New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Digital Diabetes Management Global Market Report 2023" - https://www.reportlinker.com/p06229184/?utm_source=GNW
The global digital diabetes management market will grow from $10.82 billion in 2022 to $13.25 billion in 2023 at a compound annual growth rate (CAGR) of 22.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The digital diabetes management market is expected to grow to $30.11 billion in 2027 at a CAGR of 22.8%.
The digital diabetes management market consists of revenue generated by the companies offering devices and services that manage blood glucose levels in the human body.These devices play a vital role in the care of diabetes patients with the management of patients’ blood glucose levels and controlling their conditions.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Digital diabetes management refers to using electronic medical solutions to monitor, analyze, and manage diabetics remotely. People with diabetes or those who are at risk for developing it can improve their health outcomes by successfully managing their condition on their own with the help of digital diabetes management.
North America was the largest region in the digital diabetes management market in 2022.Western Europe was the second largest region in the digital diabetes management market.
The regions covered in the digital diabetes management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products and services in digital diabetes management are devices, application, data management software & platforms, services.A data management platform (DMP) is a piece of software that collects and manages data.
They enable companies to create audience segments that can then be utilized to target certain individuals and settings in online advertising campaigns. the different types of devices include handheld devices, wearable devices and used in various sectors such as self or home healthcare, hospitals and specialty diabetes clinics, others.
The increasing prevalence of diabetes is projected to propel the demand for digital diabetes management devices and related services, thereby increasing the demand for the market.Diabetes is a leading cause of death, with 30% of loss of life expectancy coming from the diagnosis of diabetes.
In 2021, according to the International Diabetes Federation, a total of 537 million individuals (20-79 years old) worldwide had diabetes and according to projections, there will be 643 million diabetics worldwide by 2030 and 783 million by 2045.
Data security is a major challenge limiting the growth of the digital diabetes management market.Data safety is necessary to maintain integrity and confidentiality.
A lack of accurate flow of information and commands is likely to compromise the function of digital diabetes devices and may put patients or users at the risk of health complications. For instance, according to Hippa Journal, the official publication of the American Health Information Management Association, the Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) received 347 reports of healthcare data breaches involving 500 or more records between January 1, 2022, and June 30, 2022.
Several companies are increasing attention on developing design-focused and AI-powered connected apps to enhance the user experience, which is gaining significant popularity in the digital diabetes management market.Key companies operating in the digital diabetes management market including OneDrop, Ascencia, and Dario are increasing their focus on developing their products as stylish gadgets rather than medical devices.
For instance, Medtronic plc and IBM Watson Health announced the launch of AI-powered Sugar.IQ smart diabetes management app, designed to improve and simplify daily diabetes management.
In April 2020, OneDrop, a consumer diabetes management platform, announced the acquisition of assets, IP, and certain staff of Sano Intelligence Inc., an innovator in health sensing technology, for an undisclosed amount. OneDrop and Sano Intelligence shared a vision of transforming traditional healthcare into preventive and proactive self-care. The companies are expected to integrate Sano’s silicon sensing technology into a painless silicon-based health sensing platform for use across multiple conditions, which is a personalized solution for a rapidly growing health issue. Sano Intelligence, Inc. was founded in 2011 and is a manufacturer of non-invasive connected CGM patch.
The countries covered in the digital diabetes management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The digital diabetes management market research report is one of a series of new reports that provides digital diabetes management market statistics, including digital diabetes management industry global market size, regional shares, competitors with a digital diabetes management market share, detailed digital diabetes management market segments, market trends and opportunities, and any further data you may need to thrive in the digital diabetes management industry. This digital diabetes management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06229184/?utm_source=GNW
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