Digital Diabetes Management Market 2027: Future Trend, Industry Share Report & Business Opportunities
The U.S. digital diabetes management market size was valued at USD 3 billion in 2020 and it is slated to grow substantially in the future. The International Diabetes Federation estimates that the number of diabetic patients in the country will hit 36 million by 2045.
Digital Diabetes Management Market isexpected to grow significantly By 2027. The market for digital diabetesmanagement will continue to expand over the next few years with the need foraccurate, evidence based, and personalized solutions among diabetes patients.The global rise in diabetes occurrence has been linked with various factorsincluding inactive lifestyles, poor diet choices, and associated conditionssuch as obesity. Elderly people constitute a significant share of the globaldiabetic population and hence an aging world population is constantly drivingthe need for new digital diabetes care solutions.
Digital solutions for diabetes monitoringand management include a range of technologies, devices, applications,platforms, and services that help patients in glucose monitoring, insulinmanagement, diet management, and maintaining other health relater parameters.Let’s take a look at how the global digital diabetes management market willfare in the near future and explore some of the top trends driving the industryoutlook.
Widespread occurrence of type-1 and type-2 diabetes in North America
The number of patients suffering type-1diabetes in North American countries has increased considerably over the years.These patients require continuous monitoring of blood glucose and insulinlevels to maintain optimum health. Digital diabetes care products serve as acost-effective and promising solution for such patients. Based on thesefactors, it is estimated that the adoption of digital diabetes managementsolutions across type-1 diabetes patients in North America will grow at a CAGRof about 17.9% through 2027.
On the other hand, the type-2 diabetessegment will continue to dominate the regional market, expanding at a CAGR ofover 18.7%, with increasing awareness regarding self-medication and the needfor customized solutions.
Presence of leading medical device manufacturers in the U.S. and Canada
The U.S. digital diabetes management marketsize was valued at USD 3 billion in 2020 and it is slated to grow substantiallyin the future. The International Diabetes Federation estimates that the numberof diabetic patients in the country will hit 36 million by 2045.
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Meanwhile, the digital diabetes management marketis gain traction and record a healthy 19% CAGR up to 2027. Robust research anddevelopment in the field of diabetes care has led to numerous innovations inrecent years. Citing an instance, in February 2019, Dexcom, a leadingmanufacturer of glucose monitoring devices, had received Health Canada approvalfor its G6 CGM. It is an advanced solution for diabetic patients and can beused by patients aged two years or more.
Rising healthcare expenditure and favorable government initiatives in APAC
China has one of the largest number ofdiabetes patients in the world. In fact, nearly 116 million people weresuffering with diabetes in the country during 2019. Additionally, the cost ofdiabetes per person has increased drastically from USD 115 to USD 936.2 between2010 and 2019. China had captured around 19% revenue share of Asia Pacificdigital diabetes management market in 2020 and will witness commendable growththrough 2027.
In India, the adoption of digital diabetesmonitoring solutions is slated to grow at a 21% CAGR in the next few years. Inaddition to constant investments in healthcare infrastructure development, thegovernment has also taken numerous measures to raise awareness about diabetesand reduce the burden of the disease.
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Constant technological advances and thedevelopment of innovative digital solutions for diabetes monitoring andmanagement will create a favorable growth outlook for the Digital DiabetesManagement Market. Newer, more advanced solutions are enabling thepersonalization of diabetes care as patients can work with their healthcareadvisors to determine which solution fits their needs perfectly. Increasedaccuracy and efficiency of these devices could allow patients to improveglycemic control while at the same time reducing the risk of hypoglycemia.
Growing popularity of smart CGMs and smart insulin pens in Asia Pacific
Smart CGMs have rapidly emerged as areliable and efficient solution for reducing hypoglycemia and the time takenfor delivering the target glucose range. These devices provide healthcareprofessionals with more data, allowing them to deliver immediate feedback topatients and improve patient outcomes. In 2020, the Asia Pacific smart CGMmarket had generated more than USD 950 million in annual revenue and isestimated to record notable growth by 2027.
Meanwhile, the adoption of smart insulinpens in Asia Pacific is projected to grow at a robust CAGR of 21.3%. Theregional manufacturers are collaborating with other players to implementadvanced connected technologies into these devices and improve their accuracy.
Robust demand across hospitals as well as homecare settings in Europe
Europe digital diabetes management markethad generated nearly USD 1.2 billion from homecare settings in 2020 and willwitness similar trends in the future. The region is home to a large number ofelderly citizens. In fact, Europe reports that over 20% of the EU-27 populationwas aged 65 years or more in 2019. These factors are leading to the widespreadadoption of digital diabetes care solutions among older patients which allowsthem to monitor and manage health parameters at the comfort of their homes.
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However, hospitals will continue todominate the regional trends and will create a substantial demand for thesesolutions over the coming years. in 2020, European hospitals accounted for amarket share of around USD 1.3 billion.
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