The Diabetes is one of the most prevailing chronic diseases that occur owing to the malfunctioning of pancreas. The condition ascends when pancreas does not introduce the enough insulin, or the body is impotent to successfully utilize the insulin that has been formed. As per the data distributed by WHO, in 2018, the number of people suffering with diabetes has suggestively risen from 108 million in 1980 to nearly 422 million in 2014. The pervasiveness of diabetes around the globe has augmented from 4.7% to 8.5%. In 2016, around 1.6 million deaths occurred owing to diabetes. Thus, it is indispensable to manage diabetes in order to manage blood sugar levels in the human body.
According to the report analysis, ‘Digital Diabetes Management Market by type (Handheld Devices and Wearable Devices), Product (Continuous blood glucose monitoring systems, Smart Glucose Meter, Smart Insulin Pumps, Smart Insulin Pens and Apps): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the digital diabetes management market there are several corporates which presently functioning more effectively for leading the highest market growth and registering the great value of market share around the globe during the coming years while analyzing the strategies and policies of the competitors, increasing the applications of cure, implementing the profitable strategies, advancing the features of the technology, employing the young work force, delivering the better consumer satisfaction and decreasing the linked prices includes Abbott laboratories, ACON Laboratories, Inc., Bayer AG, Becton, Dickinson and Company, Dexcom, Inc, F. Hoffmann-La Roche Ltd., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, and Terumo corporation.
In addition, the worldwide digital diabetes management market was worth at USD 3,375.8 million in 2018 and is predicted to reach USD 17,118.7 million by 2026, accounting a CAGR of 22.5% from 2019 to 2026. However, the Diabetes management involves the measuring & recording blood sugar levels, determining carbohydrate intake, along with tracking maneuvers and day-to-day activities. Thus, tracking such activities digitally offers unremitting patient monitoring enabling the patients as well as physicians to better diagnose the present situation and suggest medications accordingly.
Protruding players in the market have implemented several strategies such as partnerships, product sanctions and product establishing for managing their share in the worldwide digital diabetes management there by addressing the growing healthcare needs amongst the patients and healthcare merchants.
The foremost factors propelling the growth of the market are augmenting in implementation of smartphones & tablets coupled with the healthcare apps and surge in the diabetic population across the globe. In contrast to these, the market growth is limited by lack of awareness regarding the digital diabetes management in underdeveloped countries and patient data discretion concerns. On the contrary, emerging markets suggest the significant opportunities for the growth of worldwide digital diabetes management market. In addition, it is predicted that the North America holds an overriding share in the worldwide digital diabetes management market owing to augmenting the awareness regarding digital health and large amount of patients suffering from the chronic illness. Moreover, aspects such as well-developed supply-side infrastructure, speedy acceptance of advanced technologies, and acceptable reimbursements are further propelling the market growth. Therefore, in the near years, it is predicted that the market of digital diabetes management will increase around the globe more effectively over the coming duration.
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Ankur Gupta, Head Marketing & Communications