Digital Diabetes Management Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Digital Diabetes Management Market was valued at USD 7.3 billion in 2021 and is anticipated to grow at US$ 20.10 billion by 2028 recording a CAGR of 23.9% during the forecast period 2022-2028. Patients can use the digital diabetes management system to improve self-management and control of their condition. One of the key obstacles in managing diabetes is lowering blood glucose levels and maintaining them, which drives up use of these systems. Digital involvement can help individuals with diabetes types 1 and 2 get the care they need. Diabetes monitoring hardware, mobile applications, and big data healthcare cloud computing infrastructure make up digital diabetes devices. The term “smart glucose monitor” refers to a wireless blood glucose monitor that measures and transmits blood glucose data to an iOS or Android mobile device. The digital diabetes management market is being driven by the availability of many apps on web-based app stores that can assist patients monitor their blood glucose levels, rising technical breakthroughs and innovations in the sector, and the global growth in diabetes prevalence. The ability of patients to address their health issues by connecting with their healthcare team and sharing data, as well as the growing demand for a digital ecosystem of data-driven tools that can connect patients and their care team for better diabetes management, are driving the growth of the market. The digital diabetes management market is influenced by the increased acceptance of cloud-based enterprise solutions for diabetes management, the advent of digital platforms, the adoption of mobile apps for diabetes management, and the widespread usage of smartphones among consumers. Furthermore, the market is influenced favourably by the growing elderly population, rising disease incidence, changing lifestyles and poor eating habits, rising obesity population, increased awareness, and increased healthcare spending. Strict regulations related to the approval of applications and devices, however, can impede market development.Stress, sedentary lifestyles, poor diets, and obesity are the main risk factors for diabetes. Physiological changes due to ageing are also a major contributor to the risk of diabetes. For instance, the global population aged 60 and over grew from 962 million in 2017 to 1.9 billion in 2045, according to the World Population Aging Report 2017. Nevertheless, the prevalence of diabetes for people over the age of 60 in 2017 is 18.5%. The number of elderly people with diabetes is projected to grow to around 177.4 million in 2017 and to 337.8 million in 2045. The rising geriatric population, coupled with increasing population exposure to key risk factors, is therefore expected to drive demand across major markets for digital diabetes management solutions.