Digital Diabetes Management Market Size to Reach USD 37.8 Billion in 2030 | Emergen Research

VANCOUVER, B.C., Dec. 21, 2022 /PRNewswire/ -- The digital diabetes management market size reached USD 13.6 Billion in 2021 and is expected to register a CAGR of 12.0% during the forecast period, according to latest analysis by Emergen Research. Increasing prevalence of diabetes and obesity around the world, rising demand for medical devices and management apps such glucose tracking apps and wearables as well as advent of technologically innovative cloud-based digital tools and solutions are some key factors driving digital diabetes management market revenue growth. Chronic illnesses with a high prevalence and significant social and economic costs are metabolic diseases like diabetes mellitus (DM) and obesity.

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Additionally, it's critical to continuously assess and regulate everyday routines including eating, exercising, and taking prescribed medications. As a result, the widespread use of various digital health technologies in this chronic disease domain is fundamentally transforming the way healthcare is delivered today. As a result, the management and treatment of many diseases are depending on the widespread use of information and communication technology (ICT)-based digital health systems, which is driving the adoption of digital diabetes management services in the market. Digital health technologies have been adopted recently to accomplish more specialized medical objectives, such as the prevention of diabetes. Diabetes preventive intervention using digital health was created based on the fundamental material of the well-known diabetes prevention program in the United States (DPP). Such online interventions for DPP are reimbursed for their costs, especially in the United States, which is boosting market revenue growth.

Drivers:

Demand for digital diabetes management devices has significantly increased over the years due to the increasing prevalence of diabetes and obesity around the world. According to the World Health Organization (WHO), there are 422 million diabetics in the world, the majority of whom live in low- and middle-income countries, and diabetes directly causes 1.5 million fatalities per year. The incidence and prevalence of diabetes have steadily increased during the past few decades. According to the International Diabetes Foundation, 537 million people (20-79 years old) will have diabetes by 2021, with 1.5 million new cases diagnosed in the United States each year. Digital technologies for managing diabetes are available to assist with blood sugar monitoring, keeping track of dietary and lifestyle data, improving medical results, and maintaining healthy blood sugar levels. In order to create a complete picture, it compiles relevant data from diabetes care devices, such as glucose monitoring software, insulin data, health and fitness trackers, and other systems. It also provides recommendations and customized glucose forecasts. As a result, the demand for digital solutions for tracking and monitoring blood glucose levels is growing, which is driving the demand for Digital Diabetes Management and accelerating the market's revenue growth.

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Restraints:

There are some issues and difficulties facing the digital diabetes management industry. One of the significant challenges hindering the growth of this industry is concerns about cybersecurity are growing as the number and capabilities of networked medical devices increase, creating new vulnerabilities to data security. Cybersecurity concerns can lead to inefficiency and poor patient results. Hacking is a serious problem since hackers can easily turn off equipment, resulting in security breaches and negative health outcomes. Furthermore, problems like hardware malfunctions or bugs and vulnerability to cyber-attacks, as well as power outages, might impair the functionality of medical imaging instruments and associated software, posing a risk to diabetes monitoring operations, which is hindering the growth of digital diabetes management market.

Growth Projections:

The digital diabetes management market is expected to register a CAGR of 12.0% over the forecast period and revenue is projected to increase from USD 13.6 Billion in 2021 to USD 37.8 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.

Current Trends and Innovations:

The digital diabetes management industry is undergoing gradual change as a result of onerous regulatory requirements, advent of technologically innovative cloud-based digital tools and solutions as well as growing market demand for medical devices and management apps such glucose tracking apps and wearables. The use of digital technology like Bluetooth-enabled meters, CGMs, Smart Insulin Pumps (tethered and patch pumps), and Smart Insulin Pens assists in the treatment of diabetes by allowing patients to communicate with the medical staff and share data in real-time while addressing their health issues. As a result, a digital ecosystem of data-driven solutions is developing that can link patients and the people providing their care for improved diabetes control. The market is anticipated to experience a wide range of advancements in the field of managing diabetes, which might potentially revolutionize how patients manage the condition. This is because digital technology is always improving.

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Strategic Initiatives:

Major companies included in the market report are Medtronic plc, Abbott, Novo Nordisk A/S, DexCom, Inc, Bayer AG, Eli Lilly and Company, LifeScan IP Holdings, LLC., F Hoffman-La Roche Ltd., Tandem Diabetes Care, Inc., and Insulet Corporation.

·  On 28 October 2021, Roche and the Zur Rose Group launched a partnership to support those with diabetes and those who care for them in managing their daily medications. In order to better the lives of those who have diabetes, Roche Diabetes Care and the Zur Rose Group are working together to connect their healthcare goods and solutions with those of top-tier third parties. A seamless shared offering will provide customers with easy access to self-management products, telemedicine services, prescriptions and refills, diabetes care supplies, data visualization, and decision support tools. In 2022, Germany will serve as the launch market for this offering, which will thereafter likely be made available in additional European Countries.

Scope of Research

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Emergen Research has segmented digital diabetes management market on the basis of products, devices type, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019-2030)
• Devices
• Smart Glucose Control Meter
• Continuous Blood Glucose Monitoring System
• Insulin Pens/Pumps
• Others
• Applications
• Blood Glucose Tracking Apps
• Weight & Diet Management Apps
• Others
• Software & Services
• Device Type Outlook (Revenue, USD Billion; 2019-2030)
• Wearables
• Handheld Devices
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• Hospitals & Clinics
• Home Care Settings
• Diagnostic Centers

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