DUBLIN–(BUSINESS WIRE)–The “Digital Diabetes Management Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
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 digital diabetes management market is expected to grow to $30.11 billion in 2027 at a CAGR of 22.8%.
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 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.
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1) By Product & Service: Devices; Application; Data Management Software & Platforms; Services
2) By Device Type: Handheld Devices; Wearable Devices
3) By End User: Self/Home Healthcare; Hospitals & Specialty Diabetes Clinics; Other End Users
A selection of companies mentioned in this report includes
Ascensia Diabetes Care
B. Braun Melsungen AG
Tandem Diabetes Care
Ypsomed Holding AG
BECTON DICKINSON AND COMPANY
For more information about this report visit https://www.researchandmarkets.com/r/pnmh4p-diabetes?w=4
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