Smart Diabetes Management Market will surpass USD 20.66 billion by 2030 : GreyViews

Pune India, Dec. 30, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the smart diabetes management market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the smart diabetes management market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, type, end-use, and region. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below. 

The significant players operating in the global smart diabetes management market are F. Hoffmann-La Roche Ltd., Abbott Laboratories, Medtronic plc, Insulet Corporation, Ascensia Diabetes Care Holdings Ag, Bayer AG, Lifescan, Inc., Dexcom, Inc., Sanofi, and B Braun Melsungen AG. To achieve a substantial market share in the worldwide smart diabetes management market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Some examples of regularly used diabetic devices include blood glucose monitoring systems, lancets, test strips/papers, insulin delivery systems, and mobile applications for diabetes care. Blood glucose monitoring devices employ fingerstick blood samples to measure glucose levels. The two main types of glucose monitoring systems are self-monitoring devices and continuous glucose monitoring devices. The glucose levels are measured by devices for continuous glucose monitoring utilizing a small sensor placed under the skin. The interstitial glucose between cells, often known as fluid glucose, is monitored by this sensor. Lancets are made of plastic and have a little needle within them. These are usually used to take blood samples from the fingertips of diabetic patients. Insulin pumps, insulin pens, and insulin syringes and needles are the three main categories of insulin administration systems. Small, automated insulin pumps provide insulin to the user at predetermined times. Insulin pens are needleless, pen-shaped, single-use or reusable devices. It is anticipated that over the course of the forecast period, quick advances in insulin delivery technology, increasing investment in the development of cutting-edge diabetic care products, and the quick development of cutting-edge healthcare infrastructure in emerging nations will all significantly contribute to the growth of the global diabetes devices market.

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Scope of Smart diabetes Management Market Report

Segmentation Analysis

The continuous blood glucose monitoring system segment is expected to be the fastest-growing segment in 2022. 

The Product segment is smart glucose meter, smart insulin pens, smart insulin pumps, continuous blood glucose monitoring system, and apps. The continuous blood glucose monitoring system, segment is expected to witness the highest growth rate during the forecast period. Because of its sophisticated features, such as communication with smart devices that serve as display devices, the market is growing. It can also be set up to alert patients in a certain way when particular glucose levels are reached. Based on the kind of product, the market has been segmented into sections that include apps, continuous blood glucose monitors, smart insulin pens, smart insulin pumps, and smart glucose metres.

The wearable devices segment is expected to be the fastest-growing segment in 2022. 

The type segment includes wearable devices and handheld devices. The wearable devices segment is expected to witness the highest growth rate during the forecast period. The continued development of technology, the integration of remote monitoring technologies into devices, an increase in product releases, and improved accessibility and patient population awareness are all factors that have contributed to the segment’s growth. The market’s growth is largely attributable to technological advancements like the emergence of artificial intelligence, the development of cutting-edge products like closed-loop pump systems and smart insulin patches, and the growing use of self-insulin delivery devices in the treatment of diabetes.

The home settings segment is expected to be the fastest-growing segment in 2022. 

The End-Use segment includes hospital, home settings, and diagnostic centers. The home settings segment is expected to witness the highest growth rate during the forecast period. Rising diabetes awareness, user-friendly digital device interfaces, ease of usage at home, and the convenience of data sharing with experts via digital platforms will all help future product adoption in home settings. The COVID-19 pandemic has also increased demand for digital diabetes management products by encouraging at-home use of connected devices and mobile applications.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the smart diabetes management include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

• The North American region witnessed a major share. The market is expanding in the area as a result of rising demand for online medical consultation or remote monitoring Diagnostic Centers, increased adoption of healthcare IT products and Diagnostic Centers, rising public awareness of the various fitness applications available on the market, and other cutting-edge medical Products. Additionally, the swift transition from volume-based care to value-based care, the increased focus on preventative healthcare, and the expanding usage of blockchain and cloud computing technologies are all expected to result in revenue growth for the region’s healthcare sector. Additionally, the market in the region is anticipated to see faster revenue growth as a result of the increased focus on healthcare analytics, the presence of large corporations, the increased government support for the adoption of wireless healthcare technologies, and the increased funding for enhancing the functionality.

Country Analysis

Germany’s Smart Diabetes Management market size was valued at USD 0.43 billion in 2022 and is expected to reach USD 0.68 billion by 2030, at a CAGR of 6% from 2023 to 2030. The market in the country is driven by factors such as rising smartphone adoption, better internet connectivity, improved healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, rising demand for remote patient monitoring Diagnostic Centers, and rising accessibility of virtual care. These factors are driving the market’s key trends and opportunities as well as future trends.

China’s Smart Diabetes Management’ market size was valued at USD 1.58 billion in 2022 and is expected to reach USD 2.83 billion by 2030, at a CAGR of 7.6% from 2023 to 2030. The market is growing as a result of rising smartphone penetration, rising public awareness of Smart Diabetes Management, and rising government spending on healthcare sector upgrades.

India’s Smart Diabetes Management market size was valued at USD 1 billion in 2022 and is expected to reach USD 1.71 billion by 2030, at a CAGR of 7% from 2023 to 2030. The market is expanding in the area as a result of advancements in IT infrastructure and the introduction of entrepreneurial projects, both of which have a significant impact on market expansion. The Indian market is growing as a result of rising wearables and activity tracker use, rising smartphone adoption, and rising healthcare analytics demand.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the increasing population of people suffering from diabetes among all age groups.

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