DUBLIN--(BUSINESS WIRE)--The "Digital Diabetes Management Market by Product (Device (Smart Glucometer, CGM, Insulin Patch Pump), Diabetes Apps, Service, Data Management Software), Device Type (Handheld & Wearables), End User (Hospitals & Self/home healthcare) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global digital diabetes management market is projected to reach USD 25.5 Billion by 2027 from an estimated USD 14.3 Billion in 2022, at a CAGR of 12.2% during the forecast period.
Smart glucose meters segment accounted for the largest share in the Digital Diabetes Management market
The devices segment is categorized into smart glucose meters, CGM systems, smart insulin pens, and smart insulin pumps/closed-loop systems & smart insulin patches. In 2021, the smart glucose meters segment accounted for a share of 25.2% of the digital diabetes management devices market.
The growth of this segment is mainly attributed to the easy handling of smart glucose meters, as well as their benefits in the early detection of hypo and hyperglycemic diabetes. Technological innovations, such as all-in-one glucometers with analysis capabilities, Bluetooth-enabled glucometers, and portable pocket-size glucometers are some of the other factors driving the growth of this market segment.
Wearable devices segment to grow at the highest CAGR during the forecast period
Various devices considered in the digital diabetes management devices market are categorized into handheld devices and wearable devices. Wearable devices accounted for the largest share of 60.3% of the digital diabetes management devices market in 2021.
This segment is estimated to grow at the highest CAGR of 13.2% during the forecast period. The increasing number of regulatory approvals for wearables, technological advancements, and the growing adoption of smart insulin pumps and insulin patches are driving the growth of the wearables market.
The Self/home healthcare segment accounted for the largest share of the Digital Diabetes Management market in 2021
The self/home healthcare segment accounted for the largest share of the digital diabetes management market in 2021. This is mainly attributed to the growing patient acceptability of home care due to the increasing awareness of digital diabetes management platforms. Self-administration is especially useful for patients who require regular insulin therapy. For patients requiring long-term therapy, inpatient care is not only extremely expensive but also prevents them from resuming a normal lifestyle.
North America accounted for the largest share of the Digital Diabetes Management market in 2021
In 2021, North America accounted for the largest market share of 41.4%, followed by Europe with a share of 29.0%. North America dominates the digital diabetes management market, mainly due to the growing adoption of connected diabetes management devices, increasing adoption of diabetes management and obesity apps, growing demand for technologically advanced solutions, increased acceptance of digital diabetes solutions from payers, government initiatives to promote digital health, and rising awareness on self-diabetes management in the region.
Market Dynamics
Drivers
- Increasing Prevalence of Diabetes
- Technological Advancements
- Growing Adoption of Cloud-Based Enterprise Solutions for Diabetes Management
- Use of Artificial Intelligence in Diabetes Care Devices
Restraints
- High Cost of Devices and Lack of Reimbursement in Developing Countries
- Higher Acceptance of Traditional Diabetes Management Devices
Opportunities
- Increasing Diabetes-Related Health Expenditure
Challenges
- Low Penetration in Developing Economies
- Lack of Data Security
Companies Mentioned
- Abbott Laboratories
- Acon Laboratories, Inc.
- Agamatrix, Inc.
- Arkray, Inc.
- Ascensia Diabetes Care Holdings Ag
- Azumio
- B. Braun Melsungen Ag
- Beato
- Care Innovations, LLC
- Dariohealth Corporation
- Decide Clinical Software Gmbh
- Dexcom, Inc.
- Dottli
- Emperra GmbH E-Health Technologies
- F. Hoffmann-La Roche
- Glooko, Inc.
- Health2Sync
- Insulet Corporation
- Lifescan, Inc.
- Medtronic plc
- One Drop
- Pendiq Gmbh
- Tandem Diabetes Care, Inc.
- Tidepool
- Ypsomed Holding Ag
For more information about this report visit https://www.researchandmarkets.com/r/8t880u
