by The global Digital Diabetes Management Market is estimated to be valued at US$ 9.31 Billion in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Digital diabetes management utilizes devices such as smart glucose meters, continuous glucose monitoring systems, smart insulin pens. And insulin pumps that work in conjunction with mobile applications and web-based platforms. These systems help improve diabetes treatment outcomes by facilitating remote monitoring of blood glucose levels, insulin administration. Also dosing, carbohydrate counting, and other diabetes data by diabetes care team including doctors, clinicians, and caregivers. Digital tools help optimize treatment decisions and management in a timely manner and also reduce long-term diabetes complications.
Market key trends:
Artificial intelligence and machine learning are emerging technologies incorporated in diabetes management solutions. AI-based algorithms developed to analyze patterns in diabetes-related health data over time and help personalize treatment plans. AI also assists in automation of actions such as sensor augmented insulin delivery, diet recommendations, and notification of adverse events. Leveraging AI, digital solutions are maturing from adherence-focused tools to decision support systems that may someday partially automate complex treatment adjustment decisions. As evidence supporting effectiveness of AI-driven diabetes care grows, its adoption will gain widespread acceptance, playing a pivotal role in revolutionizing management of both type 1 and type 2 diabetes.
Porter’s Analysis:
– Threat of new entrants: Low, The substantial capital requirements combined with barriers to scale and gaining market share make it difficult for new players to enter the market.
– Bargaining power of buyers: Moderate, Buyers have moderate bargaining power as several players are addressing the digital diabetes management space.
– Bargaining power of suppliers: Low, The raw materials used in digital diabetes management solutions are commoditized with several suppliers offering them.
– Threat of new substitutes: Low, While alternatives like self-monitoring are available, they lack the connected capabilities of digital solutions.
– Competitive rivalry: High, Major players compete based on innovation, pricing, service quality, and partnerships which has intensified competition in the market.
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 adoption of digital solutions by people with diabetes and higher awareness about diabetes self-management.
Regional analysis: North America dominates the digital diabetes management market currently. This majorly contributed by the growing geriatric population suffering from diabetes and favorable reimbursement scenarios. Europe and Asia Pacific are expected to be the fastest growing regions during the forecast period due rising diabetes incidences, growing awareness, and improving healthcare infrastructure in developing countries.
Key players analysis: Key players operating in the digital diabetes management 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, Dickinson and Company, among others. Abbott Laboratories is dominating the market currently leveraging its integrated diabetes care solutions.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
