Smart Diabetes Management Market: Innovation to Catalyze Growth
Diabetes research and treatment has made enormous strides in the past decade. However, the need for round-the-clock self-monitoring continues to open the door for smart technologies in diabetes management. The need for constant vigilance in terms of tracking blood sugar levels, physical exercise, and food intake warrant the shift towards smart maintenance technologies for diabetes care. With 'patient-physician connectivity', being the new catchphrase for smart diabetes management device manufacturers, the industry, in its entirety, is vying towards developing devices that wirelessly transmit diabetes readings from the patient to the diabetes care provider.
The emergence of state-of-the-art diabetes management technologies such as digital food journals for insulin administration and glucose measurement have highly eased the process of diabetes monitoring. Consumer behavior is centered on 'peace of mind' when it comes to conditions such as diabetes that have an elusive cure. The mounting need for data transmission and automation in the landscape of diabetes management has created an environment where 'digital' and 'analog' technologies coexist. This revolution in the smart diabetes management market has encouraged TMR analysts to conduct elaborate research that helps stakeholders understand the market dynamics and make data-driven business decisions.
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Transition of the Smart Devices Management Market
In the scramble towards innovation, efforts manufacturers in the smart devices management market are directed towards the development of devices offering real-time feedback about therapeutic intervention. These developments have translated into diabetes patients getting increasingly involved in their own care. Closed-loop insulin delivery is now replacing conventional vial and syringes, with 'convenience' driving consumer choice when it comes to insulin administration. Yet another transformation in consumer behavior is that, they are wary of using multiple devices for diabetes management. Resultantly, diabetes care devices equipped with multiple functions are taking center stage.
While continuous advancements in diabetes care technologies such as portable glucometers, smart tattoos, and insulin pumps transcend the market’s expansion, patient privacy and data security still remain key challenges. However, these bottlenecks may dictate the way for future innovations, and may also be banked upon by new entrants to pave their way into the global market. In 2018, the smart diabetes management market was valued at ~ US$ 3.7 Bn, and is anticipated to attain the mark of ~ US$ 13.6 Bn by the end of 2027.
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Trends That are Here to Stay
The traditional ways of measuring blood glucose levels are now getting replaced by continuous glucose monitoring (CGM). Moreover, the face of insulin delivery systems has been revolutionized with insulin pumps getting upgraded to become CGM systems. Consumers are increasingly preferring devices that integrate the functions of both, insulin pumps and CGM systems. This is mainly because they are wary of using devices that require fingerstick tests, making the entire insulin or glucose monitoring process cumbersome. The emergence of tubing-free patch pumps that adhere directly to the skin has further directed the way for the penetration of new technologies and devices. Also, as these devices satiate consumer demand for the self-management of diabetes, they are expected to reap high revenue benefits for the smart diabetes management market, accounting for ~ 90% of the market share in 2018.
It is not just innovation in diabetes management devices but the digitalization of diabetes management that has created a rage in the market. Digital diabetes solutions have inundated the smart diabetes management market, thriving on the back of smart consumer devices. The increasing use of smartphones has played a pivotal role in the proliferation of 'digitalization' in the landscape of diabetes management. According to research, active users of digital diabetes sources cover around 2/3 of the world’s population. Consequently, manufacturers are building more consumer-oriented and device-agnostic digital diabetes apps.
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Winning Strategies to Tackle Market Turbulence
Acquisitions and collaborations are what leading players in the smart diabetes management market rely on when it comes to establishing their base in the global market. These alliances are essentially aimed at expanding the reach in regional markets, and gaining technological strength to offer better diabetes care solutions. For instance, in January 2018, GlucoMe integrated with Apollo Sugar Clinic, based in India, which helped it expand its product portfolio and customer reach in India. Similarly, it entered into a collaboration with Merck KGaA to strengthen its digital diabetes care solutions and enhance its consumer base. Companies are also forming partnerships with leading pharmaceutical companies to develop and supply advanced diabetes care technologies and products.
With the subsequent rise in the approval rate of products, companies are concentrating their efforts towards launching new products for diabetes management, be it devices or apps. The reason for the deployment of this strategy is also attributable to the rise in consumer inclination towards innovative and easy-to-use products. In August 2016, F. Hoffmann-La Roche Ltd launched Accu-Chek Guide, a blood glucose monitoring system. Further, in June 2017 Medtronic launched the MiniMed 670G system for type 1 diabetes treatment. These launches were followed by many other new products that not only simplified diabetes management for patients and clinicians but enhanced the accuracy in results.
