Smart Glucose Monitoring is Estimated to Witness High Growth Owing to Opportunity to Improve Global Digital Diabetes Man

The digital diabetes management market comprises devices and applications that help in monitoring glucose levels, insulin delivery, and management of diabetes. Rising prevalence of diabetes across the globe has fueled the demand for devices and applications that can efficiently manage blood glucose levels. Digital tools help provide accurate insights about glucose levels and medication adherence, thus enabling effective control and management of diabetes.

The global digital diabetes management market is estimated to be valued at US$ 9.31 billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity to improve diabetes care management through continuous glucose monitoring presents a lucrative avenue for players in the digital diabetes management market. Continuous glucose monitoring (CGM) devices help track glucose levels in real-time without the need for finger pricks. The data from these devices can be analyzed for trends and fluctuations in glucose, thereby enabling timely intervention. This can help achieve better glycemic control and management of diabetes. With rising acceptance of CGM devices among patients and physicians, the market is expected to witness high demand for integrated diabetes management applications that collate glucose readings from these devices and provide analysis and insights. Such advanced digital diabetes management solutions can significantly benefit patients through improved outcomes.

Porter's Analysis

Threat of new entrants: The digital diabetes management market has high entry barriers due to requirement of large investments in R&D for software and device development. This reduces threat of new entrants.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established players offering substitutes. However, increasing health awareness increases buyer power.

Bargaining power of suppliers: Suppliers of components for devices have moderate to high bargaining power due to specialized expertise required. This balances the buyer power in the market.

Threat of new substitutes: Threat of substitutes is moderate as limited innovation is happening in alternatives like self-monitoring blood glucose meters.

Competitive rivalry: The competitive rivalry is high due to tight competition between global and regional established players.

SWOT Analysis

Strength: Established distribution channels, strong brand recognition, and deep R&D expertise of key players. Connected devices offer accurate insights into glucose levels.

Weakness: High costs of devices, data security and privacy concerns on using cloud-based solutions, reluctance to change existing treatment routines.

Opportunity: Growing diabetic population worldwide, rising healthcare expenditures, and increasing health insurance coverage present significant market opportunity.

Threats: Stringent regulatory framework, delay in new product approvals, and reimbursement issues impact market growth.

Key Takeaways

Global Digital Diabetes Management Market Size is expected to witness high growth due to the growing prevalence of diabetes, increasing awareness about diabetes management, and rising geriatric population. The global digital diabetes management market is estimated to be valued at US$ 9.31 billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.

North America dominated the market in 2021 due to growing adoption of advanced technologies for diabetes care, favorable reimbursement policies, and increasing health spending in the region. However, Asia Pacific is expected to witness the highest growth during the forecast period supported by the rising diabetes population, developing healthcare infrastructure, and growing medical tourism in countries like India and China.

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, among others. Continuous innovations in diabetes devices, software, and services are the key strategies adopted by these players to strengthen their market presence.