Digital Diabetes Management Market: Information by Type (Wearable Devices, Handheld Devices), Product & Services (Devices, Digital Diabetes Management Apps, Services), End User (Homecare, Academic & Research Institutes) — Global Forecast till 2023
Digital Diabetes Management Market is covered in detail in the report in order to reveal the market’s historical growth trajectory as well as the market’s current position. The historical data regarding the digital diabetes management market’s growth is further utilized to provide forecasts for the market’s growth over the forecast period. Major drivers and restraints affecting the global digital diabetes management market are studied in the report, along with an analysis of the major economic factors affecting the market’s growth.
Digital diabetes management refers to the use of digital tracking tools that monitor blood glucose and provide long-term tracking capabilities in a digital format. With steady advancement in medical device technology, tracking blood glucose levels and providing the data through digital means has become easier in the last few years. Digital diabetes management has also come into its own with the advent of mobile apps, which allow easy management of blood glucose data as well as establishing a firm link with the individual consumer and allowing the collation of data in a manner that is easily accessible for the consumer. Many leading medical device companies have entered the field of diabetes tracking apps and digital devices in the last few years, leading to steady growth of the digital diabetes management market.
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The growing demand for home care among diabetics is likely to be the major driver for the global digital diabetes management market over the forecast period. Diabetes is a disease that doesn’t require a hospital stay for monitoring, especially with the availability of modern tracking devices. This has led to a growing demand for home care, as diabetes can be easily tracked and managed by the patient or relatives of the patient from the confines of their household. The growing prevalence of diabetes among the geriatric demographic has also been a key driver for the global digital diabetes management market, as geriatric individuals often prefer home care over hospital visits, which may be taxing for their frail physique. This is likely to be a major driver for the global digital diabetes management market over the forecast period.
Competitive Analysis: Digital Diabetes Management Market
Leading players in the global digital diabetes management market include Glooko Inc., F. Hoffman-La Roche, Dexcom Inc., Dariohealth Corporation, B. Braun Melsungen AG, Ascensia Diabetes Care Holdings AG, Agamatrix Inc., and Abbott Laboratories. Key players in the digital diabetes management market are expected to focus on product development in the coming years, as the development of management devices with more functionality and better connectivity through smartphone apps is likely to remain a key objective for players in the digital diabetes management market.
In September 2019, Bayer led the funding in a USD 40 million series B funding round for One Drop, an American developer of smart chronic care management solutions. Investing in smaller players showing significant promise is also likely to be a key tactic for leading entities in the digital diabetes management market.
Segmentation: Digital Diabetes Management Market
The global digital diabetes management market is segmented on the basis of type, product, end use, and region.
By type, the global digital diabetes management market is segmented into wearable and handheld devices.
By product type, the global digital diabetes management market is segmented into smart glucose meters, smart insulin pens, continuous glucose monitoring systems, smart insulin pumps and smart insulin patches, data management software and platform, digital diabetes management apps, weight and diet management apps, diabetes and blood glucose tracking apps, and services.
By end use, the global digital diabetes management market is segmented into home care, hospitals and specialty diabetes clinics, academic and research institutes, and others.
Regional Analysis : Digital Diabetes Management Market
The market is likely to dominate by Americas during the forecast period owing to the advancement in technology, and favorable reimbursement policies. The European market is expected to be the second-largest due to government funding and support of the healthcare sector, coupled with increasing research and development. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to increasing investments in healthcare, rising number of the diabetes patient, expansions strategy by market players in the region, and favorable government initiatives for healthcare facilities. The market in the Middle East & Africa is likely to account for the smallest share of the global digital diabetes management market.
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