- Financial Market Growth and Impact Analysis of Digital Diabetes Management Industry.
According to the new market research report "Digital Diabetes Management Market by Product (Device (Smart Glucometer, CGM, Insulin Pump & Patch), Diabetes Apps, Service, Data Management Software), Device Type (Hand-held & Wearables),End User (Hospitals & Self/home healthcare) - Global Forecast to 2024", published by MarketsandMarkets™, the Digital Diabetes Management Industry is projected to reach USD 19.9 billion by 2024 from an estimated USD 6.8 billion in 2019, at a CAGR of 23.8%.
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The major factors driving the growth of this market include the rising prevalence of diabetes, technological advancements, increasing adoption of cloud-based enterprise solutions, and the growing use of connected devices and apps.
By product & service, the devices segment accounted for the largest share of the Digital Diabetes Management Market
Based on product & service, the market is divided into devices, apps, data management software & platforms, and services. The devices segment accounted for the largest market share in 2018. The growing demand for wireless and wearable devices for diabetes management, growing acceptance of smart insulin pumps & pens for insulin delivery, technological innovations & digital advancements in devices, and increasing awareness about continuous glucose monitoring in patients are the key factors driving the growth of the devices segment.
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Wearable devices segment to witness the highest growth in the digital diabetes management devices market, by type
Based on type, the digital diabetes management devices industry is segmented into wearable devices and handheld devices. The wearable devices segment accounted for the largest share of the digital diabetes management devices market in 2018. The large share of this segment can be attributed to the increasing number of regulatory approvals for CGM systems; technological advancements such as closed-loop pump systems, smart insulin patches, and other pipeline devices; and the growing adoption of smart insulin pumps and insulin patches for self-insulin delivery in diabetes management.
North America, the largest regional market for digital diabetes management
North America accounted for the largest share of the Digital Diabetes Management Market in 2018, followed by Europe and the Asia Pacific. Factors such as growing adoption of connected diabetes management devices, high adoption of diabetes management apps, growing demand for integrated hybrid closed-loop systems, favorable reimbursement policies, and government initiatives to promote digital health in the region are driving the growth of the Digital Diabetes Management Industry in North America.
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Prominent players in the Digital Diabetes Management Market are Medtronic (Ireland), B. Braun (Germany), Dexcom (US), Abbott Laboratories (US), Roche Diagnostics (Switzerland), Insulet Corporation (US), Tandem Diabetes Care (US), Ascensia Diabetes Care (Switzerland), LifeScan (US), Tidepool (US), AgaMatrix (US), Glooko Inc. (US), and DarioHealth (Israel).
Medtronic is the leading player in the digital diabetes management industry. The company’s leading position in this market is attributed to its strong geographical presence and wide product portfolio, which includes insulin pumps, smart glucose meters, CGM systems, mobile applications, data management software, and services.
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