Digital Diabetes Management Market Analysis And Forecast To 2031: By Product (Smart Glucose Meter, Continuous Blood Glucose Monitoring System, Smart Insulin Pens, Smart Insulin Pumps, Apps), By Type (Wearable Devices, Handheld Devices), By End-use (Hospit

Digital Diabetes Management Market Analysis And Forecast To 2031: By Product (Smart Glucose Meter, Continuous Blood Glucose Monitoring System, Smart Insulin Pens, Smart Insulin Pumps, Apps), By Type (Wearable Devices, Handheld Devices), By End-use (Hospital, Home settings, Diagnostic Centers), And Region

The global digital diabetes management market was valued at USD 14.8 Billion in 2021 and it is anticipated to grow up to USD 71.9 Billion by 2031, at a CAGR of 17.1% during the forecast period.

Digital diabetes management (DDM) is the use of digital technologies to help people with diabetes manage their disease. This can include apps, websites, wearable devices, and other tools that help people track their blood sugar levels, monitor their diet and activity, and receive guidance and support from healthcare providers. Digital diabetes management can help people with diabetes better manage their disease and improve their health. For example, tracking blood sugar levels can help people identify patterns and make necessary adjustments to their diet or medication. Monitoring activity can help people ensure they are getting enough exercise. And receiving guidance and support from healthcare providers can help people stay on track with their treatment plans.

Market Trends and Drivers

The growing number of diabetic patients around the world will benefit from the use of digital diabetes management products and services. According to the International Diabetes Federation (IDF), almost 463 million people worldwide had diabetes in 2019. The need for continuous blood glucose monitoring among thes Along with rising disease burden, rising diagnostic and treatment cost will have a favourable impact on market statistics. The growing knowledge of diabetes management and home care will add to the high cost of diagnosis, encouraging total market growth. Diabetes patients rely heavily on continuous monitoring tools and must seek treatment in the event of fluctuations in order to avoid serious complications. Thus, technology advancements in disease management enable diabetes management through the use of digital devices, allowing for the tracking, monitoring, and sharing of lifestyle data with concerned healthcare professionals. As a result, rising adoption of novel technologies for chronic disease management will drive the digital diabetes management market growth.

Market Restraints and Challenges

There are a few key restraints and challenges in the Digital Diabetes Management market. Firstly, the lack of awareness about digital diabetes management solutions and their benefits among patients and healthcare professionals is a major challenge. Secondly, the high cost of these solutions is another key restraint. Lastly, the lack of standardization in digital diabetes management is also a key challenge.

Global Digital Diabetes Management Market Segmental Overview

The report analyses the global digital diabetes management market based on product, type, end-user, and region.

Global Digital Diabetes Management Market by Product

Based on product, the market is segregated as smart glucose meter, continuous blood glucose monitoring system, smart insulin pens, smart insulin pumps, and apps. The smart insulin pens segment is expected to expand at the fastest rate during the forecast period. The segment's rapid growth is primarily due to the development of artificial intelligence and the rising number of product launches. The market is dominated by a number of players who are concentrating on developing smart insulin pens, boosting their presence, and improving their product offerings. For instance, Novo Nordisk introduced intelligent insulin pens in the UK in March 2022. The first-ever monitoring and recording technology is now available to diabetic patients getting care through the NHS.

Global Digital Diabetes Management Market by Type

Based on the type, the digital diabetes management market is divided into the wearable devices, and handheld devices. Wearable Devices was valued significant market size in 2021 and is anticipated to grow at highest CAGR from 2022-2030. The market's expansion is mostly due to technical improvements such as the introduction of artificial intelligence, the introduction of new products such as closed-loop pump systems and smart insulin patches, and the increasing use of self-insulin delivery devices in diabetes treatment.

Global Digital Diabetes Management Market by End-user

With regards to end-user, the digital diabetes management market is divided into hospitals, home settings, and diagnostic centers. Home settings generated considerable revenue in 2021 and is expected to grow at a highest CAGR over the analysis period. The growing awareness of diabetes treatment, user-friendly interfaces of modern digital devices, ease of use at home, and convenience in exchanging data with specialists via digital platforms will continue to drive product acceptance in the home setting in the future. Furthermore, the emergence of COVID-19 has boosted demand for digital diabetes management products, such as connected devices and mobile applications used at home during the pandemic.

Geographical Analysis of Global Digital Diabetes Management Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America digital diabetes management market revenue is poised to grow significant CAGR during the forthcoming years. This can be attributed to the The presence of industry leaders, as well as an emphasis on continual technological developments and new product releases, has contributed to the regional market's growth. The region's growing patient population gives market participants with new prospects for expansion. In addition to the high prevalence of diabetes, the implementation of advantageous reimbursement rules will increase the size of the regional market. For example, in September 2020, Abbott's FreeStyle Libre 2 CGM system will be covered by Medicare for better diabetes treatment. As a result, the aforementioned factors will considerably increase demand for digital diabetes management products in North America over the forecast period.

Major Players in the Global Digital Diabetes Management Market

The key players in the digital diabetes management market

COVID-19 Impact

The COVID-19 pandemic has positively impacted the digital diabetes management market growth with increasing demand for home care technologies. With emergence of COVID-19, several countries across the globe have rapidly arranged the digital services to ensure flawless diabetes care to the patients. The COVID-19 has brought a new urgency to assess the feasibility of various digital devices in hospitals. With increasing product adoption, the companies operating in the digital diabetes management industry have experienced higher product demand during the pandemic.

Recent Developments

• In November 2020, Ypsomed and Lilly collaborated to advance automated insulin delivery system. Under the collaboration Lilly commercialized a new version of insulin pump and CGM system that has positively impacted its business growth.
• In September 2020, Dexcom Inc., announced the launch of G6 CGM system in Turkey. The product launch has expanded its business reach in international market.
• In June 2020, Abbott Laboratories received the U.S. FDA approval for its CGM device, FreeStyle Libre 2. This approval helped the company in expanding their product portfolio, thereby strengthening company’s footprint in the market.

Frequently Asked QuestionsQ1. How big is the medical power supply market?Ans. The global digital diabetes management market size was USD 14.8 Million in 2021 and is anticipated to reach USD 71.9 Million in 2031, growing at a rate of 17.1% from 2022 to 2031.Q2. What is the digital diabetes management market growth rate?Ans. The growth rate of the digital diabetes management market is 17.1%.Q3. Which region holds a major market share for the market?Ans. North America holds a major market share of the digital diabetes management market in 2021.Q4. Which segment accounted for the largest digital diabetes management market share?Ans. By end user, the hospital segment accounted for the largest digital diabetes management market share.Q5. Who are the key players in the digital diabetes management market?Ans. The global digital diabetes management market report includes players such as Q6. What are the factors driving the digital diabetes management market growth?Ans. The major factors driving the growth of the market are growing diabetes populations, and advent of artificial intelligence and big data analytics in diabetes devices.Q7. What are the key growth strategies of digital diabetes management market players?Ans. The key growth strategies of digital diabetes management market players are product launch and product approval.Q8. Which region will provide more business opportunities for the digital diabetes management market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the digital diabetes management market during the forecast period.

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