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(Medical-NewsWire.com, March 25, 2020 ) The growth of digital diabetes management market is mainly driven by the rising prevalence of diabetes, increasing focus on the development and adoption of digital platform for diabetes, and technological advancements.
The global digital diabetes management market is projected to reach USD 19.9 billion by 2024 from USD 6.8 billion in 2019, at a CAGR of 23.8%.
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The wearable devices segment is expected to account for the largest share of the digital diabetes management devices market in 2019
On the basis of device type, the wearable devices segment is expected to account for the largest share of the digital diabetes management market in 2019. The large share of the market is mainly due to factors such as 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.
The self/home healthcare segment accounted for the largest share of the digital diabetes management market in 2019
Based on end user, the self/home healthcare is expected to account for the largest share of the market in 2019. The large share of this segment can mainly be attributed to technological advancements and a shift toward home care and self-management of diabetes.
North America is expected to grow at the highest CAGR during the forecast period
The global digital diabetes management industry in North America is expected to grow at the highest CAGR during the forecast period. This is due to the growing demand for technologically advanced solutions such as closed-loop systems, high adoption of remote online coaching services for diabetes management, high adoption of connected diabetes management devices and apps, favorable reimbursement policies, increased acceptance of digital diabetes solutions from payers, rising awareness on self-diabetes management and government initiatives to promote digital health in the region.
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Prominent players in the global 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).
Mr. Sanjay Gupta