WASHINGTON, March 09, 2023 (GLOBE NEWSWIRE) -- The global Continuous Glucose Monitoring Devices Market is expected to grow at a significant rate over the next few years due to increasing prevalence of diabetes, rising awareness about diabetes management, and technological advancements in CGM devices. According to a report by Vantage Market Research, the global CGM market size was valued at USD 5.13 Billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2028.
Continuous Glucose Monitoring Devices Market Overview
Continuous Glucose Monitoring (CGM) devices are wearable medical devices used to monitor blood glucose levels in diabetic patients. The devices use a small sensor inserted under the skin to measure glucose levels in the interstitial fluid. The sensor sends this data to a receiver or a mobile device, which displays real-time glucose readings and trends.
The market is segmented by component, type, end-user, and region. The components of CGM devices include sensors, transmitters, and receivers. The types of CGM devices are standalone CGM systems and sensor-augmented insulin pump systems. End-users of CGM devices include hospitals, clinics, and home settings.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 5.13 Billion |
| Revenue Forecast by 2028 | USD 13.24 Billion |
| CAGR | 10.8% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Medtronic, Dexcom Inc., F. Hoffmann-La Roche Ltd., Abbott, Novo Nordisk A/S, Ypsomed, GlySens Inc. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Market Drivers
The continuous glucose monitoring (CGM) devices market is driven by several key factors, including:
Increasing prevalence of diabetes: The rising prevalence of diabetes globally is a significant driver of the CGM devices market. According to the International Diabetes Federation, the number of people with diabetes is expected to increase from 463 million in 2019 to 700 million by 2045.
Growing awareness of diabetes management: There is a growing awareness among healthcare providers and patients about the importance of diabetes management, including the use of CGM devices. This is leading to increased demand for CGM devices globally.
Technological advancements: Advancements in CGM device technology, such as the development of more accurate and user-friendly devices, are driving the growth of the market. These devices are becoming smaller, more comfortable, and easier to use, leading to increased patient adoption.
Rising healthcare expenditure: The increasing healthcare expenditure by governments and private organizations is expected to drive the growth of the CGM devices market. Governments are increasingly investing in diabetes management programs, including the adoption of CGM devices, to reduce the burden of the disease.
Increasing demand for home healthcare: The growing demand for home healthcare is expected to drive the growth of the CGM devices market. CGM devices can be used at home, allowing diabetic patients to monitor their blood glucose levels in real-time and make necessary adjustments to their treatment plan. This is leading to increased patient adoption of CGM devices.
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Market Restraint
The continuous glucose monitoring (CGM) devices market also faces some key restraints, including:
High cost of CGM devices: The high cost of CGM devices is a significant restraint for the market. Many diabetic patients cannot afford these devices, particularly in developing countries where access to healthcare is limited.
Limited reimbursement policies: The limited reimbursement policies for CGM devices in some countries are also a significant restraint for the market. The lack of coverage by insurance providers limits patient access to these devices.
Inaccuracies in CGM device readings: CGM devices may sometimes provide inaccurate readings, which can lead to misinterpretation and incorrect treatment decisions. This can limit patient trust in these devices and affect market growth.
Lack of awareness among healthcare providers: The lack of awareness among healthcare providers about the benefits of CGM devices can limit their adoption and affect market growth.
Regulatory challenges: The CGM devices market is heavily regulated, and obtaining regulatory approvals for new products can be a lengthy and expensive process. This can limit the entry of new players in the market and slow down-market growth.
Market Opportunities
The continuous glucose monitoring devices market offers several opportunities for growth and expansion, including:
Increasing adoption of wearable technology: The increasing adoption of wearable technology, including CGM devices, is expected to drive the growth of the market. Wearable devices are becoming smaller, more comfortable, and more accurate, making them more appealing to patients.
Growing demand for non-invasive CGM devices: The growing demand for non-invasive CGM devices, which do not require the insertion of a sensor under the skin, presents an opportunity for companies in the market to develop and commercialize new products.
Rising demand for personalized medicine: The growing demand for personalized medicine presents an opportunity for companies in the CGM devices market to develop devices that can provide personalized and real-time monitoring of blood glucose levels.
Increasing focus on preventive healthcare: The increasing focus on preventive healthcare is expected to drive the growth of the CGM devices market. CGM devices can help diabetic patients monitor their blood glucose levels in real-time, making it easier for them to make necessary lifestyle changes and prevent complications.
Growth in emerging markets: Emerging markets, such as Asia Pacific and Latin America, present significant opportunities for companies in the CGM devices market. The growing prevalence of diabetes in these regions and the increasing awareness of diabetes management are expected to drive demand for CGM devices in these markets.
Top Players in the Continuous Glucose Monitoring (CGM) Devices Market:
- Medtronic (US)
- Dexcom Inc. (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Abbott (US)
- Novo Nordisk A/S (Denmark)
- Ypsomed (Switzerland)
- GlySens Inc (US)
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Regional Overview
The global continuous glucose monitoring (CGM) devices market is segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America dominated the CGM devices market in 2020, accounting for the largest share of the market. This is primarily due to the increasing prevalence of diabetes in the region, along with the high awareness and adoption of CGM devices among healthcare providers and patients. The presence of major players in the region, such as Abbott Laboratories, Dexcom Inc., and Medtronic Plc, is also driving the growth of the market in North America.
Europe is the second-largest market for CGM devices, driven by factors such as increasing awareness of diabetes management and the growing adoption of CGM devices among diabetic patients. The increasing prevalence of diabetes in the region is also contributing to the growth of the market. The region is expected to witness significant growth over the forecast period, driven by increasing investments by key players in the region.
The Asia Pacific is expected to witness the highest growth rate over the forecast period, owing to factors such as increasing diabetes prevalence, rising healthcare expenditure, and the growing adoption of advanced healthcare technologies. The region has a large diabetic patient population, with India and China accounting for the majority of the cases. The growing demand for CGM devices in the region is also driven by the increasing awareness of diabetes management and the availability of affordable CGM devices.
Latin America and the Middle East and Africa are expected to witness moderate growth over the forecast period. The growing prevalence of diabetes in these regions and the increasing awareness of diabetes management are expected to drive the growth of the market in these regions. However, the lack of advanced healthcare infrastructure and the limited availability of CGM devices in some countries may hamper the growth of the market.
Browse Market Data Tables and Figures spread through 140 Pages and in-depth TOC on Continuous Glucose Monitoring Devices Market Forecast Report (2022-2028).
Key Questions Answered in the Report:
- What are the key factors driving the growth of the CGM devices market, and what are the major restraints and challenges faced by the market?
- What are the different types of CGM devices available in the market, and how do they differ in terms of features, applications, and pricing?
- What are the key applications of CGM devices, and which applications are expected to grow the fastest in the coming years?
- Who are the leading companies in the CGM devices market, and what are their market shares and competitive strategies?
- What are the major trends and developments in the CGM devices market, and how are they likely to impact the market in the coming years?
- What are the regulatory frameworks and guidelines governing the CGM devices market, and how do they differ across different geographies?
- What is the size and growth rate of the CGM devices market across different geographies, and which regions are likely to witness the fastest growth in the coming years?
- What are the major challenges and opportunities faced by new entrants in the CGM devices market, and what are the key success factors for companies in the market?
Continuous Glucose Monitoring Devices Market Segmentation
By Component
- Sensors
- Durables
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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