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The global digital diabetes management market is growing at a CAGR of over 18% during the forecast period 2018-2024
NEW YORK, Nov. 18, 2019 /PRNewswire/ --
The global digital diabetes management market is growing at a CAGR of over 18% during the forecast period 2018–2024.
Read the full report: https://www.reportlinker.com/p05827564/?utm_source=PRN
The global digital diabetes management market has witnessed significant growth in sales volume due to the growing prevalence of diabetes and the increasing awareness of self-management of the disease. The increased demand from developing markets, the introduction of innovative smart diabetes management devices, and increased marketing activities via online stores are contributing to the growth of the market worldwide.
The market has been witnessing a broad range of technological innovations and improvements in recent years. As the demand for digitally advanced blood glucose monitoring devices is growing at a significant rate, vendors are focusing on developing innovative devices, incorporating new technological platforms, and improving existing ones to enhance overall patient care. Besides, vendors are also offering a wide range of innovative BGM devices with improved features such as inbuilt alert systems, wireless connectivity, data storage, compatibility with Android and iOS platforms, and messaging options to evaluate the patient's blood glucose levels regularly. Hence, the introduction of advanced digital devices has enabled both patients and healthcare professionals to monitor blood glucose levels in real-time, thereby enhancing the management of diabetes.
The following factors are likely to contribute to the growth of the market during the forecast period:
• Growing Prevalence of diabetes
• Increasing Availability of mHealth applications
• The emergence of Closed-loop/hybrid Insulin Pumps
• Increasing Popularity of Connected/Smart Diabetes Management Devices
The study considers the present scenario of the digital diabetes management market and its market dynamics for the period 2018?2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply aspects of the market. The report profiles and examines leading companies and other prominent companies operating in the market.
Digital Diabetes Management Market: Segmentation
This research report includes detailed segmentation by products, distribution channels, end-users, and geography. The digital diabetes management devices segment is growing at a faster rate due to the growing adoption of several digitally advanced devices for diabetic care, including digital blood glucose meters, Continuous Glucose Monitoring (CGM) devices, insulin pumps, and digital insulin pens. Among all these devices, CGM devices are contributing to the largest market share in 2018. The wide availability of technologically advanced digital blood glucose monitoring devices and rapid expansion of telehealthcare facilities are contributing to the market share.
Retail stores are considered an indispensable distribution channel for digital diabetes monitoring devices as they offer easy access to a wide customer base and involve personalized attention to each of the consumer's needs. A major interesting trend observed in this distribution system is that these stores are increasingly getting integrated with online platforms with retail chains either having their standalone online portals or participating through marketplaces through e-commerce companies. Online stores have played a pivotal role in dispensing information and bringing radical changes in the consumption pattern and the shopping behavior of consumers.
The rapidly increasing diabetic population due to unhealthy lifestyle patterns, excess alcohol consumption, poor diet, and the lack of physical activities across the world are majorly contributing to the growing demand for several digital diabetes devices. Also, the healthcare industry has witnessed a paradigm shift in the last decade with an increasing preference toward self-monitoring of blood glucose levels over hospital-based testing. Moreover, the increased health consciousness and awareness among people is driving the demand for self-testing and monitoring devices regularly. Hence, the increasing patient population leads to increasing demand, thereby contributing to the high growth of the segment.
Market Segmentation by Products
• Digital Diabetes Management Devices
• Digital Diabetes Management Applications and Software
Market Segmentation by Distribution Channel Type
• Retail Stores
• Online Channels
Market Segmentation by End-users
• Hospitals and Specialty diabetes Clinics
Digital Diabetes Management Market: Geography
The growing diabetic patient population, high preference for self-monitoring of blood glucose levels, and the advent of highly advanced and innovative blood glucose management devices are the primary factors for the high market share in North America. Also, the growing geriatric population with a high risk of increasing blood glucose levels is another key factor driving the market growth of the region.
Europe is the second-largest market. Germany, France, Spain, the UK, and Italy are the major revenue contributors in Europe. The growth is mainly due to the highly sophisticated healthcare infrastructure, the increasing patient population with high awareness levels regarding the availability of advanced treatment options for diabetic care. Also, the increase in investments in the field of R&D for the development of innovative products will have a positive impact on the market growth and is expected to be another key factor behind the market growth of the region.
Market Segmentation by Geography
• North America
o South Korea
• Latin America
o Saudi Arabia
o South Africa
Key Vendor Analysis
The global digital diabetes management market is highly competitive and dynamic characterized by the presence of many global, regional, and local vendors offering a diverse range of technologically advanced devices, including CGM devices, test strips, digital insulin pens, insulin pumps sensors, lancets, and lancing devices for enhancing/improving the overall patient care. Approximately more than 400 vendors are offering such a wide array of products worldwide. Many global, regional, and local players manufacture and promote a diverse range of devices for the effective management of diabetes. The market is subject to rapid technological changes and significantly affected by new product launched, and other market strategies of industry participants.
• Ascenia Diabetes Care
• Braun Melsungen
• Hoffmann-La Roche
Other Prominent Vendors
• 77 Elektronika
• Menarini Diagnostics
• ACON Laboratories
• Alliance International
• Andon Health (Tianjin Jiu'an Medical Electronics)
• Biotest Medical
• Care Innovations
• Companion Medical
• Digital Medics
• Integrity Applications
• Jiangsu Delfu Medical Device
• Medtrum Technologies
• Nova Biomedical
• Novo Nordisk
• Omnis Health
• One Drop
• Prodigy Diabetes Care
• Senseonics Holdings
• SOOIL Developments
• Taidoc Technology
• Trividia Health
• Rossmax International
• Tandem Diabetes Care
• Patients Pending
• Ypsomed Trinity Biotech
Key Market Insights
The report provides the following insights into the digital diabetes management market for the forecast period 2019–2024.
• Offers market sizing and growth prospects of the market for the forecast period 2019–2024.
• Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
• Includes a detailed analysis of growth drivers, challenges, and investment opportunities.
• Delivers a complete overview of segments and the regional outlook of the market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage.
Read the full report: https://www.reportlinker.com/p05827564/?utm_source=PRN
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