The global Digital Diabetes Management Market achieved a value of USD 16.70 Billion in 2022 and is projected to experience a consistent revenue Compound Annual Growth Rate (CAGR) of 13.7% throughout the forecast period, as per the most recent analysis conducted by Reports and Data. A major driving force behind the market’s revenue growth is the increasing demand for digital diabetes management solutions within diabetic clinics. These solutions offer healthcare providers immediate access to patient information, empowering them to make more well-informed decisions and enhance patient outcomes.
Moreover, digital diabetes management systems simplify the handling of patient data, reducing the time spent on manual tasks and enabling healthcare providers to prioritize patient care. Additionally, this system furnishes insights and analytical tools, empowering healthcare providers to track trends and make informed choices regarding patient care, subsequently contributing to the market’s revenue growth. Furthermore, this system ensures secure storage and management of sensitive patient data, thereby ensuring compliance with privacy regulations.
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Furthermore, the escalating requirement for intelligent insulin pens, which are utilized in digital diabetes management to aid diabetic patients in more effectively managing their insulin doses, is another factor anticipated to stimulate the market’s revenue growth during the forecast period. An intelligent insulin pen is a reusable injector pen paired with a user-friendly smartphone application, aiding diabetics in optimizing insulin delivery. This smart system calculates and monitors doses while offering valuable reminders, notifications, and reports. Nevertheless, digital diabetes management applications such as smart glucose meters are susceptible to errors, potentially leading to incorrect treatment decisions and severe consequences for diabetics, which could act as a restraint on the market’s revenue growth.
Key players in the Digital Diabetes Management Market:
- PHC Holdings Corporation
- WellDoc, Inc.
- Dexcom, Inc.
- DarioHealth Corp
- Braun SE
- Hoffmann-La Roche Ltd.
- Ascensia Diabetes Care Holdings AG
Some Key Highlights in the Report:
- The product and service category is anticipated to capture the largest share of revenue in the global digital diabetes management market throughout the forecast period. This is primarily attributed to the smart glucose meter, a device that enables individuals with diabetes to conveniently monitor their blood sugar levels. Patients apply a drop of blood to the device’s blood strip, and the chemicals within the strip utilize electrical currents to translate blood glucose levels into readable values on the glucometer. Furthermore, this meter offers continuous feedback without disrupting daily routines, thus propelling revenue growth in this segment.
- The wearable devices segment is projected to exhibit a consistently rapid growth rate in the global digital diabetes management sector during the forecast period. This surge can be attributed to wearable devices assisting users in tracking their blood glucose levels, aiding in the comprehension of how various factors like diet, exercise, and medication impact glucose levels. Diabetes wearable technology encompasses equipment such as Continuous Glucose Monitoring (CGM) systems and insulin pumps, simplifying blood sugar management for individuals with diabetes.
- In 2022, the North American market held the largest share of revenue in the global digital diabetes management market. This prominence is a consequence of the increasing number of people being diagnosed with diabetes in this region. Furthermore, the presence of key industry players in North America is expected to bolster market revenue growth during the forecast period.
- On February 19, 2020, DreaMed Diabetes Ltd., a provider of personalized diabetes care solutions, and DexCom Inc., the leading provider of CGM for diabetics, entered into a data cooperation agreement. This agreement facilitates the seamless transfer of CGM data from Dexcom to DreaMed Advisor, an advanced decision support technology designed to assist healthcare providers in optimizing patient-specific insulin administration for individuals with diabetes.
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Reports and Data have segmented the global digital diabetes management market on the basis of product & service, type, end-use, and region:
Product & Service Outlook (Revenue, USD Billion; 2019-2032)
- Smart Glucose Meters
- Continuous Glucose Monitoring (CGM) System
- Smart Insulin Pens
- Smart Insulin Pumps/Closed-loop Pumps & Smart Insulin Patches
- Diabetes & Blood Glucose Tracking Apps
- Obesity & Diet Management Apps
Type Outlook (Revenue, USD Billion; 2019-2032)
- Wearable Devices
- Handheld Devices
End-use Outlook (Revenue, USD Billion; 2019-2032)
- Home Care Settings
- Diabetes Clinics
- Academic and Research Institutes
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Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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