Digital Diabetes Management Market to hit USD 86.4 Billion by 2030, Says Global Market Insights Inc.
Digital Diabetes Management Industry is anticipated to register 20.6% CAGR between 2022 and 2030 due to expanding base of diabetic population coupled with higher adoption of smart devices.
SELBYVILLE, Del., June 1, 2022 /PRNewswire/ -- The digital diabetes management market value is projected to reach USD 86.4 Billion by 2030, according to a new research report by Global Market Insights Inc. Increasing prevalence of diabetes coupled with growing awareness regarding preventive care is anticipated to fuel the market expansion.
Increasing number of diabetes patients, globally, is driving the adoption of digital diabetes management products. High disease prevalence is primarily due to increasing incidence of obesity and adoption of sedentary lifestyle. Further, the pervasiveness of diabetes is highest in geriatric population, thus, the expanding elderly pool will ultimately contribute to the overall burden of diabetes worldwide.
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Development of connected technologies by the industry players with strategic collaborations is significantly contributing to the digital diabetes management market demand. Market players operating in the industry are continuously integrating diabetes management devices with smart phone apps. For instance, the integration of CGM technology with insulin pen assist in providing personalized recommendation and health alerts. The advent of such connected technologies in diabetes management are helping patients in dosage recommendation, predictive glucose alert, insulin temperature and expiration alert. The integration of connected technologies with smart devices is transforming the diabetes care and enhancing the clinical outcomes.
Some major findings of the digital diabetes management market report include:
- Developments in existing product technologies to offer advanced diabetes management products will impel the market statistics.
- Rising prevalence of diabetes across the developed as well as developing nations with significant healthcare spending will propel the market trends.
- Introduction of wearable technology in diabetes management will stimulate the business landscape.
- Increasing preference and use of connected digital diabetes management devices in home settings will augment the market outlook.
- The COVID-19 pandemic has positively impacted the sales of digital diabetes management devices. The demand for home care during the strict lockdowns and movement restrictions has shifted patient preference toward digital diabetes management.
Browse key industry insights spread across 213 pages with 344 market data tables & 15 figures & charts from the report, "Digital Diabetes Management Market Analysis By Product Type ({Devices [Smart Blood Glucose Meters, Smart CGM, Smart Insulin Pumps & Patches, Smart Insulin Pens], Device Type [Wearable, Handheld]}, Services {Diabetes Apps, Software}), Patient Type (Type 1, Type 2), End-Use (Hospitals, Home settings, Diagnostic Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-diabetes-management-market
Digital diabetes management market from insulin pen segment is projected to progress at 23.4% CAGR between 2022 and 2030. This is due to several ongoing development activities that will lead to product launches in the future. The manufacturing companies are highly focused on development of user-friendly interface for diabetes patients. These devices are able to record the quantity of each insulin dose and can transmit the data via connected devices. Thus, with product innovations, the segment is estimated to experience robust development.
Home settings segment exceeded USD 5 billion in 2021. Digital technologies enable efficient patient monitoring in home settings with the use of connected devices and software. It allows healthcare professionals to access real time health data of patient without frequent facility visits. Additionally, growing geriatric population contributed to the high demand for home care enabling convenience in disease management. Thus, the aforementioned factors will benefit the segment revenue.
Asia Pacific digital diabetes management market is expected to grow at 22.4% CAGR during the forecast timeframe. This is owing to considerable increase in the patient population, rising disposable income and awareness regarding digital technologies in disease management. Additionally, several leading players in the industry are expanding their business in the Asia Pacific owing to the huge diabetes population and rising healthcare expenditure to diabetes across the developing countries.
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Major players operating in the digital diabetes management industry include Abbott, Medtronic Plc, Abbott Laboratories, F.Hoffmann-LA Roche Ltd, Dexcom, Inc, Senseonics, Insulet Corporation, Tandem Diabetes, Ypsomed, Ascensia Diabetes Care Holdings Ag, Tidepool, Glooko, Inc., DarioHealth Corporation, Novo Nordisk, Pendiq and Emperra GmbH E-Health Technologies. These industry players are adopting various business strategies such as merger & acquisitions, product innovations, and strategic collaborations to foster their business growth.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.
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