The digital diabetes management market is rapidly becoming a big part of the healthtech industry, reveals a market report today. It is projected to reach nearly $20 billion in sales over the next five years.
According to Markets and Markets, the market will grow nearly threefold in the next five years, from an estimated $6.8 billion in 2019 to $19.9 billion in 2024, at a CAGR of 23.8%. The main drivers of growth the rising prevalence of diabetes, technological advancements, increasing adoption of cloud-based enterprise solutions, and the growing use of connected devices and apps.
The market, which consists of devices, apps, data management software & platforms, and services, will be driven principally by demand for both handheld and, especially, wearable devices. The importance of the wearable segment is largely due to regulatory approvals for continuous glucose monitoring systems, and technological advances in smart insulin pumps and patches.
Prominent players in the market include Medtronic, which focuses on developing integrated devices to enable data sharing between devices, patients, care providers, and healthcare professionals, and Roche, one of the leading providers of blood glucose monitoring systems, as well as B. Braun, Dexcom, Abbot Labs, Insulet, Tandem, Ascensia, LifeScan, amongst others.