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The continuous glucose monitoring market is forecast to increase by USD 2,588.61 million between 2022 and 2027, at a CAGR of 6.37%. The growth of the market depends on several factors, including the rise in the diabetic population, technological innovation and advances, and the availability of reimbursement for BGM devices.
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The rise in the diabetic population is notably driving the CGM market growth, although factors such as lower diagnosis and treatment rates may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Driver
The rise in the diabetic population is notably driving the CGM market growth. Obesity, smoking, a sedentary lifestyle, and urbanization are the factors that cause the increase in the number of diabetics. In addition, the elderly age group is more susceptible to diabetes. The rising prevalence of diabetes is fueling market growth.
According to the International Diabetes Foundation (IDF), there were 90 million adults with diabetes in the Southeast Asian region in 2021. It is estimated that these numbers will grow by 20 5. There has also been a sharp increase in the number of patients with type 1 or insulin-dependent type 2 diabetes, which has led to the adoption of these devices in Asia and other parts of the world. Due to an increase in the number of patients with insulin-dependent diabetes, the introduction of new products by market players is increasing. This, in turn, is increasing the demand and adoption of background music worldwide. As a result, the growth of the global market is expected to accelerate during the forecast period.
Significant Trend
Increasing adoption of home healthcare devices is an emerging trend in the CGM market. Although diabetes is a chronic disease, it can be treated with medication and a planned lifestyle. Most people prefer to use portable medical devices such as continuous glucose monitors (eg background music devices) to measure blood glucose levels, which has increased the adoption of such devices.
BGM devices, such as blood glucose test strips and blood glucose meters, have become an important part of diabetes care because they allow regular monitoring of blood glucose levels. In addition, regular measurement of blood sugar is the cornerstone of effective diabetes management. Using blood glucose tests and glucometers at home can help the user get an accurate blood sugar level in seconds. As a result, diabetics can manage their condition better. This trend is expected to have a strong impact on the global market during the forecast period.
Major Challenge
A lower diagnosis and treatment rate is a major challenge impeding the CGM market. One of the main factors causing the decline in the use of continuous glucose monitors, especially in developing countries, is the fact that a significant proportion of the population has undiagnosed diabetes. For example, in countries such as China and India, late diagnosis is more common because chronic diseases such as diabetes are not widely known. Additionally, the lack of traditional procedures by government agencies or commercial entities and the limited availability of advanced healthcare infrastructure may hinder market growth.
According to data published by the International Diabetes Federation in 2021, the number of undiagnosed diabetes patients in Asia is more than 55%, with India, China, and Indonesia leading the way. All of the above factors, along with the lack of reimbursement plans for continuous monitoring systems, contribute to lower rates of diagnosis and treatment. Such factors will further limit the adoption of these systems in developing countries, which in turn will hinder the growth of the market during the forecast period.
Key Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Senseonics Holdings Inc. - The company offers glucose monitoring products. The key offerings of the company include continuous glucose monitoring.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative market research and growth analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the sensors segment will be significant during the forecast period. A glucose sensor is a small device that is inserted subcutaneously into the abdomen to measure glucose values in the interstitial fluid.
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The sensors segment was valued at USD 2,436.63 million in 2017 and continued to grow until 2021. The integration of sensors with transmitters helps users receive updated results once every five minutes. Glucose sensor signals are acquired continuously and are saved in the memory of the device at regular intervals. This helps the patient to get information on the glucose level and avoid the need to prick their finger to collect blood samples. The glucose sensor is not inserted within five centimeters of the insulin pump infusion site or within 7.5 centimeters of a manual injection site. Thus, the demand for glucose sensors is estimated to surge during the forecast period due to the rise in the prevalence of diabetes globally, aided by the surging geriatric population. Such factors will foster the growth of the market during the forecast period.
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North America is estimated to contribute 43% to the growth of the global CGM market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is growing at a steady pace owing to an increase in technological advances and a high incidence of type 1 and type 2 diabetes. The US was the largest market for the sales of these monitoring devices in North America. The increased awareness about diabetes among the population has led to a rise in the number of people in the US who undergo regular tests and check-ups, which, in turn, has increased the sales of various such monitoring devices. Additionally, the country is the base for several reputable vendors in the CGM market.
Furthermore, the introduction of new technologies that continuously monitor glucose levels and the increasing number of approvals by the US FDA for new products are driving the growth of the market in this region. For instance, in November 2021, Intuity Medical, a California-based developer of blood glucose devices for diabetes care, launched the United States Food and Drug Administration (USFDA) approved Pogo Automatic monitoring system, which is equipped with sensor in-built cartridges that give up to 10 fingerstick tests with the rapid push of a button. Such novelties are expected to propel the growth of the regional market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides a market research report analysis of the latest market trends and analysis and growth opportunities from 2017 to 2027. The market has been segmented by component, end-user, and geography.
The market is witnessing notable growth, with a focus on source (SMR) and revenue share. Particularly beneficial for insulin-dependent diabetics, CGM utilizes electrode and enzymatic technology to monitor glucose levels in real-time. This involves the application of electric current, with readings accessible through a reader or integrated into healthcare institutions' systems.
The integration of CGM with diabetes management software and wireless networks enables continuous monitoring, aiding in glycemic control. This proactive approach helps manage hyperglycemia and hypoglycemia, reducing hospitalizations, complications, and overall healthcare costs. The technology is increasingly accessible through smartphones, wearable devices, and digital health platforms, contributing to the evolution of personalized medicine in the healthcare industry. CGM provides valuable data on glucose fluctuations and patterns, empowering healthcare professionals to tailor treatment plans for better outcomes. Its integration into pharmacy services ensures accessibility and affordability for users, optimizing the utilization of healthcare resources. As insurance coverage for CGM expands, it becomes an essential component in enhancing diabetes management, fostering a more efficient and patient-centric approach to healthcare.
Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.37% |
Market growth 2023-2027 |
USD 2,588.61 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.61 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A. Menarini Industrie Farmaceutiche Riunite Srl, Abbott Laboratories, Ascensia Diabetes Care Holdings AG, B. Braun SE, Dexcom Inc., F. Hoffmann La Roche Ltd., General Electric Co., GlySens Inc., Johnson and Johnson, LifeScan IP Holdings LLC, Medtronic Plc, Medtrum Technologies Inc., Novo Nordisk AS, NXP Semiconductors NV, Senseonics Holdings Inc., STMicroelectronics NV, Tandem Diabetes Care Inc., Terumo Corp., and Ypsomed AG |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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