Rising number of diabetes fuels the growth of the global digital diabetes market

Factors such as rising number of diabetic patients, increasing penetration of smartphones, technological advancement in diabetes devices, and growing funding for diabetes are driving the growth of this market. However, high cost of devices and poor reimbursement scenario is expected to hinder the growth of this market in the coming years.

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Diabetes is attaining epidemic proportions and digital health companies are fighting back with innovative solutions. Approximately, one in 11 adults across the globe has diabetes attributing to 425 million people, worldwide. As the cases of diabetes are growing so is the digital diabetes market. Over the last few years, the digital diabetes care market has substantially progressed. If these trends continue, by 2045, 693 million people aged between 18-99 years, or 629 million of people aged between 20-79 years, will have diabetes.

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Globally, diabetes results in $727 billion of healthcare expenditure, which corresponds to one for every eight dollars spent on healthcare. Thus, rising number of diabetic patients across the globe and increasing demand for better ways to manage the disease is expected to drive the adoption of innovative diabetes devices, software, and apps among patients over the coming years, thereby driving the growth of the digital diabetes market.