RISING NUMBER OF GERIATRIC POPULATION
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The world geriatric population continues to growing. According to the National Institute of Health, approximately 617 million (8.50%) people are aged 65 and over. The percentage of geriatric population will increase by 17.00% of the world population by 2025. Many countries in Europe and Asia have higher geriatric population.
With the increasing geriatric population in the world wide, there is also a rise in the population suffering from also rising chance of diabetes among them. Rising geriatric population also play an important role by increasing the demand for digital diabetes software among the customers which will fuel the growth of market as well as companies are attracting to launch new products in the market.
HIGH ACCEPTANCE OF DIGITAL HEALTHCARE DEVICES
Now day’s people have become more conscious about their health. So they are likely to prefer their blood glucose level monitor at individual level due to this reason consumers have keen interest to purchase digital diabetes device for monitoring glucose level in the body so that they would take early precautions in order to avoid the risk of diabetes.
RECALL OF DEVICES
The recall of digital diabetes apps has impacted the growth of digital diabetes management market. Regulatory authorities recall the digital diabetes apps due to health safety issue. Every country has their own regulatory authorities which is responsible for monitoring the regulation of health care related product. Some of these agencies including FDA (Food Drug Administration), EMEA (European Medicines Agency), MHLWA (Ministry of Health, Labour and Welfare) and others.
In 2018, Mindfire device mHealth App recall which was used to identify the level of insulin injected in diabetes patient by FDA due to safety with accuracy of digital health devices and drug dosage apps.
HIGH COST OF DEVICES
High cost of devices is another major restrain for this market because middle class and lower middle class population cannot afford high prices these expensive devices which are used for self-monitoring glucose level in the body. Especially in developing countries like including India, Malaysia, Bangladesh and others.
A global technology innovation in type II diabetes management will create new lucrative opportunity for manufacturers to come up with new products in the market. Some of the technology are mentioned in the below.
Mobile apps uses cloud technology for better monitoring. Mobile app uses a sensor to record blood glucose level, So that the user can read out data in the app. By uploading each reading into cloud storage, which provides information that can be accessed by enable up to 20 different people. Anyone can easily access these account as well as easily view glucose monitor reading from their own mobile.
Now day’s number of latest technology apps has been introduced that are available in the market for monitoring glucose level. These devices are available with latest technology and provide accurate, fast, displays glucose measure data on screen.
On the basis of product and services, the global digital diabetes management market is segmented into devices, digital diabetes management apps, data management software and platforms, services. In 2019 devices segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
On the basis of type, the market is segmented into wearable devices, handheld devices. In 2019, medical application segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
On the basis of end users, the market is segmented into home care settings, diabetes clinics, academic & research institutes, others. In 2019, home care settings segment is growing at the highest CAGR in the forecast period of 2019 to 2026.
Some of the major players operating in this market are Abbott, PHC Holdings Corporation, WellDoc, Inc, Sanofi, Dexcom, Inc, DarioHealth, Medtronic, B. Braun Melsungen AG, F. Hoffmann-La Roche Ltd,Insulet Corporation, Tandem Diabetes Care, Lifescan, Inc, Agamatrix, Inc, Glooko, Inc, GlucoMe, Becton, Dickinson and Company, Azumio, Diabnext, Voluntis, Smart Meter LLC. among others.
Global Digital Diabetes Management Market – Industry Trends - Forecast to 2026
Asia-Pacific Digital Diabetes Management Market – Industry Trends - Forecast to 2026
Europe Digital Diabetes Management Market – Industry Trends - Forecast to 2026
Middle East and Africa Digital Diabetes Management Market – Industry Trends - Forecast to 2026
North America Digital Diabetes Management Market – Industry Trends - Forecast to 2026