Digital Diabetes Management Market to reach over USD 49.5 Bn by the year 2031 - Explained Details | Exclusive Study by InsightAce Analytic

21 Feb 2024
www.prnewswire.com
JERSEY CITY, N.J., Feb. 21, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the
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Global Digital Diabetes Management Market
- (By Devices (Smart Glucose Meters, Continuous Glucose Monitoring Systems, And Smart Insulin Pens, Smart Insulin Pumps/ Closed-Loop Pumps & Smart Insulin Patches), Application (Diabetes & Blood Glucose Tracking Apps, Obesity & Diet Management Apps), Data Management Software & Platforms And Services), By Device Type (Handheld And Wearable Devices), By End-User(Self/Home Healthcare, Hospitals & Speciality Diabetes Clinics And Academic & Research Institutes))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
"Digital Diabetes Management Market" in terms of revenue was estimated to be worth $18.11 billion in 2023 and is poised to reach $49.48 billion by 2031, growing at a CAGR of 13.58% from 2024 to 2031 according to a new report by InsightAce Analytic.
Digital Diabetes Management Market Report Scope:
Recent Developments:
In January 2024, Tandem Diabetes Care, Inc.Diabetes Care, Inc. announced that their t: slim X2 insulin pump with Control-IQ technology is the first AID system to connect with Abbott's latest continuous glucose monitoring (CGM) device, the FreeStyle Libre 2 Plus.
In November 2023, Ascensia Diabetes CareDiabetes Care Poland was recognized as a Great Place to Work by the esteemed organization. Ascensia Diabetes CareDiabetes Care is a worldwide leader in diabetes care, known for its CONTOUR Blood Glucose Monitoring (BGM) System portfolio and its exclusive distribution of Eversense Continuous Glucose Monitoring (CGM) Systems.
In October 2023, Insulet recently made headlines when it announced that the FDA had cleared its Omnipod 5 App for iPhone under the 510(k) program. This makes Insulet the only company in the world to offer a tubeless automated insulin delivery (AID) system that can be fully controlled from an Android or iOS smartphone.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the digital diabetes management market are:
Technological advancements
Combining therapeutic and monitoring capabilities
Artificial intelligence and data analytics integration
The following are the primary obstacles to the digital diabetes management market 's expansion:
High cost
Lack of awareness
privacy issues about data
Future expansion opportunities for the digital diabetes management market include:
Increasingly popular usage of interconnected gadgets
Increase in the prevalence of diabetes
Growing population
Market Analysis:
Digital diabetes management encompasses various tools, including insulin pens, sensors, smart glucose meters, closed-loop systems, insulin patches, and various software-based applications and platforms. The use of smart insulin pens has several advantages in the treatment of diabetes. Innovations in technology have opened the door for the market to receive incredibly versatile solutions. Another factor fueling the market's expansion is the proliferation of smartphone and Internet health-tracking apps.
List of Prominent Players in the Digital Diabetes Management Market:
Tidepool
One Drop
ARKRAY
Care Innovations, LLC
Health2Sync
Azumio
Decide Clinical Software GmbH
Pendiq GmbH
BeatO
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Digital Diabetes Management Market Dynamics:
Market Drivers: Technological Advancement
Advancements in smart insulin pens are expected to propel the worldwide digital diabetes management industry. Smart insulin pens utilize the iSenz adapter to detect insulin levels. It provides the injection angles for optimizing injection sites for people with diabetes. Easylog is an adaptor that may be used with insulin pens linked to the internet. More and more individuals are keeping track of their health via their cell phones and the internet, fueling the expansion of the market.
Challenges: High Cost
The market's expansion will be hindered by the high expense of digital diabetes management systems and their poor uptake in developing and emerging nations. Not everyone can afford to use one of the many diabetes management programs available for mobile and desktop platforms. Doctors, nurses, and other medical staff require proper training to accurately interpret blood sugar levels. Concerns concerning patient data protection and the general public's ignorance about digital diabetes care also slow business expansion in lesser-developed nations.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The digital diabetes management market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the growing interest in digital health and the many people dealing with long-term health conditions. In addition, the market is being propelled forward by elements including a robust supply-side infrastructure, the quick adoption of new technologies, and sufficient reimbursements.
Segmentation of Digital Diabetes Management Market-
By Product & Service
Devices
Smart Glucose Meters
Continuous Glucose Monitoring (CGM) Systems
Smart Insulin Pens
Smart Insulin Pumps/Closed-loop Pumps & Smart Insulin Patches
Application
Diabetes & Blood Glucose Tracking Apps
Obesity & Diet Management Apps
Data Management Software & Platforms
Services
By Device Type
Handheld Devices
Wearable Devices
By End User
Self/Home Healthcare
Hospitals & Specialty Diabetes Clinics
Academic & Research Institutes
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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Why should buy this report:
To receive a comprehensive analysis of the prospects for the global Digital Diabetes Management Market
To receive an industry overview and future trends in the global Digital Diabetes Management Market
To analyze the Digital Diabetes Management Market drivers and challenges
To get information on the Digital Diabetes Management Market size value (US$ Mn) forecast till 2031
Major Investments, Mergers & Acquisitions in the global Digital Diabetes Management Market industry
Other Related Reports Published by InsightAce Analytic:
Diabetes Management Apps Market
Smart Therapies Market
Internet of Medical Things (IoMT) Market
eConsent In Healthcare Market
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis of key market insights in a timely and cost-effective manner.
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InsightAce Analytic Pvt. Ltd.
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