Market Overview:
Further, the diabetes has attracted attention of researchers and key players owing to its prevalence among common people. For instance, as per a paper published by the National Center for Biotechnology Information (NCBI) in 2016 suggested that diabetes was 7th leading cause of deaths globally in the same year. Additionally, a data from World Health Organization (WHO) suggested that its prevalence is increased substantially from developing countries. Considering the aforementioned factors, the governments of the both developed and developing countries are opening doors and adopting new technologies for offering the best treatment option.
The global Digital Diabetes Management Market predicted to witness striking CAGR of 23.7% during the forecast period from 2018 to 2023. This growth in the coming years is predicted on the back of increasing inclination toward the advanced health management systems coupled with large pool of diabetic people. In addition to this, the factors such as increasing demand for self-care, rising geriatric population, favorable reimbursement policies, and government initiative for raising awareness are driving growth of the global digital diabetes management market.
Additionally, the key players are trying to expand their businesses in the developing countries by implementing aggressive strategies such as merger & acquisition, product launch, and partnerships. This is fueling growth of the global digital diabetes management market. For instance, Nutrino has been acquired by Medtronic plc for strengthening Medtronic's portfolio in the digital diabetes management market in 2018.
Competitive Analysis:
Some of the major companies in the global digital diabetes management market include Ascensia Diabetes Care Holdings Ag., Abbott Laboratories, Agamatrix, Inc., B. Braun Melsungen AG, Dexcom, Inc., Dariohealth Corporation, F. Hoffmann-La Roche, Insulet Corporation, Glooko, Inc., Lifescan, Inc., Tandem Diabetes Care, Inc., Medtronic PLC, Tidepool, and others.
Segmentation:
The global digital diabetes management market is segmented on the basis of product and services, type, end user, and region.
By type, the market is segmented into wearable devices and handheld devices.
By product and Service, the market is segmented into digital diabetes management apps, data management software and platforms, and services. Of these, data management software and platforms segment is segmented into smart insulin pens, devices smart glucose meters, continuous glucose monitoring systems, smart insulin pumps/closed loop systems, and smart insulin patches. The digital diabetes management apps segment is further sub-segmented into weight & diet management apps and diabetes & blood glucose tracking apps.
By end user, the market is segmented into hospitals & specialty diabetes clinics, homecare, academic & research institutes, and others.
Regional Analysis:
Regionally, the digital diabetes management market is segmented into the Americas, Asia Pacific, Europe, and Middle East & Africa. Of these, the Americas is estimated to remain dominant in the global digital diabetes management market in the coming period owing to increasing government support through government sponsored initiatives, policies, and awareness programs. Additionally, increasing acceptance of digital and connected technologies for remote management of diabetes and connected diabetes management apps are driving growth of the global digital diabetes management market.
European market is estimated to grab second-leading position in the digital diabetes management market owing to increasing investment from government for research and development (R&D) of innovations in the product. Additionally, the increasing funds for research coupled with increasing in adoption of the advanced diabetes management systems are fueling growth of the global market for digital diabetes management in the region.
However, the Asia Pacific is estimated to register fastest growth during the forecast period owing to presence of large patient pool suffering from diabetes. Additionally, factors such as increasing investment in innovation, changing lifestyle, and capability of spending money on the adoption of advanced healthcare systems are driving growth of the global digital diabetes management market.
Industry News:
In 2019, One Drop announced that the company is developing a diabetes management system and soon will enter into the market with advanced technology for diabetes management system which also provide accurate level of blood glucose.
In 2019, Omada Health and Blue Cross and Blue Shield of Minnesota announced the availability of Omada's Type 2 Diabetes Digital Care program. This diabetes program will be introduced for Minnesota employers in beginning January 2020.