Competition Landscape to Remain Consolidated
The global smart diabetes management market features a highly consolidated vendor landscape, with the top three players accounting for ~ 73% of the market share in 2018. Medtronic alone accounted for ~ 43% of the market share, and is expected continue to stay high on the growth ladder throughout the forecast period. A diverse product portfolio, new product launches and approvals, and strong regional presence is what helped it attain a leading position in the market. Dexcom, Inc. accounted for ~ 22% market share, which was mainly driven by a robust distribution network coupled with new product launches. It was followed by F. Hoffmann-La Roche Ltd occupying ~ 7% market share, mainly due to a strong geographical reach and product portfolio.
Other players in the market include
- Insulet Corporation
- Jiangsu Delfu medical device Co., Ltd
- DIAMESCO CO., Ltd.
- LifeScan, Inc.
- Glooko, Inc.
The competitive rivalry among players is mainly characterized by soaring product approvals. For instance, in July 2018, F. Hoffmann-La Roche Ltd received the CE mark for its Accu-Chek Solo Micropump system. Similarly, in June 2018, Medtronic received approval from the U.S. Food & Drug Administration for the MiniMed 670G system for use in the treatment of type 1 diabetes in children aged seven years and above. Apart from this, increasing investments in research and development activities, strategic partnerships, and strengthening digital channels have helped some players outshine others in the market.
TMR analysts’ have an optimistic outlook on the market’s future, and expect it to grow tremendously during the forecast period. With the gamut of the smart devices management industry being technology-driven, players enhancing their technological and innovation quotient will get the first-mover advantage. While the high costs of devices continues to be a key challenge in the market, it gives a significant entry point for newcomers in the market. TMR analysts also opine that, digitalization of the diabetes management industry opens up a plethora of new opportunities for market players. Focus on developing customer-friendly and device-agnostic apps will help companies garner considerable consumer attention. Overall, the rise in government support and development of diabetes care devices integrated with multiple functions will foster the market’s growth.
- According to Transparency Market Research’s latest market report on the smart diabetes management market for the historical period of 2017-2018 and forecast of 2019-2027, favourable reimbursements for digital diabetes management products and surge in the adoption of technologically-advanced products are key factors that are likely to boost 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 projected to grow at a CAGR of ~ 15% during the forecast period - 2019 to 2027.
Favorable Reimbursements for Smart Diabetes Management Products: A Key Driver
- Smart diabetes management devices primarily include insulin delivery devices, blood glucose monitoring devices and apps, and software to track and integrate the data collected through these devices for better diabetes management.
- The U.S. Medicare and Medicaid and other regional payer agencies provide reimbursements for digital diabetes management products for the treatment of type 1 and type 2 diabetes.
- In September 2017, Abbott received approval for the FreeStyle Libre system from the National Health Service (NHS) for diabetes management. This approval enabled the product to be covered under reimbursement across Wales and England.
- In July 2017, DarioHealth Corp entered into a partnership agreement with Byram Healthcare. This agreement enabled the company to expand insurance health coverage for digital diabetes management products for U. S. consumers.
- Private insurance policies also provide reimbursements for smart diabetes management products.
New Product Development and Technological Advancements
- Key market players engage in the development of technologically-advanced products for smart diabetes management.
- The rising demand for smart diabetes management products due to a surge in the adoption of technological advancements is anticipated to drive the smart diabetes management market.
- For instance, the insulin patch is a technological advancement for the insulin delivery system. F. Hoffmann-La Roche Ltd. offers the insulin patch pump for insulin delivery. It is a semi-disposable patch with reusable components.
- iLet, offered by Beta Bionics, is an automated insulin delivery system. iLet’s integrated technology is a combination of Senseonic’s Eversense CGM and iLet bionic pancreas.
- iSenz, offered by inGageIT Digital Health, is specially offered for patients who have insulin-dependent diabetes. It automatically tracks and updates the dose. Additionally, it possesses a monitoring system for noninvasive injections.
- Eversense CGM System, a long-term CGM system offered by Senseonics, Inc., contains an implantable sensor, convenient app, and rechargeable and removable transmitter in order to monitor and manage diabetes for up to 3 months.
High Cost of Products Restrains the Smart Diabetes Management Market
- Cost is a major factor hampering the selection of treatment.
- The cost of smart diabetes management products is a barrier in the treatment of type 1 and type 2 diabetes.
- The cost of smart diabetes management products is higher than traditional diabetes management products. For instance, Dexcom G5/G6 transmitter cost around US$ 300, Medtronic Guardian Connect cost per sensor is US$ 80.
- According to an article published in AJMC, the estimated cost of an insulin infusion pump per person is around US$ 4,500, with additional cost of supplies exceeding US$ 1,500 per year.
