Artificial Intelligence in Diabetes Management Industry to Generate Revenues of over $1.26 Billion by 2024 - Infinium Global Research
Artificial Intelligence in Diabetes Management Market (Device - Insulin Delivery Devices, Diagnostic Devices, and Glucose Monitoring Devices): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. The global artificial intelligence in diabetes management market is projected to grow at a CAGR of 47.55% over the forecast period of 2018-2024.
Pune, India -- (SBWire) -- 05/22/2020 --Infinium Global Research has recently published a global report on "Artificial Intelligence in Diabetes Management Market (Device - Insulin Delivery Devices, Diagnostic Devices, and Glucose Monitoring Devices): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024", the reported study estimated the market for artificial intelligence in diabetes management will reach up to USD 1264.7 million by 2024, with a compound annual growth rate of 47.5%, in the forecast period (2018-2024).
Digitization has made big data technologies more relevant in the healthcare environment. The propagation of smart devices has enhanced the transition to digitized healthcare. The smart apps have made self-management of diabetes by the patients affordable. Sensors are proficient in transmitting data to smart devices and diabetics can monitor their blood glucose levels on these devices. Pharmacogenetics and machine learning will help systems embedded with artificial intelligence to manage diabetes better than humans in the near future. Artificial intelligence algorithms bring about advanced glucose prediction methods that help in tackling diabetes effectively.
Furthermore, artificial intelligence is leveraging the avalanche of healthcare data and is improving patient outcomes for diabetes patients. Machine learning algorithms allow better diagnosis and monitoring resulting in enhanced patient-centric treatment. It is predicted that diabetes will extensively be managed by smart machines and artificial intelligence algorithms over the forecast period.
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Increasing Prevalence of Diabetes Globally
Diabetes is a medical condition wherein the inability of the pancreas to produce insulin causes augmented glucose levels in the body. Presently, the major part of the world is suffering from type 2 diabetes to a greater extent. Furthermore, genetics and an unhealthy lifestyle are considered as major causes of diabetes mellitus. Diabetics face various daily challenges such as dietary restrictions and regular administering of insulin. The anytime-anywhere nature of digital technology allows patients to address their health problems by connecting with the healthcare team and sharing data. This is creating a digital ecosystem of data-driven tools that can associate patients and their care team for better management of diabetes.
Moreover, government programs are running across the world in order to control diabetes. Numerous software companies come with an idea of several applications in diabetes management which would help in controlling and managing diabetes. The growing use of mobile phones permits these companies to design apps that directly or indirectly help to manage diabetes mellitus.
Increasing Penetration of Connected Devices and other Wireless Technology Will Spur Revenue Growth
The global artificial intelligence in diabetes management market is anticipated to witness the exceptional growth during the estimated period. The growth is primarily associated with the increasing prevalence of the geriatric population across the globe. In addition, the rising prevalence of metabolic disorders together with increasing adoption of a torpid or sedentary lifestyle also contributes to boosting the growth of artificial intelligence in the diabetes management market.
However, few factors such as government regulation, a dearth of awareness, and high cost are the major restraints limiting the growth of artificial intelligence in the diabetes management market. Nevertheless, various research and technological developments are considered as better opportunities that help in bringing new growth paths for artificial intelligence in the diabetes management market over the forecast period.
Novel Solutions Offered by Several Companies and Digital Health Start-Ups Assist in Revenue Growth
The key players are investing in integrated Artificial Intelligence technology with other technologies such as the Internet of Things (IoT), Natural Language Processing (NLP), and Machine Learning (ML). Launch of the technologically advanced and economical system by key players in the market are projected to propel the growth of the market during the forecast period. Various companies are also providing a wide range of devices and software portfolio to offer advanced solutions to their customers.
Furthermore, mergers & acquisitions, strategic partnerships, collaboration, and agreement are some of the major strategies adopted by industry vendors to sustain competition in the market. For instance, in June 2019, Companion Medical, a leader in the development of advanced insulin delivery technology to improve diabetes care, and Glooko, a leader in diabetes data visualization and management, have declared an incorporated data partnership agreement that will permit insulin data from users of the InPen Smart Insulin Injection Pen to be integrated into the Glooko Enterprise diabetes data management system and Glooko Mobile App. This amalgamation will assist users to automatically incorporate their insulin data with the Glooko diabetes data management system for medical evaluation by their healthcare professionals.
Evolving Healthcare Infrastructure in Developing Nations Enables Market Growth in Asia Pacific
North America region is estimated to remain its dominance in artificial intelligence in the diabetes management market during the prediction period due to growing innovation in artificial intelligence-based solutions. Furthermore, North America is in the next phase of digitization of concepts like the Internet of Things, big data, robotics, and machine learning. Consequently, these digital technologies are expected to drive the regional market over the projection period. The Asia Pacific region is anticipated to witness an enormous growth in the near future owing to new product launches and a huge diabetes population base.
In addition, the Asia Pacific region is also witnessing numerous product launches. For instance, in May 2019, Roche Diabetes Care India introduced its Integrated Diabetes Management Solution (IDMS) program in India along with the introduction of the Accu-Chek Instant blood glucose monitoring (BGM) system and the My Sugar app. Moreover, the government of China is promoting the development of artificial intelligence in the healthcare sector and offering funds for smart healthcare facilities.
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Global Artificial Intelligence in Diabetes Management Industry Coverage
Chapter - 1 Preface
=> Report Description
=> Research Methods
=> Research Approaches
Chapter - 2 Executive Summary
=> Artificial Intelligence in Diabetes Management Market Highlights
=> Artificial Intelligence in Diabetes Management Market Projection
=> Artificial Intelligence in Diabetes Management Market Regional Highlights
Chapter - 3 Global Artificial Intelligence in Diabetes Management Market Overview
=> Market Dynamics
=> Porter's Five Forces Analysis
=> IGR-Growth Matrix Analysis
=> Value Chain Analysis of Artificial Intelligence in Diabetes Management Market
Chapter - 4 Artificial Intelligence in Diabetes Management Market Macro Indicator Analysis
Chapter - 5 Global Artificial Intelligence in Diabetes Management Market by Device
=> Insulin Delivery Devices
=> Diagnostic Devices
=> Glucose Monitoring Devices
Chapter - 6 Global Artificial Intelligence in Diabetes Management Market by Region 2018-2024
=> North America
Chapter - 7 Company Profiles and Competitive Landscape
=> Apple Inc.
=> Google Inc
=> Vodafone Group Plc
=> IBM Corporation
=> Glooko Inc.
Browse in-depth TOC on https://www.infiniumglobalresearch.com/healthcare-medical-devices/global-artificial-intelligence-in-diabetes-management-market
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