growth during the forecast period due to rising healthcare awareness, increasing disposable incomes and improving access to healthcare facilities in countries like China and India.
Key players - 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.
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