Based on devices, the smart glucose meters segment is levelling up the growth rate of the market. The continuous glucose monitoring meters’ segment is expected to grow at a healthy CAGR during the forecast period due to their consistency with smart devices, which acts as display devices, also favourable government policies in developed countries in promoting CGM systems. The smart insulin pens segment is to have lucrative possibilities to explore to the next level due to factors like the growing number of product launches related to the digital healthcare of AI.
Wearable devices segment to account for the largest CAGR during the forecast period:
The increasing awareness about glucose monitoring; growth in the number of regulatory approvals for CGM systems; development of advanced wearable products such as closed-loop pump systems and smart insulin patches (and pipeline devices such as contact lenses and smartwatches synced with glucometers); and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery are the major factors driving the growth of the wearable devices market.
Based on applications, diabetes & blood glucose tracking apps category is dominating with the most significant shares of the market. The rise in the concern towards health care is escalating the demand of the market. The weight and diet management segment is expected to hold a considerable share of the market over the period, which is attributed due to factors such as growing awareness about chronic diseases like diabetes and other difficulties related to it.
Regionally, North America was accounted for the dominating shares of the global digital diabetes management market in 2019. Increasing capital income in both developed and developing countries is fuelling the demand for the regional market. Within North America, the United States led the market in the past years, and dominance is expected to continue during the foreseen period. The Canadian market is projected to perform well as the diabetic population in this country is growing at a significant pace.
The Asia Pacific is positioned second in leading the highest shares of the market. Rising populations and the emergence of the latest technologies in the medical sector are escalating the growth of the market. Growing support from the government by changing policies in favour of the ordinary people is gearing up the demand of the market.
Europe is accounted for to be having the fastest growth rate. It is estimated to hit the highest CAGR in the coming years with the increasing number of research institutes to develop new devices is broadening the demand of this market.
The Middle East and Africa are deemed to have substantial growth opportunities in the coming years.
Key Market Players
Leading companies operating in the global digital diabetes management market are Medtronic (Ireland), B. Braun (Germany), Dexcom (United States), Abbott Laboratories (United States), Roche Diagnostics (Switzerland), Insulet Corporation (United States), Tandem Diabetes Care (United States), Ascensia Diabetes Care (Switzerland), LifeScan (United States), Tidepool (United States), AgaMatrix (United States), Glooko Inc. (United States), and DarioHealth (Israel).