New York, Feb. 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Digital Diabetes Management Global Market Report 2022” – https://www.reportlinker.com/p06229184/?utm_source=GNW
The global digital diabetes management market is expected to grow from $8.85 billion in 2021 to $10.82 billion in 2022 at a compound annual growth rate (CAGR) of 22.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $24.26 billion in 2026 at a CAGR of 22.4%.
The digital diabetes management market consists of sales of digital diabetes management devices and related services.Digital diabetes management includes devices, apps, and software 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 patient’s blood glucose levels and controlling their conditions.
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 from diagnosis of diabetes.
According to the European Society of Cardiology’s (ESC) global statistics on diabetes published in April 2019, approximately 4 million people under the age of 60 years die from diabetes every year. The prevalence of diabetes for the age group 20-79 years is predicted to increase to 9.9% to reach 628.6 million people with an expected growth of 48% by the end of 2045, globally. Digital diabetes management devices provide continuous care for diabetic patients and provide relevant data for further analysis.
Data security is a major challenge limiting the growth of the digital diabetes management market.Data safety is necessary to maintain integrity and confidentiality.
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.According to the Global Application and Network Security Report, 2019–2020 published by Radware, a cybersecurity company, data security and service & application availability are the top two concerns of the healthcare industry.
Moreover, according to the 2019 HIPAA Journal, the data breaches are occurring more than once a day with the average breach size of 18,208 records, growing by 30.1% in November 2019. Thus, data security is a key challenge for the growth of the digital diabetes management market in the coming years.
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 regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the digital diabetes management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06229184/?utm_source=GNW
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