A new market study, titled “Digital Diabetes Global Market – Forecast to 2026”, has been featured on WiseGuyReports.
Digital diabetes includes products utilizing advanced technologies for monitoring, managing and tools that help in deciding optimum therapy options in the patients suffering from diabetes. These devices help in monitoring of blood sugar levels, calorie counting, and in insulin dose calculation, reduce complications to improve the quality of life of diabetics. According to IQ4I analysis, digital diabetes global market expected to reach $16,329.6 million by 2026 growing at a high single digit CAGR from 2019 to 2026.
The digital diabetes global market is segmented based on products, end-users and geography. The product market is further segmented into devices and apps and software. As estimated by IQ4I Research, the devices global market is expected to grow at a mid-single CAGR from 2019 to 2026. The apps and software global market is expected to grow at a strong double digit CAGR from 2019 to 2026 due to growing adoption of digital solutions such as cloud based software, technology advancements such as incorporating artificial intelligence to manage the diabetes are driving the market. However, privacy and data safety issues, stringent regulatory approvals, lack of reimbursement are restraining the market growth.
Some of the key players in the digital diabetes global market are
Abbott Laboratories (U.S.), Dexcom, Inc. (U.S.), Insulet Corporation (U.S.), i-Sens, Inc (South Korea), Livongo Health, Inc. (U.S.), Medtronic PLC (Ireland), F.Hoffmann-LA Roche AG (Switzerland), Senseonics Holdings Inc. (U.S.), Tandem Diabetes Care (U.S.), and Ypsomed Holding AG (Switzerland).
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The digital diabetes devices global market by product type is segmented into SBGM, CGM, Smart Insulin Pumps, and Smart Insulin Pens. CGM accounted the largest market revenue in 2019 and is expected grow at a double digit CAGR from 2019 to 2026 due to increasing number of regulatory approvals for CGM systems; technological advancements in devices and other pipeline devices. SBGM products are further segmented into Smart Blood glucose meter, Blood glucose testing-strips, Lancets and control solution. Blood glucose testing-strips accounted largest revenue in 2019. CGM products are further segmented into glucose sensors and transmitter and receiver. Glucose sensor commanded the largest revenue in 2019 and is expected grow at a double digit CAGR due to increasing adoption of CGM systems, development of advanced CGM systems, and favorable government policies in developed countries promoting adoption of CGM systems. The smart insulin pump products are further segmented into traditional insulin pump and patch pump. Traditional insulin pump held largest revenue in 2019 and expected to grow at a mid-single digit CAGR from 2019 to 2026 and Patch pump are expected to grow at a double digit CAGR from 2019 to 2026.
The Digital diabetes end-user market is segmented into homecare, hospitals & private clinics and others which include ambulatory setting, academic and research institutes. Homecare accounted for largest revenue in 2019. The largest revenue of this segment can be mainly attributed to technological advancements and a shift toward home care and self-management of diabetes, increase in prevalence of diabetes disease, the improvement and acceptance of home care devices has increased. In addition, growing focus of companies to increase awareness about diabetes and glucose management devices & apps are further driving the adoption in home care settings. Homecare is the fastest growing segment with projected high single digit CAGR from 2019 to 2026 due to increase of self-management of diabetes using apps and software at home itself.
Geographical wise, North America region commanded the largest revenue in 2019 and expected to grow at a mid-single digit CAGR from 2019 to 2026. Some of the driving factors are increased awareness of the benefits of using continuous glucose monitoring systems, growing diffusion of smart devices, increasing prevalence and incidences of diabetes due to obesity and better accessibility to technologies compared to other regions and presence of well-established distribution channels of the major players in this region. However, Asia-Pacific region is expected to grow at a double digit strong CAGR from 2019 to 2026 due to large pool of patients with diabetes, increasing patient awareness about diabetes, and increasing affordability of advanced treatment due to increasing prosperity. The digital diabetes global market is a competitive market and all the existing players in this market are involved in developing new and advanced products to maintain their market shares and also acquiring companies for product expansion.
The report provides an in-depth market analysis of the above-mentioned segments across the following regions:
• North America (U.S. and Rest of N.A.)
• Europe (Germany, France, Italy and Rest of E.U.)
• Asia-Pacific (Japan, China, India and Rest of APAC)
• Rest of the World (RoW) (Brazil, Rest of Latin-America and Middle East & Others)
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Source: EIN Presswire