Fact.MR’s recent study published on the global diabetes management software market provides detailed insights into prominent aspects favoring growth between 2022 and 2032.
High Prevalence of Type 2 Diabetes to Push Diabetes Management Software Market by 9.9% CAGR through 2032
Fact.MR’s recent study published on the global diabetes management software market provides detailed insights into prominent aspects favoring growth between 2022 and 2032. It offers an elaborate quantitative and qualitative analysis on the current market trends. The study also unravels the demand outlook for diabetes management software in the market in terms of device, application, end user, and region.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global diabetes management software market is expected to create an incremental opportunity of around US$ 66.26 Bn through 2032, exhibiting growth at a CAGR of 9.9% during the forecast period (2022-2032). Sales of diabetes management software market are set to reach US$ 25.85 Bn by the end of 2022.
Rising prevalence of diabetes has increased the focus of healthcare organizations on rapid development and adoption of better diabetes care solutions. Also, ongoing developments in technologies have ensured the availability of highly flexible and reliable solutions in the market.
As per the World Health Organization (WHO), there was a 5% increase in premature mortality between 2000 and 2016 from diabetes. In addition to that, diabetes was considered to be the ninth leading cause of death in 2019, with nearly 1.5 million deaths. These numbers are projected to surge, thereby pushing the market.
Besides, increasing preference for smart devices among diabetic patients as they are easy to use at home, help share important data, user-friendly, and allow real-time monitoring, is anticipated to drive market expansion.
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Moreover, government support in several countries to provide quality treatment to patients using highly automated facilities and methods is expected to push growth in the diabetes management software market. Surging adoption of connected devices among type 1 diabetic patients to monitor insulin dosage and glucose level is also set to aid growth.
Key Takeaways:
- North America diabetes management software market currently holds a share of approximately 32.6%.
- The top 3 countries are expected to contribute nearly 45% of the diabetes management software market share in 2022.
- Europe is witnessing increased adoption of diabetes management software, with a share of around 28.6%.
- In terms of device, the wearable devices segment is set to dominate the diabetes management software market owing to growing launch of smart devices.
- The global diabetes management software market is anticipated to reach a valuation of US$ 66.26 Bn by the end of 2032.
Growth Drivers:
- High demand for cloud-based diabetes management software solutions among millennials to get instant test results at home is set to boost growth.
- Emergence of new digital solutions that are more convenient than conventional diabetes management therapies is expected to drive growth.
Restraints:
- Security concerns related to applications and proprietary data are anticipated to hamper sales of diabetes management software solutions.
- Unclear e-health agendas and inadequate infrastructure in underdeveloped countries may decline the adoption of diabetes management software solutions.
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Competitive Landscape:
Leading diabetes management software companies are continuously emphasizing on strategies such as collaborations, acquisitions, and partnerships to provide the best service to patients and expand their market occupancy. A few other key players are investing huge sums in research and development activities to introduce novel products and generate high shares.
For instance,
- In 2020, Dexcom Corporation partnered with DreMed, a medical hospital equipment supplier, to improve its facilities. This partnership has increased Dexcom’s market presence among users.
- In 2020, Abbott Corporation invested in the Freestyle Libre 2 glucose meter, a blood glucose tracking device for diabetics. This glucometer is placed behind the upper arm to check blood glucose levels in the body and also helps to set alarms for patients with high or low blood sugar levels.
Key Companies Profiled by Fact.MR
- Glooko
- Tidepool
- LifeScan, Inc.
- Ascensia Diabetes Care Holdings AG
- Abbott Diabetes Care
- Acon Diabetes Care International
- BIONIME
- Custo med
- Dexcom
More Valuable Insights on Diabetes Management Software Market
In its recent study, Fact.MR reveals factors influencing the growth in the global diabetes management software market during the assessment period. The study also offers compelling insights into prominent drivers creating growth opportunities in the diabetes management software market through detailed segmentation as follows:
By Device:
- Wearable Device
- Handheld Device
By Application:
- Diabetes & Blood Glucose Tracking
- Obesity & Diet Management
By End User:
- Self/Home Healthcare
- Hospitals & Specialty Diabetes Clinics
- Academic & Research Institutes
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
Key Questions Covered in the Diabetes Management Software Market Report
- What is the projected market size of diabetes management software?
- Which countries are on top in the diabetes management software market?
- Who are the top 3 leading companies in the diabetes management software market?
- Which region is dominating the diabetes management software market?
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