Growing population of younger diabetic patients is one of the key factors driving sales of diabetes management software
Growing population of younger diabetic patients is one of the key factors driving sales of diabetes management software
Fact.MR, Rockville MD: Award winning market research company Fact.MR is conducting a study on the global diabetes management software market for the forecast period of 2021 and 2031. As per its findings, the market is poised to witness credible gains across 2021 owing to the rising cases of diabetes, advancements in technology, and penetration of digitalization. Long-term expansion prospects are expected to remain positive, experiencing high growth rate until 2031.
According to Fact.MR, these software devices are gaining traction due to the rising applications such as tracking blood sugar level, insulin intake, physical activities and others. Also, demand from pharmaceutical and healthcare industry will boost the sales of diabetes management software devices. Growing penetration of advanced technology in the healthcare sector has improved the demand of wireless and efficient diabetes management software to test blood sugar levels. These factors are improving the demand for diabetes management software devices. Thereby, aiding the growth.
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Furthermore, leading players are increasingly focusing on unique growth strategies and developing technologically advanced devices due to the heightened demand for the self/home care use within pharmaceutical sector.
“Technologically advanced diabetes management software is gaining momentum due to the rising demand from private clinics and hospitals. This, in turn, is pushing the leading manufacturers to invest more in research & development activities for developing novel devices,” says the Fact.MR analyst.
Key Takeaways
- In the terms of devices, wearable devices are expected to dominate the segment backed by the incorporation of advanced technology in the devices
- Increasing cases of diabetes across the globe are expected to augment the sales of smart glucose meter through 2021
- Insulin delivery devices is expected to be emerge as a lucrative segment due to the extensive use in self/home healthcare
- United States is expected to lead the North American diabetes management software market due to the growing healthcare industry
- Increasing cases of diabetes across UK and France is anticipated to propel the demand of smart glucose meter in the region
- India and China are expected to collectively record a healthy growth backed by the growing geriatric population and advanced healthcare industry
Prominent Drivers
- Rising prevalence of diabetes and growing adoption of cloud-based enterprise solutions for diabetes management will improve the market demand
- Increasing penetration of digital platforms, and incorporation of advanced technology in mobile apps for diabetes management will fuel the growth
- Rising healthcare expenditure related to issues associated with diabetes will provide opportunities for market players
Key Restraints
- High cost of devices & lack of reimbursements in emerging economies will hamper the growth of market
- Security issues and lack of data safety will pose a challenge for the diabetes management software manufacturers
Discover more about the diabetes management software market with figures, data tables and the table of contents.
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Competitive Landscape
Fact.MR has listed some of the prominent key manufacturers operating in the global diabetes management software market which includes Abbott Corporation, Roche Diagnostics, Medtronic PLC, Glooko Inc., Insulet Corporation, Becton, Dickinson and Company, Tandem Diabetes, Bayer AG, Lifescan Inc., Dexcom Inc., Sanofi, Insulet Corporation, Ascensia Diabetes Care Holdings AG, and B. Braun Melsungen AG among others.
For instance, in March 2021, Roche announced the launch of the new Accu-Check Instant system for a new ‘connected’ blood glucose monitoring system, which supports and enables Roche’s approach of integrated Personalized Diabetes Management.
Also, in May 2021, Becton, Dickinson and Company, a leading global medical technical technology company, announced the expansion of its insulin delivery and expand its presence in large and high-growth diabetes market to focus on innovation and high priority markets.
Furthermore, in March 2020, ALR Technologies announced their ALRT Diabetes solution platform provides the tools physicians need to offer telehealth, and remote patient monitoring services to their patients with diabetes.
More Insights on the Diabetes management software Market
In its ongoing research study, Fact.MR offers an unbiased analysis on global diabetes management software over the forecast period of 2021 and 2031. In its latest report, Fact.MR provides a detailed analysis on its ongoing and upcoming trends, opportunities, developments and challenges that the market is expected to witness through 2031. To understand the market scenario better, the market is segmented on the basis of product (smart glucose meter, CBGM, smart insulin pen, smart insulin pump), type (type-1 diabetes and type-2 diabetes), devices (hand-held, wearable, mobile, desktop applications, tablets, and others), application (blood sugar level, insulin intake, diet observance, physical activities, and others), end-use (hospitals, pharmacies, private clinics, diagnostic laboratories and self/home healthcare), and regions (North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan and Middle East & Africa).
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Source: Fact.MR