PUBLISHER: Orion Market Research Pvt Ltd | PRODUCT CODE: 1159429
PUBLISHER: Orion Market Research Pvt Ltd | PRODUCT CODE: 1159429
Global Digital diabetes management Market Size, Share & Trends Analysis Report by Product (Smart Glucometer, Smart CGM, Insulin Patch Pump, and Diabetes Apps), by Device Type (Handheld, and Wearable), by End-User (Hospitals, and Homecare) Forecast (2022-2028)
The global digital diabetes management market is anticipated to grow at a significant CAGR of 19.6% during the forecast period. The rising adoption of cloud-based technology in medical devices is driving the growth of the digital diabetes management market across the globe. The data and readings can be stored safely in the cloud and make it is to keep record and share with the doctor. For instance, in March 2022, Virta Health provides access to a dedicated virtual care team and structured education that makes it easy to understand the causes and cures of diabetes.
By combining innovations in nutritional biochemistry, data science, AI, and digital tools with clinical expertise, Virta brings together a unique blend of technology, physicians, and health coaches via an easy-to-use app that's powered by Google Cloud. Additionally, in May 2021, Ascensia Diabetes Care launched a diabetes management and analytics platform, dubbed GlucoContro.online. The tool can work with the company's existing Contour glucose meters and can capture data directly from the Contour Diabetes app or Contour cloud. The new platform is cloud-based and lets users open their browsers. Users are then able to share their data with clinicians and care teams.
The global digital diabetes management market is segmented based on the product, device type, and end-user. Based on the product, the market is segmented into smart glucometer, smart CGM, insulin patch pumps, diabetes apps, and data management software. Based on, the device type, the market is sub-segmented into the handheld and wearable. Further, based on end-user, the market is sub-segmented into hospitals and home care. Based on the device type segment, wearable devices are expected to hold a considerable share in the global digital diabetes management market during the forecast period. Due to increased demand for wearable digital diabetes devices, many companies are expanding their product portfolio to help patients with diabetes management. For instance, in August 2021, Fitbit inked a deal with LifeScan to integrate its health tracking apps with the company's glucose monitoring devices to help patients with diabetes management. People managing diabetes will be able to sync the OneTouch Reveal and Fitbit apps so that OneTouch blood glucose data can be viewed alongside metrics tracked by Fitbit, giving people the choice to access their information across both apps.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific region is expected to be the fastest-growing region during the forecast period in the global digital diabetes management market owing to rising awareness among the people regarding diabetes management. Also, the increasing government initiatives to create awareness of diabetes management are driving the growth of the digital diabetes management market in this region. Government organizes various campaigns to provide information and create awareness among the people. for instance, in October 2021, BeatO launches a diabetes awareness program 'India Beats Diabetes' in collaboration with Republic Media Network to empower people with diabetes to adopt a healthier lifestyle.
The major companies serving the global digital diabetes management market include Medtronic International Trading Sarl, B. Braun Melsungen AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd, Tandem Diabetes Care, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2022, DexCom, Inc. announced that it has secured CE Mark (Conformite Europeenne) for the Dexcom G7 Continuous Glucose Monitoring (CGM) System for people with diabetes in Europe aged two years and older, including pregnant women.
Research Methodology
The market study of the global digital diabetes management market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: