Continuous Glucose Monitoring Market to Witness Huge Growth by 2028
Research Reports
Nov 30, 2022
Continuous Glucose Monitoring Market: Introduction
According to the report, the global continuous glucose monitoring market was valued at US$ 992.8 Mn in 2020 and is projected to expand at a high CAGR from 2021 to 2028. Continuous glucose monitoring systems (CGMS) are real time glucose monitoring devices that measure and display the glucose level of the interstitial fluid in the skin cells of the patient. These devices help patients manage diabetes (type 1 and type 2) in a more efficient manner. CGM devices typically comprise a sensor, transmitter, and a receiver. The sensor is placed underneath the skin for monitoring glucose levels and is attached to the transmitter that relays the information to the monitor. Until recently, management of diabetes involved the use of conventional blood glucose meters that provided a single time snapshot of the patient’s blood glucose level.
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However, demand for real-time monitoring and minimally invasive & effective diabetes management solutions have led to the advent of CGM devices. Increase in incidence of diabetes globally and rise in awareness about CGM devices that have the ability to detect hyperglycemic and hypoglycemic events in real time are expected to fuel the growth of the global market during the forecast period. In terms of device/brand, the global continuous glucose monitoring market has been classified into Guardian Real Time CGM System, Dexcom Seven Plus, Dexcom G4 Platinum, FreeStyle Navigator, MiniMed Paradigm Revel/Veo System, and others. Guardian Real Time CGM System accounted for major share of the global market in 2020, owing to its popularity and wide adoption of the real time system. Moreover, these devices transmit the data automatically and alert the patients in hyperglycemia and hypoglycemia condition.
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Prevalence & Incidence Rate of Diabetes and Awareness about CGM Devices to Offer Significant Opportunities in Global Market
Diabetes is a chronic, metabolic disease affecting a large global population. According to the International Diabetes Federation (IDF), in 2021, around 537 million adults were living with diabetes across the globe. Moreover, the diabetic population is likely to increase to 643 million by 2030 and 783 million by 2045. These factors are projected to propel the global continuous glucose monitoring market during the forecast period. Technology and innovation have driven the demand for continuous glucose monitoring devices across the globe. Sensor-based technology devices are effective in managing diabetes. This is anticipated to boost the growth of the global continuous glucose monitoring market during the forecast period. Rise in demand for CGM devices and their faster approval by the FDA and EMA are expected to propel the global continuous glucose monitoring market in the next few years. Innovative companies are utilizing technology to expand the usage of CGM devices for non-diabetic patients. The Libre Sense Glucose Sport biosensor is designed to continuously monitor the nutrition of sportspersons.
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Continuous Glucose Monitoring Market: Prominent Regions
In terms of region, the global continuous glucose monitoring market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, followed by Europe. This can be attributed to rise in prevalence & incidence rates of diabetes in the U.S., technological advancements, and presence of prominent players offering continuous glucose monitoring devices. Increase in type 1 diabetic population and surge in the geriatric population are likely to drive demand for regular monitoring of glucose levels. This in turn is projected to fuel the growth of the continuous glucose monitoring market in North America. Major market players are domiciled in this region, which allows easy market penetration.
The continuous glucose monitoring market in Asia Pacific is anticipated to expand at a higher CAGR from 2021 to 2028. Presence of large patient pool, increase in awareness about glucose monitoring, and availability of technically advanced monitoring products are anticipated to drive the market in the region during the forecast period. According to research, 60% of the diabetic population lives in Asia Pacific. The patient population suffering from diabetes is likely to reach 201.8 million by 2035.
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Strategies Adopted by Key Players to Drive Global Market
The global continuous glucose monitoring market is dominated by key players offering technologically advanced products across countries. Key players have adopted strategies, such as launch of new product portfolio, participation in key events & conferences, entering into developing countries to promote products and services, and strengthening geographic presence. Key players operating in the global continuous glucose monitoring market includes Abbott, Bayer AG, Dexcom, Inc., Glysens Incorporated, Insulet Corporation, Medtronic, Nova Biomedical Corporation, Senseonics Incorporated, Livongo, BeatO, Jana Care, iXensor, and DiaMonTech AG.
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