Smart Diabetes Management Market: Competition Landscape
- This report profiles major players in the global smart diabetes management market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
- The smart diabetes management market is moderately fragmented, with the presence of a few large-scale players present in international markets and numerous small-scale players in regional markets. The top 3 to 4 key players hold a major share of the global smart diabetes management market.
- Prominent players operating in the smart diabetes management market include
- F. Hoffmann-La Roche Ltd
- Dexcom, Inc.
- Insulet Corporation
- Jiangsu Delfu medical device Co., Ltd
- DIAMESCO CO., Ltd.
- LifeScan, Inc.
- Glooko, Inc.
Smart Diabetes Management Market: Key Developments
Key players in the smart diabetes management market engage in the development of new products, key mergers & acquisitions, collaborations, and integration. Key developments by industry players are likely to fuel the smart diabetes management market. Some developments in the smart diabetes management market are as follows:
- In February 2019, Dexcom, Inc. received approval from Health Canada for the Dexcom G6 CGM system for the treatment of diabetes in patients of ages 2 years and above. This product approval enabled the company to build capacity in order to support global launch plans and enhance its product portfolio for diabetes management.
- In March 2019, DarioHealth entered into marketing agreement with Glytec for diabetes management. This agreement enabled the company to strengthen its customer reach.
- In December 2017, Companion Medical launched the InPen in the U.S. This product launch enabled the company to strengthen its diabetes management portfolio in the U.S.
In the global smart diabetes management market report, we have discussed individual strategies, followed by company profiles of the manufacturers of smart diabetes management devices and apps & software. The ‘Competitive Landscape’ section is included in the smart diabetes management market report to provide readers with a dashboard view and a company market share analysis of the key players operating in the global smart diabetes management market.
Transparency Market Research recently published a report on the smart diabetes management market that offers incisive insights on the growth of the market throughout the forecast period of 2019 to 2027. The study highlights key details such as the drivers, restraints, challenges, and opportunities in the smart diabetes management market. Additionally, it provides a deep dive into the market dynamics to help readers make important business-related decisions.
The study on the smart diabetes management market provides stakeholders with key market figures pertaining to the sales and revenue in the market. Further, the report sheds light on the key revenue pockets in regional markets, and the prominent strategies adopted by companies to strengthen their foothold in these markets. The information presented in the report on the smart diabetes management market can be leveraged by researchers, industry leaders, intermediaries engaged in manufacturing smart diabetes management devices, and other industry professionals.
The report encompasses a market snapshot and an elaborate executive summary providing a 360-degree overview of the smart diabetes management market’s structure. The smart diabetes management market has been assessed based on various segments and their regional and national markets. Historical trends have been considered to understand the market’s evolution throughout the predefined period. TMR analysts have also assessed how historical trends have impacted the current dynamics of the smart diabetes management market.
Key Questions Answered in the Smart Diabetes Management Market Report
Information presented in the report on the smart diabetes management market answers salient questions pertaining to the key happenings in the market. Some of these questions are listed below:
- Which region in the smart diabetes management market is expected to expand at the fastest CAGR?
- What will be the revenue and sales of the smart diabetes management market in 2027?
- Which smart diabetes management device will generate the highest revenue in 2027?
- What factors are instrumental in the growth of the smart diabetes management market throughout the forecast period?
- What is the market share of leading companies functioning in the smart diabetes management market?
- Which segment has contributed to the highest growth of the smart diabetes management market in 2018?
Smart Diabetes Management Market: Research Methodology
TMR analysts have conducted elaborate primary and secondary research to come up with actionable insights on the smart diabetes management market’s expansion between 2019 and 2027. The bottom-up and top-down approach has been deployed to measure market numbers based on demand and supply metrics. Market forecasts were derived based on historical sales patterns, competitive intensity, investment landscape, business environment, and government funding.
As part of the primary research, one-to-one interviews were conducted with company presidents, senior directors, chief medical officers, diabetes care specialists, endocrinologists, and others. Information gathered through these sources was used to validate research findings and fill data gaps. Further, secondary research was conducted through sources such as WHO, National Diabetes Statistics Report, and International Diabetes Federation. Information culled through primary and secondary research was then cross-checked with TMR’s knowledge repository.
Smart Diabetes Management Market: Taxonomy
The study on the smart diabetes management market segments it into four broad categories - product, application, end user, and region. Each segment has been analyzed in detail to understand the key segment-specific trends and growth opportunities. Prominent factors instrumental in the growth or descend of each segment in the smart diabetes management market have been highlighted.
Apps and Software
Type 1 Diabetes
Type 2 Diabetes
Middle East and Africa