Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Continuous Glucose Monitoring Systems Market by Component, Demography, End-user: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The continuous glucose monitoring systems market was valued at $6,626.6 million in 2021, and is estimated to reach $31,708.2 million by 2031, growing at a CAGR of 17.0% from 2022 to 2031.
Key Market Players
- Medtronic plc
- DexCom, Inc.
- Johnson & Johnson
- F. Hoffman-La Roche Ltd
- GlySens Incorporated
- Novo Nordisk A/S
- Abbott Laboratories
- Senseonics
- A. Menarini Diagnostics S.r.l
- Ypsomed AG
The continuous glucose monitoring systems (CGMs) market has emerged as a promising diabetes management tool for monitoring all types of diabetic patients. CGMs are mainly used by patients suffering from hypo and hyperglycemic conditions.
There are several different types of CGM systems available in the market, each with its own set of features and benefits such as interstitial fluid CGMs, blood glucose CGMs, and hybrid closed loop CGMs. These systems offer various advantages such as improved glucose control, reduced need for fingerstick testing, increased awareness of glucose patterns, and improved quality of life.
The continuous glucose monitoring systems market growth is driven by increase in number of patients suffering from diabetes; rise in technological advancements such as the development of miniaturized and wearable devices that can provide real-time glucose readings; and increase in patient awareness about be benefits of CGMs. The rise in prevalence of diabetes propels high adoption of CGMs for monitoring glucose levels.
The sensor is implanted in the layer of skin which measure glucose levels in the interstitial fluid and a receiver displays the readings. For instance, according to International Diabetes Federation (IDF), about 537 million adults are living with diabetes in 2021, across the globe. In addition, as per the same source, over 3 in 4 adults with diabetes live in low and middle-income countries such as India and China. Thus, rise in the prevalence of diabetes has resulted in increased demand for CGMs, which, in turn, contribute to the market growth.
Furthermore, increase in government initiatives and reimbursement policies are the key factors that boost the market growth. For instance, the Australian Government has implemented the continuous glucose monitoring (CGM) Initiative as part of the National Diabetes Services Scheme (NDSS) to provide access to fully subsidized Dexcom CGMs for eligible people with Type 1 diabetes. This initiative is designed to improve the quality of life for people with Type 1 diabetes and reduce the risk of complications associated with the condition.
By providing access to fully subsidized CGMs, the government is helping to make these devices more widely available and accessible to people with Type 1 diabetes. Furthermore, rise in funding activities to conduct the clinical evaluations of CGMs, further contribute towards the market growth. For instance, European Commission's Horizon 2020 program provided funding of $2.85 million for the continued development of non-invasive touch glucose monitoring technology, GlucoBeam. Therefore, such initiatives taken by government supports the company to continue the research and testing of novel CGMs, which, in turn, boost the market growth.
However, the high cost of CGM systems, and complexity of devices limit the adoption of CGMs, which, in turn, restrains the market growth.
On the other hand, increased demand of medical devices in the developed countries such as the U.S., Canada, and rest of world and growth potential in emerging markets expected to create immense opportunities for CGMs during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the continuous glucose monitoring systems market analysis from 2021 to 2031 to identify the prevailing continuous glucose monitoring systems market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the continuous glucose monitoring systems market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global continuous glucose monitoring systems market trends, key players, market segments, application areas, and market growth strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $6626.6 million |
| Forecasted Market Value (USD) by 2031 | $31708.2 million |
| Compound Annual Growth Rate | 16.9% |
| Regions Covered | Global |
Key Market Segments
By Demography
- Child Population
- Adult Population
By End User
- Home healthcare
- Others
- Hospital and Clinics
By Component
- Transmitters and Receivers
- Sensors
For more information about this report visit https://www.researchandmarkets.com/r/d85b3i
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