The global digital diabetes care market will exceed US$742M in 2020, growing at 50% on average annually (CAGR). For digital diabetes care providers, the main revenue sources will be bundles, standalone digital coaching services, and technology licensing. These are some of the key findings from the new report “The Global Digital Diabetes Care Market 2020: Going Beyond Diabetes Management“, recently published by Research2Guidance. The report provides a fresh look on digital solutions for diabetes patients, healthcare professionals, and payers, analyzes historical market trends and gives a future outlook for the market till 2024.
Diabetes is a global epidemic which affects 463m patients and costs USD 760b annually (IDF). Digital diabetes solutions have disrupted the diabetes care market and are changing overall chronic care, targeting not only diabetes but also its various comorbidities, such as obesity, hypertension, and depression. The Global Digital Diabetes Care Market 2020, a new report by Research2Guidance, shows how this ambition is going to materialize.
Since the last report’s update in 2018, the market has experienced significant progress, developing into a complex ecosystem that reaches beyond offering diabetes self-management tools. Establishing themselves in diabetes management with strong and relevant offerings, the leading market players are looking to expand into new chronic conditions and add new types of services, thus creating integrated digital multi-conditional chronic care platforms. On the other hand, new opportunities have emerged in the reimbursement market, opening telehealth and remote monitoring for digital diabetes providers.
The expansion of digital solutions for diabetes care already resulted in an impressive revenue growth: in 2019, the digital diabetes market revenue reached US$ 320 million. In the next five years, this growth will continue. In terms of revenue, the global digital diabetes care market will exceed USD 1.5 billion in 2024, growing at 37% on average annually (CAGR). The revenue structure will change, as new revenue sources, such as telehealth consultations and digital prescription services, emerge along with more traditional ones, such as digital coaching, device and service bundles, and technology licensing.
The report has identified the following four key trends that will drive the digital diabetes market to the multibillion future:
The confident growth of the digital diabetes care will be also driven by the growth of global addressable market for digital diabetes services. Between 2019 and 2024, the number of diagnosed diabetics with access to smart devices is set to increase from 109 million to 180 million. This will drive further growth for digital solutions in the upcoming years.
For more information about the new “The digital diabetes care is on the track to become a multi-billion market, reaching US $1.5b in 2024” report, click here.