Diabetes Management Market Size and Share analysis:
The global diabetes management market is projected to reach USD 19.9 billion by 2024 from USD 6.8 billion in 2019, growing at a CAGR of 23.8%. North America holds a major revenue share of about 40% in 2018.
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Diabetes is an expensive lingering sickness that has no permanent cure and diabetes management solutions offer an incessant patient monitoring even at remote locations. This includes various digital devices and apps that keep a detailed track of records, which allows physicians to advice precise treatment to patients.
Diabetes Management Market Growth Drivers and Restraints:
Factors such as the growing occurrence of diabetes, growing adoption of cloud-based enterprise solutions for diabetes management, increasing diffusion of digital platforms and adoption of mobile apps for diabetes management, and technological advancements are driving the growth of the diabetes management market.
However, high device prices and lack of reimbursement in many emergent countries and the higher acceptance of traditional diabetes management devices are expected to confine market growth to a certain extent during the forecast period. The high reception of mobile apps for remote nursing is one of the main major factors that is driving the growth of this market segment.
This can be attributed to the increasing prevalence of diabetes, growing digital platform penetration, and favourable reimbursement policies by the government. Owing to the mounting technological advancements and rising adoption of smart devices many developing countries are likely to adopt these devices. Europe is the second largest region in the global diabetes management market, owing to the increasing diabetic population, government initiatives to control diabetes and obesity, and growing healthcare expenditure.
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Diabetes Management Market Determinants :
The increasing prevalence of diabetes, technological advancements, increasing adoption of cloud-based enterprise solutions, and the growing use of connected devices and apps has made the adoption of digital devices easy.
However, difficulties like restricted learning and management with respect to diabetes among key partners prompts extreme patient sufferings, and rises the treatment cost which prods the parents and guardians to utilize diabetes management, rewarding the market for the future.
Diabetes Management Market Key Players:
• Abbott Laboratories
• Novo Nordisk A/S
• Bristol-Myers Squibb
• Eli Lilly and Co.
• Bayer AG
Diabetes Management Market Segmentation:
By Device Type
• Monitoring Devices
• Diagnostic Devices
• Insulin Delivery Devices
• Oral Drugs
• North America
• Rest of World
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