The market for diabetes management software is predicted to grow at a high CAGR rate globally. It is expected to gain momentum owing to rising cases of diabetes, technological developments, awareness over treatment procedures, digitalization, increasing focus and spending on health and hygiene etc. Diabetes management softwares run on personal computers, mobile phones, tablets and other digital assistants to track, monitor and manage the level of diabetes. These softwares are preferred in the healthcare and pharmaceutical industries to offer best treatment to the patients. The demand for these softwares is rising due to its accuracy and convenient results to the users. Government support to the healthcare sector for using highly automated facilities and methods to offer quality treatment to patients is acting as a major factor driving the market growth.
Investment in this market is rising on account of its wide applications such as tracking blood sugar level, insulin intake, diet observance, physical activities, conducting self management tasks etc.
By the end of 2019, thewhole world witnessed dire consequences of Covid-19 pandemic. The pandemic started from China and reached every corner of the world leaving a negative impact on the market players globally. Diabetes management software experienced decline in its market demand in the initial phase of the disease creating catastrophic influence on the manufacturers operating in this market. The pandemic had put a temporary brake on the market progress. As the number of diabetic patients are more across the world, the demand can not be low for longer period of time.
Diabetic patients have a weak immune system and covid-19 can easily impact the patients with weak immune system creating an emergent need to monitor them continuously which is likely to propel the market growth. The growing need to track and monitor diabetes is boosting the progress of this market even in the pandemic. In the current situation, the leading manufacturers are giving tireless efforts to overcome the effects ofthe pandemic with increased government support. Government is providing full support to healthcareand pharmaceutical sector for continuing their operationsin the pandemic. The market is forecasted to witness substantial growth due to the rising focus on health, hygiene well-being as well as adoption ofbest and highly automated facilities by healthcare industries.
Among these market leaders, Dexcom Corporation collaborated with DreMed, a medical supplier of hospital equipments on 19th February, 2020 to improve its facilities. DreMedgenerates insulin delivery by investigating information from continuous glucose-monitoring, self-monitoring blood glucose and insulin delivery devices. This collaboration improved the market presence of Dexcom company among the users.
On the other hand, Roche Diagnostics declared free access for its ‘mySugr Pro app’ on 30th April , 2020. The app is designed to give assistance to millions of people suffering from diabetes to keep them aware about their daily sugar levels and maintain a balanced level. Such innovations are enabling the company to have a strong impact on the customers and improve their image.
Abbott Corporation invested on freestyle libre2, a glucose meter on 15th June, 2020. It is a device used for tracking glucose level among the diabetic patients applied on the back of upper arm to check glucose level in the body.This latest technology helps in setting alarm for the patients with too high or too low sugar levels.
Recent data from the Centers for Disease Control and Prevention showed that over 100 million US adults are living with pre-diabetes or diabetes. Growing prevalence of type 1 and type 2 diabetes has driven the public health officials to urge healthcare providers to offer effective preventive measures. Rising inclination of individuals towards an unhealthy lifestyle, imbalanced diet, and growing stress and tensions are fueling the growth of individuals with diabetes.
Diabetes management software is a set of application that can help patients and healthcare providers in tracking and monitoring diabetes. With numerous mobile and desktop applications, diabetes management software is gaining traction for diverse applications in the healthcare industry, thereby driving growth in the diabetes management software market.
Growing penetration of advanced technology in the healthcare sector has paved the way for numerous enhanced diabetes management software that is more efficient than the traditionally used fingertip pricks method to test blood glucose levels. Advanced technology has brought a paradigm shift in the drug dispensing and disease monitoring space, with several healthcare centers leveraging diabetes management software to manage diabetes among patients. The predictive features of diabetes management software allow users to manage data associated with the prediction of future blood sugars and consumed carbohydrates easily. These factors are favoring growth in the diabetes management software market.
Leading companies in the global diabetes management software market are increasingly focusing on unique growth strategies, including acquisitions, collaborations, agreements, and partnerships to offer optimal patient experience. Vendors in diabetes management software market are focusing on launching innovation-driven and convenience-ensuring variants to strengthen their product portfolio.
The global market for diabetes management software has been expanding alongside the effort of the healthcare industry to induct the best facilities for treatment and care of diabetic patients. It is expected that the demand for diabetes management software would flow in from private clinics as well as hospitals in the forthcoming years. This is because both of these units witness an influx of patients suffering from diabetes on a daily basis. Moreover, the changing lifestyles of the people coupled with propensities to have sweeter foods are also believed to be a key driver of demand within the global diabetes management software market. The government has also been investing heavy amounts towards equipping healthcare centers with all the necessary tools to facilitate better treatment of patients. This is also expected to bring in commendable revenues within the global diabetes management software market over the forthcoming years.
The robust healthcare industry in North America is expected to propel demand for diabetes management software across the region. Furthermore, the favorable reimbursement policies for patients suffering from chronic diseases such as diabetes, high blood pressure, and cardiovascular disorders is also expected to propel demand within the market for diabetes management software in North America.
Diabetes management software includes applications that can help in tracking and monitoring diabetes among patients. This software is of two types, namely, mobile and desktop applications for patients and specifically developed diabetes management software applications for physicians by their respective hospitals so that they can regularly keep a track of sugar level among patients and can revise their reports with the help of various diabetes management software. The way of functioning of this software is unique. This software regularly maintains the data of patients that is pulled from logbook or glucose meters and includes tracking of medications such as insulin pens and pumps along with proper diet. Diabetes management software helps in both type 1 and type 2 diabetes. This software is capable of managing data that is associated with prediction of future blood sugars as well as consumed carbohydrates.
Diabetes Management Software- Drivers
One of the obvious factors that is boosting the growth of diabetes management software market is growing prevalence of type 1 and type 2 diabetes. Unhealthy lifestyle, improper diet, and increasing stress and tensions are responsible in the growth of diabetes patients. Consequently, the use of diabetes management software has also increased in past few years that is creating positive impact on the diabetes management software market. Technological advancements are another factor that are pushing the growth of diabetes management software market. Several products are available for analysis and maintenance of records of diabetic patients. Many diabetes management software are free. User friendly mobile devices have increased the interest of elderly diabetic patients to use the various mobile applications to monitor diabetes. Growing younger diabetic population is one of the most significant factors behind the unprecedented growth in the usage of diabetes management software. New generation is tech savvy and prefer to use diabetes management software rather than to visit physicians for monitoring blood sugar levels. Moreover, increasing per capita income is also expected to indirectly contribute to the growth of the global market for diabetes management software.
Diabetes Management Software- Restraints
The most important factor that is hindering the growth of the diabetes management software is the pricing associated with the product. Several mobile and desktop diabetes management software have paid apps that are not affordable for every individual. If the medical staff including nurses and doctors are not well trained they cannot analyze accurate results pertaining to sugar glucose levels. There are strong chances that this software can malfunction thus affecting the information and data of patients. Lack of awareness in developing regions about various diabetes management software can be witnessed which has resulted in low adoption of this software. \
Diabetes Management Software- Regional Outlook
Developed regions such as North America and Europe are witnessing increased adoption of diabetes management software. Increasing geriatric population, unhealthy diet, and growing awareness among people about advanced technology are some of the reasons behind this growing rate of adoption. While, developing regions such as Middle East and Africa are lagging behind in terms of awareness and are still dependent on medical staff for daily monitoring of sugar levels.
Diabetes Management Software- Key Vendors
Glooko, OneTouch, Dexcom Clarity are some of the top vendors that have developed diabetes management software with a view to convenience to patients.
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