Digital Diabetes Management Market Size to Reach USD 14730 Million by 2027 at a CAGR of 13.5% | Valuates Reports

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BANGALORE, India, Oct. 6, 2021 /PRNewswire/ -- The Digital Diabetes Management Market is Segmented by Type (Diabetes Apps, Device, Service, Data Management Software), by Application (Hospitals, Home Healthcare). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under the Health Conditions Category.

The global Digital Diabetes Management market size is projected to reach USD 14730 Million by 2027, from USD 5891.1 Million in 2020, at a CAGR of 13.5% during 2021-2027.

Major factors driving the growth of the Digital Diabetes Management market are:

prevalence of diabetes has raised the focus on developing and implementing better diabetes care solutions. This in turn is expected to drive the growth of digital diabetes management. 

Artificial intelligence (AI) has the potential to improve diabetes care results in the future. Novel data linkages based on personal phenotypic and genotypic information will lead to selections of personalized, successful medications that will alter health care, thanks to the development of new sensors for physiological monitoring sensors and the launch of smart insulin pens

The rise in support from the public and private organizations in developing various products that benefit end-users, as well as the increase in budgets allotted for diabetic healthcare expenditure in emerging economies, are expected to boost growth opportunities for the digital diabetes management market.

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TRENDS INFLUENCING THE GROWTH OF DIGITAL DIABETES MANAGEMENT MARKET

The increasing prevalence of diabetes is expected to drive the growth of the digital diabetes market. The major risk factors for diabetes include stress, sedentary lifestyles, unhealthy diets, and obesity. Aging-related physiological changes are also a significant contributor to the risk of diabetes. Therefore, the growing geriatric population, coupled with increasing population exposure to key risk factors, is expected to drive the demand for digital diabetes management solutions across major markets.

Given that individuals with diabetes must make several daily decisions about what to eat, when to exercise, and select their insulin dose and timing if required, diabetes care is heavily reliant on patient self-management and empowerment. Patients and clinicians are also producing huge volumes of data from a variety of sources, including electronic medical records, insulin pumps, sensors, glucometers, and other wearables, as well as evolving genomic, proteomic, metabolomic, and microbiomes data. Digital advancements that sift through the massive volumes of patient-generated data help healthcare teams (HCTs) and health administrators. Data is collected, integrated, evaluated, and presented in a self-explanatory manner, indicating key patterns and things that need to be addressed. The goal of digital diabetes management is to combine all digital patient data and give specifically tailored virtual or face-to-face visits to individuals who need them the most. This in turn is expected to drive the growth of the digital diabetes market. 

Diabetes management devices are becoming more popular in homecare settings because they are simple to use and may be used with little or no assistance. Furthermore, the introduction of an expanding number of diabetes management awareness programs by government organizations is encouraging product demand and propelling business growth. This in turn is expected to fuel the growth of the Digital Diabetes Management Market. 

The digital diabetes management market is expected to increase significantly as the emerging region's awareness of diabetes treatment through digital solutions grows. Furthermore, increased R&D activity for sophisticated digital diabetic devices is projected to boost product acceptance over time. A growing geriatric population, greater disposable income, and more government healthcare programs in the developing regions are also expected to boost the digital diabetes management market.

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DIGITAL DIABETES MANAGEMENT MARKET SHARE

During the projected period, the devices segment will dominate the digital diabetes management market. The growing demand for wireless and wearable devices for diabetes treatment, as well as the increasing acceptance of smart insulin pumps and pens for insulin delivery and patient awareness of continuous glucose monitoring, can all be attributable to this segment's substantial share.

North America is estimated to be the most lucrative market during the forecast period. The high adoption of connected diabetes management devices and apps, growing demand for closed-loop systems, high adoption of remote online coaching services for diabetes management, favorable reimbursement policies, and government initiatives to promote digital health in the region are all contributing to this.

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DIGITAL DIABETES MANAGEMENT MARKET SEGMENTATION

By Type

• Device
• Diabetes Apps
• Service
• Data Management Software.

By Application

• Hospitals
• Home Healthcare.

Key Companies

• Medtronic
• Braun
• Dexcom
• Abbott Laboratories
• Roche Diagnostics
• Insulet Corporation
• Tandem Diabetes Care
• Ascensia Diabetes Care
• LifeScan
• Tidepool
• AgaMatrix
• Glooko
• DarioHealth.

By Region

• North America
• Asia Pacific
• Europe
• Middle East & Africa.

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SIMILAR REPORTS 

-  Global Digital Diabetes Device Market Size, Status and Forecast 2021-2027

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-  The global Diabetes Monitors market size is projected to reach USD 14670 Million by 2027, from USD 10600 Million in 2020, at a CAGR of 4.7% during 2021-2027.

-  The global digital therapeutics market size was valued at USD 2.88 Billion in 2019 and is expected to reach USD 13.80 Billion by 2027 with a CAGR of 20.5% during the forecast period.

-  Home Healthcare market size was USD 243500 Million and it is expected to reach USD 385390 Million by the end of 2027, with a CAGR of 6.3% during 2021-2027.

-  Digital Healthcare market size is projected to reach USD 95430 Million by 2026, from USD 77240 Million in 2020, at a CAGR of 22.4% during 2021-2026.

-  The Global Electronic Health Records market size is projected to reach USD 47.25 Billion by 2027, from USD 29.16 Billion in 2020, at a CAGR of 7.14% during 2021-2027.

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