The Global Digital Diabetes Management Market to Generate Revenues of over $13.6 billion by 2024- Market Research by Arizton

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Nov 13, 2019, 09:00 ET

CHICAGO, Nov. 13, 2019 /PRNewswire/ -- According to Arizton's recent research report, Digital Diabetes Management Market - Global Outlook and Forecast 2019-2024 is expected to grow at a CAGR of approximately 19% during the forecast period.

Key Highlights Offered in the Report:

The increasing usage of mHealth is contributing to the growing demand for digital diabetes management devices.
The remarkable shift in consumers' perception regarding self-management of diabetes is contributing to the widespread acceptability of BGM devices, insulin pumps, and digital insulin pens.
CGM devices are considered to be the most significant breakthrough in diabetes management in the past 40 years. The demand for CGM devices, especially in developed countries is very high and is growing at a CAGR of 28% with an incremental growth of around $5,440 million by 2024.
This high penetration of CGM devices and insulin pumps in the US will contribute to an absolute growth of around 235% during the forecast period.
The advent of closed-loop insulin pumps is the latest breakthrough in the digital diabetes management market has witnessed in recent years. Medtronic was the first company to commercialize the world's first closed-loop insulin pump (Minimed 670G System). The commercial success of the Minimed 670G System has further consolidated Medtronic's position in the insulin pumps market.
With the increasing availability of handheld and wearable technologies with wireless connectivity and smartphone compatible features, self-monitoring has gained widespread popularity in the management of diabetes.

Key Offerings:

Market Size & Forecast by Revenue | 2018−2024
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by products, distribution channels, end-users, and geography.
Competitive Landscape – Profile of 8 key vendors and 44 other vendors.

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Digital Diabetes Management Market – Segmentation

The digital diabetes management market is growing at a faster rate due to the growing adoption of several digitally advanced devices for diabetic care, including digital blood glucose meters, continuous glucose monitoring (CGM) devices, insulin pumps, and digital insulin pens.
The rise of standalone web portals for retailers and the emergence of exclusive online marketplaces for home care and self-testing products such as digital BGM devices have recently gained attention in the market and contributing to a radical shift in the online distribution channel.
The healthcare industry has witnessed a paradigm shift in the last decade with an increasing preference toward self-monitoring of blood glucose levels over hospital-based testing.

Market Segmentation by Products

Digital Diabetes Management Devices
Digital Diabetes Management Applications and Software

Market Segmentation by Distribution Channel Type

Retail Stores
Online Channels

Market Segmentation by End-users

Individuals
Hospitals and Specialty diabetes Clinics
Others

Digital Diabetes Management Market – Dynamics

The global digital diabetes management devices market is witnessing a broad range of technological innovations and improvements in recent years. As the demand for digitally advanced BGM devices is growing at a significant rate due to their accuracy and efficacy, vendors are focusing on developing innovative devices, incorporating new technological platforms, and improving existing ones to enhance the overall diabetes management process. The vendors' continuous focus on technological advancements and improvements has led to the development of technologically advanced innovative digital diabetes management devices. The market players are offering a wide range of advanced and innovative blood glucose monitoring devices with improved features such as inbuilt alert systems, wireless connectivity, data storage, compatibility with Android and iOS platforms, and messaging options to evaluate the patient's blood glucose levels regularly. Such technological innovations will lead to significant growth in the global digital diabetes management devices market.

Key Drivers and Trends fueling Market Growth:

Increasing Availability of Mobile Applications
Emergence of Closed Loop/Hybrid Insulin Pumps
Growing Demand for Smart Insulin Pens
Rising Popularity of Connected/Smart Diabetes Management Devices

Digital Diabetes Management Market–Geography

The growing diabetic patient population, high preference for self-monitoring of blood glucose levels, and the advent of highly advanced and innovative blood glucose management devices are the primary factors for the high market share in North America. Germany, France, Spain, the UK, and Italy are the major revenue contributors in Europe. The growth is mainly due to the highly sophisticated healthcare infrastructure, the increasing patient population with high awareness levels regarding the availability of advanced treatment options for diabetic care. China, South Korea, and India hold notable shares and are expected to witness the significant growth rate due to advancements in healthcare infrastructure, the rise in healthcare expenditure, and favorable public and private initiatives for an increase in the healthcare access.

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Market Segmentation by Geography

North America

US
Canada

APAC

Japan
China
India
South Korea
Australia

Europe

Germany
France
UK
Spain
Italy

Latin America

Brazil
Mexico
Argentine

MEA

Turkey
Saudi Arabia
South Africa
Iran

Major Vendors

Ascensia Diabetes Care
Abbott
Braun Melsungen
Dexcom
Hoffmann-La Roche
Insulet
LifeScan
Medtronic

Other vendors include - 77 Elektronika, A. Menarini Diagnostics, ACON Laboratories, AgaMatrix, Alliance International, Andon Health (Tianjin Jiu'an Medical Electronics), Animas, ApexBio, ARKRAY, Beurer, Biocorp, Bionime, Bioptik, BioTelemetry, Biotest Medical, BTNX, Care Innovations, Companion Medical, DarioHealth, Diabnext, DIAMESCO, Digital Medics, Emperra, GlucoMe, Integrity Applications, Jiangsu Delfu medical device, Medisana, Medtrum Technologies, Nova Biomedical, Novo Nordisk, Omnis Health, One Drop, Philosys, Prodigy Diabetes Care, Sanofi, Senseonics Holdings, SOOIL Developments, Taidoc Technology, Terumo, Trividia Health, Rossmax International, Tandem Diabetes Care, Patients Pending, and Ypsomed.

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Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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