Smart Diabetes Management Market Analysis, Revenue, Growth Rate, Forecast to 2027
Smart Diabetes Management Market: Introduction
Transparency Market Research has published a new report on the smart diabetes management market. According to the report, the global smart diabetes management market was valued at ~ US$ 3.7 Bn in 2018. The smart diabetes management market is expected to expand at a CAGR of ~ 15% during the forecast period of 2019 to 2027.
Smart diabetes management devices include insulin delivery and blood glucose monitoring devices. These devices are integrated with mobile apps with the help of a USB or Bluetooth. Smart diabetes management products help improve self-diabetes management. Smart diabetes management products play an important role in maintaining blood glucose levels that are vital in the treatment of diabetes, and increase patient compliance.
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The devices segment held a major share of the smart diabetes management market in 2018. It is likely to maintain its dominance during the forecast period, attributed to a surge in inclination toward self-diabetes management. The demand for smart insulin delivery and glucose level monitoring devices has been rising due to their advanced technological features such as data collection and integration with digital health solutions, and more accurate and cost-effective diabetes management.
Furthermore, the introduction of new products and ease of handling of these products are anticipated to drive the devices segment of the smart diabetes management market. The trend of connected healthcare and healthcare IT is likely to drive the adoption of smart diabetes management devices and apps. Features of connectivity with electronic health record (HER) and electronic medical record (EMR) systems, assistance in tele medicines, and remote patient monitoring are key features that are likely to propel the smart diabetes management market in the near future.
In terms of application, the type 2 diabetes segment of the smart diabetes management market is estimated to account for a major share, and expand at a rapid pace during the forecast period. Physical inactivity, change in lifestyles, and unhealthy dietary habits are causing diabetes. Expansion of the application segment is attributed to a surge in the geriatric population with a high prevalence of diabetes. For instance, According to the World Health Organization, an estimated 1.6 million deaths were caused due to diabetes in 2014, and around 8.5% of adults had diabetes, worldwide.
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Smart Diabetes Management Market: Prominent Regions
North America holds a major share of the global smart diabetes management market. The market in the region is estimated to expand at a moderate CAGR during the forecast period. The smart diabetes management market in North America is primarily driven by the early adoption of technologically-advanced products and inclination toward self-diabetes management among patients in the region.
Moreover, the presence of key players with diversified product portfolios and a supportive reimbursement scenario from public and private sectors are major factors that are anticipated to boost the smart diabetes management market in the region. For instance, In March 2018, Sanofi-Aventis U.S. LLC received approval from the U. S. Food and Drug Administration for Toujeo Max SoloStar. This product approval enabled the company to strengthen its product portfolio. In February 2018, Medtronic received U.S. Food and Drug Administration approval for the Guardian Sensor 3. This product approval enabled the company to strengthen its diabetes group product portfolio. Asia Pacific accounts for a significant share of the global smart diabetes management market.
The market in the region is projected to expand at a rapid pace during the forecast period. Rise in population with high diabetes prevalence is anticipated to drive the smart diabetes management market in the region. Moreover, rising awareness about self-diabetes management is likely propel the smart diabetes management market in the region. Europe is likely to hold a notable share of the smart diabetes management market, and expand at a moderate CAGR during the forecast period.
The smart diabetes management market in Europe is primarily driven by an increase in prevalence of diabetes. For instance, according to the International Diabetes Federation, an estimated 35 million people had diabetes in 2011, and the number is projected to reach 43 million by 2030. Moreover, distribution agreements among key players are likely augment the smart diabetes management market. For instance, in April 2018, Tandem Diabetes Care entered into an agreement with Movi SpA for the distribution of the t:Slim X2 insulin pump in Italy. This agreement enabled the company to expand its insulin pump options for patients and healthcare providers.
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The global smart diabetes management market is moderately fragmented, with top three to four players accounting for around 40% to 50% of the global market. Key manufacturers engage in new product development, collaborations, key acquisitions, and distribution agreements. For instance, in June 2018, Medtronic plc, a leader in medical technology, launched an updated iPro (TM) 2 myLog app. It is powered by Nutrio. This app enables a patient to understand the link between meals and glucose variability.
In November 2018, Insulet Corporation collaborated with Samsung Electronics America, Inc. It is the first medical device that has enabled consumers to control insulin pump therapy with the help of a smartphone, and improve diabetes management. Key developments by market players are likely to propel the smart diabetes management market.
Smart Diabetes Management Market: Key Players
Prominent players operating in the smart diabetes management market are F. Hoffmann-La Roche Ltd, Medtronic, Dexcom, Inc., Insulet Corporation, Abbott, Jiangsu Delfu medical device Co., Ltd, DIAMESCO CO., Ltd., LifeScan, Inc., Glooko, Inc., and GlucoMe.
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