The global smart diabetes management market size was US$ 6.18 billion in 2022. The global market size is forecast to reach US$ 21.2 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.68% during the forecast period from 2023 to 2031.
Smart Diabetes Management (SDM) is the use of technology and intelligent equipment to help patients more easily monitor and control their health and diabetes-related factors. It involves the application of invasive or non-invasive sensors to measure blood glucose levels while wearing wearable electronics. Smartphone applications assist patients in setting objectives, monitoring their physical activity and food regimens, and receiving disease-related information. It also includes telehealth consultation from medical experts, which allows the patient to receive advice and knowledge about the ailment.
Market Driving Factors
The market is primarily growing due to an increase in self-diabetes management demand and the prevalence of diabetes. The number of adults with diabetes is expected to reach 578 million by 2030 and 700 million by 2045, according to the International Diabetics Federation (IDF). This rise in diabetic patients can be due to numerous environmental, genetic, demographic, and socioeconomic factors.
Due to their accessibility and convenience, individuals are becoming more aware of and literate about using technology, smartphones, wearables, and applications. Products like Continuous Glucose Monitoring Systems (CGM) offer continuous glucose level monitoring that is recorded and delivered to medical specialists. As a result, it enables a more accurate assessment of the health situation and sends alarms when blood glucose levels fall or rise dangerously, enabling quick action that might save lives. These elements fuel the expansion of the smart diabetes management market.
The high cost of services and lack of reward for smart diabetes management services could impede the market's overall growth.
Market Segmentation Overview
By Product Overview
In 2022, the product segment accounted for the highest share. In the product segment, the smart insulin pen segment is anticipated to experience the fastest growth rate throughout the forecast. The segment's rapid growth is due to the rise of artificial intelligence and the rising number of product launches.
The market is rising due to the creation of cutting-edge smart insulin pens by several manufacturers, their growing presence, and improved product offerings. For instance, in March 2022, Novo Nordisk introduced smart insulin pens in the UK. The first-ever monitoring and recording technology is now available to diabetic patients getting care through the NHS.
By End Use Overview
In 2022, the home settings segment held the highest revenue share of the global market. Rising diabetes awareness, user-friendly digital device interfaces, ease of usage at home, and the convenience of data sharing with experts via digital platforms will all help future product adoption in home settings. The COVID-19 epidemic has also increased demand for digital diabetes management tools that can be used at home with connected devices and mobile applications.
Geographical Overview
During the projection period, the North American region will experience a significant share. The market is expanding in the region due to the rising demand for online medical consultation or remote monitoring Diagnostic Centers, increased adoption of healthcare IT products and Diagnostic Centers, increasing public awareness of the various fitness applications available on the market, and other cutting-edge medical Products.
Additionally, the swift transition from volume-based care to value-based care, the increased focus on preventative healthcare, and the expanding usage of blockchain and cloud computing technologies are all expected to result in revenue growth for the region's healthcare sector.
In addition, the market in the region is anticipated to grow more quickly in terms of revenue due to the increasing importance of healthcare analytics, the presence of large corporations, the increased government support for the adoption of wireless healthcare technologies, and the increased funding for improving the functionality and efficiency of healthcare delivery systems.
List of Prominent Companies
Segmentation Outline
The global smart diabetes management market segmentation focuses on Type of Diabetes, Product Type, End User, and Region.
By Type of Diabetes
By Product Type
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SMART DIABETES MANAGEMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SMART DIABETES MANAGEMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SMART DIABETES MANAGEMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SMART DIABETES MANAGEMENT MARKET, BY TYPE OF DIABETES
5.1 OVERVIEW
5.2 TYPE 1 DIABETES
5.3 TYPE 2 DIABETES
6 GLOBAL SMART DIABETES MANAGEMENT MARKET, BY PRODUCT TYPE
6.1 OVERVIEW
6.2 DEVICES
6.2.1 SMART GLUCOSE METERS
6.2.2 CONTINUOUS GLUCOSE MONITORING SYSTEMS
6.2.3 SMART INSULIN PENS
6.2.4 SMART INSULIN PUMPS
6.2.5 CLOSED LOOP SYSTEMS
6.3 APPS AND SOFTWARE
7 GLOBAL SMART DIABETES MANAGEMENT MARKET, BY END USER
7.1 OVERVIEW
7.2 SELF/HOME HEALTHCARE
7.3 HOSPITAL/SPECIALTY/DIABETES CLINICS
8 GLOBAL SMART DIABETES MANAGEMENT MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SMART DIABETES MANAGEMENT MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 HOFFMANN-LA ROCHE LTD.
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 ABBOTT LABORATORIES
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 MEDTRONIC PLC
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 INSULET CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 ASCENSIA DIABETES CARE HOLDINGS AG
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 BAYER AG
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 LIFESCAN, INC.
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 DEXCOM, INC.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 SANOFI
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 B BRAUN MELSUNGEN AG
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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