Rise in adoption of smartphones & tablets integrated with healthcare apps and increase in diabetic population globally fuel the growth of the global digital diabetes management market
PORTLAND, Oregon, March 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Diabetes Management Market by type (Handheld Devices and Wearable Devices), Product (Continuous blood glucose monitoring systems, Smart Glucose Meter, Smart Insulin Pumps, Smart Insulin Pens and Apps): Global Opportunity Analysis and Industry Forecast, 2019-2026." As per the report, the global Digital Diabetes Management Market was estimated at $3.37 billion in 2018 and is expected to hit $17.11 billion by 2026, registering a CAGR of 22.5% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in adoption of smartphones & tablets integrated with healthcare apps and rise in diabetic population globally drive the growth of the global digital diabetes management market. On the other hand, lack of awareness regarding digital diabetes management in developing countries and data privacy concerns among patients restrain the growth to some extent. However, high potential for development offered by emerging markets is expected to create multiple opportunities in the near future.
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The continuous blood glucose monitoring systems segment to lead the trail by 2026-
Based on product, the continuous blood glucose monitoring systems segment contributed to more than two-fifths of the global digital diabetes management market share in 2018, and is expected to rule the roost throughout the forecast period. This is attributed to increase in geriatric population and high prevalence of population suffering from diabetic symptoms. The smart insulin pumps segment, on the other hand, would cite the fastest CAGR of 24.3% by the end of 2026. Surge in demand for home infusion therapy and increase in number of patients suffering from diabetes fuel the segment growth.
The wearable devices segment to dominate during the estimated period-
Based on type, the wearable devices segment accounted for more than half of the global digital diabetes management market revenue in 2018, and is projected to lead the trail from 2019 to 2026. The same segment would grow at the fastest CAGR of 23.9% through 2026. This is due to the various benefits it provides, such as behavioral interventions to people, better accessibility, scalability, and the ability to test anywhere, which works best for remote users.
North America to maintain its top status during the study period-
Based on region, North America garnered the major share, generating two-fifths of the global digital diabetes management market. Simultaneously, the Asia-Pacific region is anticipated to portray the fastest CAGR of 24.7% by 2026. Increasing awareness regarding digital health and large number of patients suffering from chronic illness are projected to dole out lucrative opportunities for digital diabetes management device manufacturers in this region. Rise in the incidences of chronic diseases such as diabetes, obesity, and heart disorder, and increase in demand for home-based therapies and consultation drive the growth of the market.
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Frontrunners in the industry-
- ACON Laboratories, Inc.
- Terumo corporation
- Abbott laboratories
- Dickinson and Company
- Bayer AG
- Dexcom, Inc.
- F. Hoffmann-La Roche Ltd.
- Johnson and Johnson
- Medtronic Plc.
- Novo Nordisk A/S
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SOURCE Allied Market Research