Digital Diabetes Management Market Trends, Emerging Audience, Segments, Profits and Competitor Landscape
The Digital Diabetes Management Market Insights by Type (Wearable Devices, Handheld Devices), Product & Services (Devices, Digital Diabetes Management Apps, Services), End User (Homecare, Academic & Research Institutes)- Forecast till 2032
The Digital Diabetes Management Market size is projected to reach USD 87.7 Billion by 2032 at 20.1% CAGR during the forecast period 2023-2032.
Digital diabetes management helps patients with diabetes personalize and monitor diabetes using advanced digital technology paradigms through smart glucose meter and blood glucose tracking apps.
Market Dynamics
Factors such as growing diabetes prevalence, increasing demand for self-care, technical advancements, rising geriatric population, and government initiatives are expected to boost the market growth. In addition, rising R&D spending and aggressive strategies adopted by leading players, such as new product launches, are contributing to market growth.
However, high costs associated with home care facilities and lack of awareness may hinder the growth of the market during the assessment period.
Market Segmentation
The global digital diabetes management market trends has been segmented based on type, product and services, and end-user.
Based on type, the global market for digital diabetes management has been classified as wearable devices and handheld devices. The wearable devices segment is estimated to hold the largest market share of the digital diabetes management market during the forecast period due to regulatory approval of CGM system and technological advancement such as smart insulin patches
Based on product and service, the global market for digital diabetes management has been segmented into devices, data management software and platforms, digital diabetes management apps, and services. The devices segment has been further divided into smart glucose meters, smart insulin pens, continuous glucose monitoring systems, smart insulin pumps/closed-loop systems & smart insulin patches. Moreover, digital diabetes management apps have been sub-segmented into weight & diet management apps and diabetes & blood glucose tracking apps.
Based on end-users, the global market for digital diabetes management has been segmented into hospitals & specialty diabetes clinics, home care, academic & research institutes, and others. The home care segment accounts for the largest market share in the global digital diabetes management market during the forecast period.
Regional Analysis
Region-wise, the global market for digital diabetes management has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas are likely to dominate the global market for digital diabetes management due to the broad acceptance of technologically advanced solutions such as closed-loop control systems, increasing adoption of diabetes management remote online coaching services, and connected diabetes management apps. In addition, favorable reimbursement policies, raising awareness, government initiatives to promote digital health, and aggressive strategies adopted by players such as product launch, mergers & acquisitions and alliances in the region also accelerate the growth of the digital diabetes management industry.
European market is projected to be second-largest market for digital diabetes management. Market growth in this region can be ascribed to government support for research and development and the availability of research funding.
The Asia Pacific is projected to be the fastest-growing digital diabetes management market in the forecast period. This is due to the growing number of diabetes patients, investment in healthcare, and the expansion of market players in the region. Additionally, countries such as India and China are the fastest-growing region due to the presence of a large patient population. In addition, the Government of these countries are adopting new technologies and the best treatment options by the developed countries. As states in the research paper published by the National Center for Biotechnology Information (NCBI) in September 2016, diabetes will be the seventh leading cause of death by 2030.
The Middle East & Africa is projected to account for the lowest share of the global market for digital diabetes management due to underdeveloped healthcare, lack of technical knowledge, and inadequate medical facilities.
Key Players
Some of the leading participants in the global digital diabetes management market are Agamatrix, Inc., Ascensia Diabetes Care Holdings Ag., Abbott Laboratories, Dexcom, Inc., B. Braun Melsungen AG, Dariohealth Corporation, Glooko, Inc., Insulet Corporation, Lifescan, Inc., Medtronic PLC, F. Hoffmann-La Roche, Tandem Diabetes Care, Inc., Tidepool, and others.
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