The global digital diabetes management industry revenue for 2023 has been estimated at USD 17.8 billion, which is expected to observe a compound annual growth rate of 13.7% during 2024–2030, to reach USD 43.4 billion by 2030.
In the past few years, the medical device industry has observed substantial technical improvements in the field of diabetes care, such as closed-loop systems, focused sensor-based CGM technology, management devices, and wearable and smartphone-based health trackers.
Technically progressive approaches have advanced diabetes management and made it possible to attain tight control while permitting a more flexible everyday plan and diet for patients, kids, and their families. Insulin pumps, prefilled syringes, and glucose meters with test strips are some instances of digital diabetes management items that are competitive with their analog counterparts.
The ongoing advancements in artificial intelligence (AI) have led to the expansion and evolution of its role in diagnosing and treating diabetes. Utilizing machine learning algorithms to bolster predictive models assessing the risk of diabetes and its complications, AI enables continuous and remote monitoring of a patient's symptoms and biomarkers. This approach facilitates automatic retinal screening for detecting diabetes mellitus and provides clinical diagnosis support.
In 2023, the CGM systems grip the largest revenue share, of more than 40%, due to their advanced features, like connectivity with smart gadgets, which work as display devices. Moreover, such systems can be installed to inform patients in a precise way when certain glucose thresholds are achieved.
By 2030, wearable devices are anticipated to dominate the global digital diabetes management market, holding a substantial share of approximately 70%, based on their type. This is attributed to regulatory approvals received by Continuous Glucose Monitoring (CGM) systems and ongoing technological advancements in smart insulin patches.
Moreover, a significant factor contributing to the widespread adoption of these systems worldwide is their ability to provide not only blood glucose readings but also additional data, alerting patients to deviations beyond preset levels. As a result, the convenience offered by these systems is driving their increased adoption globally.
The North American region, has attained the largest income share of the industry, of approximately 55%, in 2023. This can be credited to the growing cases of diabetes, technical improvements in solutions that aid in handling this endocrine condition using digital technologies, increasing usage of smartphones, and high acceptance of cloud-based solutions by healthcare specialists for upholding the health data of patients. Additionally, the surge in the concentration of governments and healthcare workers on enhancing the standard of treatments drives the market.
The digital diabetes management industry is propelled by the rising incidence of diabetes and advancements in the healthcare IT space.
No comments:
Post a Comment