DIGITAL DIABETES MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Digital Diabetes Management Market Drivers:

Rise in burden of diabetes to propel market growth

One of the key factors expected to augment the growth of the global digital diabetes management market over the forecast period is the increasing prevalence of diabetes across the globe. Diabetes is a chronic, and largely preventable, disease that can lead to cardiovascular disease, kidney failure, blindness, loss of limbs, and loss of life. According to the International Diabetes Federation (IDF), around 537 Billion people (aged 20 to 79 year) are living with diabetes, and the number is expected to reach around 643 Billion by 2030 and 783 Billion by 2045. This in turn is expected to increase the adoption of digital diabetes management devices worldwide.

Growing geriatric population to boost market growth

Another factor driving the growth of the global digital diabetes management market is the growing geriatric population around the world. For instance, diabetes is common in older adults, affecting an estimated 33% of people aged 65 and older. Geriatric population is more at risk of developing diabetes-related complications such as heart disease, kidney failure, and hypoglycemia (low blood sugar) than younger people living with diabetes. Moreover, diabetes in older adults is a significant and growing public health problem across the globe. According to the WHO, by 2050, the world's population of people aged 60 years and older will double (2.1 billion).

Global Digital Diabetes Management Market Opportunities:

Advent of artificial intelligence (AI) in diabetes management devices is expected to offer lucrative growth opportunities for players in the global digital diabetes management market. For instance, digital diabetes management devices are revolutionizing diabetes treatment with the introduction of AI in these devices. In September 2022, Diabeloop developed an AI algorithm that promises to close the diabetes management loop by connecting insulin pumps and continuous glucose monitors and fully automating the entire insulin delivery process. It takes in blood sugar readings every five minutes and uses its AI algorithms to analyze the readings in real time.

Increasing demand for digital diabetes management devices is expected to offer significant growth opportunities for players in the global digital diabetes management market. For instance, there is an increasing demand for digital devices, such as smart insulin pens, smart insulin pumps, smart glucose meter, and/or continuous blood glucose monitoring devices worldwide. In February 2023, Mednow Inc. launched its enhanced Virtual Diabetes Management program, an end-to-end digital diabetes management solution, to enable convenient on-demand access to Dexcom G6 real-time continuous glucose monitoring supplies and personalized diabetes care services.

Global Digital Diabetes Management Market Restraints:

High cost of digital devices to hinder market growth

One of the key factors expected to hinder growth of the global digital diabetes management market is the high cost of digital diabetes management devices. People with diabetes are 300% more likely to be hospitalized, and thus, they incur higher healthcare costs compared to those without diabetes. According to the American Diabetes Association, on average, people with diagnosed diabetes have medical expenditures around 2.3 times higher than what expenditures would be in the absence of diabetes. Moreover, the cost of devices, such as insulin pumps and CGM, are very high, owing to the sophisticated sensors integrated into them.

Patient data privacy concerns to hamper market growth

Another factor which is hampering growth of the global digital diabetes management market is the patient data privacy concerns. Digital diabetes management device manufacturers do not provide assurance of security of patient data, thus consumers are concerned about their health data privacy. This in turn limit the adoption of technologically advanced devices among patients. The data may be compromised and technology may subject them to unwanted personal surveillance. Moreover, the security issues associated with digital devices are expected to hamper the market growth.