Digital Diabetes Management Market Projected to Reach $54 Billion by 2027

The worldwide digital diabetes management market is expected to expand significantly over the next six years thanks to the increasing prevalence of the disease and demand for wireless solutions.

A recent study from market research firm Global Market Insights concluded the world is currently facing the challenge of rising prevalence of chronic diseases like diabetes. The growth in this disease has generated campaigns and government programs worldwide pertaining to preventive care of diabetes in order to control the disease prevalence. Moreover, with variety of technologically advanced diabetes care solutions being introduced, global digital diabetes management market is poised to gain massive momentum over the coming years.
 
The International Diabetes Federation has reported that in 2019, nearly 463 million people were living with diabetes and this number is estimated to reach 700 million by 2045. Such rapidly increasing rate of diabetes population has fueled the demand for insulin management and delivery devices over the past few years and is likely to increase further during subsequent years.
 
Considering the increasing patient inclination towards digital diabetes management market solutions, several industry players are focusing on developing sophisticated solutions to effectively meet the increasing consumer demand. In 2018, Roche collaborated with Wellthy Therapeutics, a digital health company providing consumers with an advanced digital diabetes management platform based on artificial intelligence that combines its Accu-Chek Active blood glucose meter with Wellthy Therapeutics’ Wellthy Care App. Apparently, this strategic move was claimed to strengthen the company’s product portfolio and allow it to gain a strong market presence.
 
Smart insulin pens are in high demand owing to the benefits associated with them. This advanced digital diabetes management solution records the amount of each insulin dose and transmits the related data using connected Bluetooth devices. Moreover, manufacturers of smart insulin pens are inclined on incorporating advanced features to the product such as user-friendly interface for diabetes patients.
 
In 2020, Medtronic launched the latest version of its smart insulin pen, which features integrated continuous glucose monitoring (CGM). According to the company, it is the first ever “connected” device designed for diabetes patients using multiple daily injections of insulin. Further, the InPen with Real-Time Guardian Connect CGM Data enables users to view glucose readings as well as insulin dose information in same app. In addition, these pens can be programmed with parameters such as target blood glucose levels, insulin sensitivity and insulin-to-carb ratios. With such growing innovations, smart insulin segment is expected to see a lucrative CAGR of 22 percent through 2027. 
 
As patients with type 1 diabetes are highly dependent on insulin and need consistent monitoring of blood glucose levels, there has been a significant rise in the adoption of digital diabetes solutions among this patient base. Besides, rising prevalence of type 1 diabetes will also fuel the product adoption further over the coming years. Taking these factors into consideration, type 1 diabetes segment across the overall digital diabetes management market is projected to register a substantial CAGR of 18.3 percent through 2027.
 
The digital diabetes management market is being increasingly adopted in homecare settings as they are user friendly and can be utilized with minimum or no assistance. Moreover, introduction to an increasing number of awareness campaigns by government bodies regarding diabetes management is supporting the product demand further, thereby propelling the business growth. In 2020, home settings segment had recorded a valuation of more than $4.5 billion. Another important factor propelling the segment growth is growing geriatric population who are susceptible to diabetes. As per the World Bank statistics, around 9.9 percent of the global population is aged 65 years and above.
 
With growing awareness regarding diabetes management using digital solutions in the region, Asia Pacific digital diabetes management market is anticipated to observe a notable CAGR of 19.5 percent through 2027. In addition, increasing R&D activities for developing advanced digital diabetes devices is expected to foster the product adoption over time. Besides, growing geriatric population, increasing disposable income, and rising government initiatives pertaining with healthcare in the region are also supporting the business space.
 
Key Companies covered in digital diabetes management market are Medtronic plc, Abbott Laboratories, F.Hoffmann-La Roche Ltd., Dexcom Inc., Sensonics, Insulet Corporation, Tandem Diabetes Care Inc., Ypsomed, Ascensia Diabetes Care Holdings, Tidepool, Glooko Inc., Dariohealth Corporation, Novo Nordisk A/S, Pendiq, Emperra GmbH E-Health Technologies.