PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092205
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1092205
The global Digital Diabetes Management market is estimated to be worth $3,804.8 million in 2021. Digital Diabetes Management market is expected to expand at an 20.7% CAGR during the forecast period.
Patients can use the digital diabetes management system to improve self-management and control of their condition. One of the key obstacles in managing diabetes is lowering blood glucose levels and maintaining them, which drives up the use of these systems. Digital involvement can help individuals with diabetes types 1 and 2 get the care they need. Diabetes monitoring hardware, mobile applications, and cloud computing infrastructure make up digital diabetes devices. The term "smart glucose monitor" refers to a wireless blood glucose monitor that measures and transmits blood glucose data to an Android and iOS mobile device.
The digital diabetes management market is being driven by the availability of many apps on web-based app stores that can assist patients to monitor their blood glucose levels, rising technical breakthroughs and innovations in the sector, and the global growth in diabetes prevalence. Diabetes is anticipated to become the sixth major cause of mortality by 2030, according to the WHO. Stress, sedentary lives, bad diets, and obesity are all key risk factors for diabetes. Physiological changes associated with aging play a substantial role in diabetes risk. Diabetes prevalence, for example, rises with age, according to the International Diabetes Federation. As a result, adults over the age of 65 had the highest predicted prevalence. The ability of patients to address their medical conditions by connecting with their healthcare team and sharing data, as well as the growing demand for a digital ecosystem of data-driven tools that could connect patients and their care team for improved diabetes management, is driving the growth of the digital diabetes management market.
In addition to this, Artificial intelligence (AI) is a rapidly evolving area, and its applicability in diabetes has revolutionized how the disease is diagnosed and managed. Machine learning principles have been utilized to generate algorithms to enhance predictive models for the risk of diabetes and its complications. In the management of diabetes, digital therapies have proven to be a reliable intervention for lifestyle therapy. Patients are becoming more empowered in their diabetic self-management, and clinical decision support benefits both patients and healthcare professionals. Remote monitoring of patients' symptoms and biomarkers is now possible because of artificial intelligence. Furthermore, patient engagement in diabetes care is improved by using social media and online forums.
Digital Diabetes Management Market is segmented by products & services, device type, and end-user. Based on type, wearable devices represented 66% of the market for digital diabetes management devices. Smart insulin pumps, CGM systems, and smart insulin patches are examples of these devices. Increased public awareness of glucose monitoring; an increase in the number of regulatory approvals for CGM systems; and technology improvements such as smart insulin patches, closed-loop pump systems, and other pipeline devices are all driving demand for wearable diabetes management devices. Furthermore, connected gadgets enable patients to submit data online at home and provide easy accessibility to glucose-level readings at periodic intervals.
The global Digital Diabetes Management market is highly competitive with a presence of few international players. Some of the major players in the market are Medtronic, B. Braun Melsunge, Dexcom, and Abbott Laboratories, among others. Industry players are relying on product approvals, product launches, mergers, and acquisitions to gain a significant share of the global Digital Diabetes Management market. For instance, in April 2022, Dexcom announced the launch of the Dexcom ONE device in the UK. In addition to this, in October 2021, LifeScan launched OneTouch Solution, which links people with diabetes to solutions and experts.
The scope of this report covers the market by its major segments, which include as follows: