Press release
Digital Diabetes Management Market Is Expected to Grow at a CAGR of 23.7% By 2023
Digital Diabetes Management Market
Digital Diabetes Management Market Overview
The global digital diabetes management market size is poised to record more than its 2017 value of USD 4.46 billion and is slated to register 23.7 % CAGR during the forecast period (2018–2023). The growth of the industry is projected to be propelled by factors such as the growing incidence of diabetes, increased demand for self-care, technical innovations, increased geriatric population, and government initiative. Advances in technology have also ensured the market's adoption of increasingly scalable technologies. These are the key factors behind the growth of the worldwide market for digital diabetes management. Any of the other significant drivers supporting industry growth are the rising acceptance of cloud-based business applications and the growing usage of mobile devices and apps.
In addition, increasing R&D investment and aggressive strategies implemented by top companies, such as the introduction of new products, are leading to market growth. In addition, demand growth is also led by the growing adoption of smart insulin pumps and pens for insulin delivery and the increasing awareness of continuous glucose monitoring in patients. However, the high cost associated with homecare devices and lack of awareness may hamper the growth of the market during the assessment period.
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Digital Diabetes Management Market Segmental Analysis
On the basis of form, product and services, end user, and location, the global digital diabetes management market has been segmented.
The digital diabetes management market has been defined as wearable devices and mobile devices on the basis of form. The largest market share of the digital diabetes monitoring market is projected to be held by the smart devices segment.
The digital diabetes management market has been segmented into smartphones, data storage tools and platforms, digital diabetes management apps, and utilities, by product and service.
Homecare, hospitals & specialist diabetes centres, medical & research institutes, and others dependent on end users have been segmented into the industry. The end-user home care segment has the largest market share in the global market for digital diabetes treatment during the prognosis period.
Digital Diabetes Management Market Regional Insights
The digital diabetes management market in the Americas, Europe, Asia-Pacific, and the Middle East & Africa have been segmented by region.
Due to the broad acceptance of technologically advanced solutions such as closed-loop control systems, the usage of diabetes management remote online coaching programmes, related diabetes management applications, the Americas are expected to dominate the global digital diabetes management industry. In addition, the growth of the digital diabetes management market is also fuelled by favourable reimbursement policies, awareness raising, government measures to encourage digital wellbeing, and aggressive strategies adopted by players such as product launch, merger & acquisition, and alliances in this area.
The second biggest digital health market for the treatment of diabetes is projected to be the European market. The growth of the market in this area can be due to government funding for R&D and the availability of research funds.
Due to the the number of diabetes patients, increased investments in healthcare and expansion by market players in the region, Asia-Pacific is projected to be the fastest-growing digital diabetes treatment market during the forecast period. In addition, due to the existence of a large patient population, countries such as India and China consider themselves the fastest growing region. In addition, the governments of these countries are open to the implementation by developing countries of emerging technologies and the best care choice.
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Owing to an underdeveloped healthcare system, lack of technological expertise, and inadequate medical services, the Middle East & Africa region is projected to account for the smallest share of the global emerging diabetes management industry.
Digital Diabetes Management Market Competitive Outlook
Some of the major players in the global digital diabetes management market are Agamatrix, Inc., Abbott Laboratories, Ascensia Diabetes Care Holdings Ag., B. Braun Melsungen AG, Dariohealth Corporation, Dexcom, Inc., F. Hoffmann-La Roche, Glooko, Inc., Lifescan, Inc., Medtronic PLC, Insulet Corporation, Tandem Diabetes Care, Inc., Tidepool, and others.
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Akash Anand
Market Research Future
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