Dublin, Jan. 05, 2022 (GLOBE NEWSWIRE) -- The "Continuous Glucose Monitoring (CGM) Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The continuous glucose monitoring market is expected to grow at a compound annual growth rate of 27.30% over the forecast period to reach a market size of US$31.102 billion in 2026 from US$4.623 billion in 2019.
Continuous glucose monitoring (CGM) is one of the latest technological advancements in the field of diabetes management. CGM system is a type of glucose monitoring device that functions by inserting a biosensor through the transcutaneous or subcutaneous route. The embedded sensor measures the glucose levels in interstitial fluid or blood and transmits the information using a transmitter to a receiver/monitor for displaying the results.
These systems play an integral role in diabetes management, owing to their associated several advantages over other glucose monitoring devices. Unlike conventional glucose monitors, these systems enable periodic monitoring of glucose levels, which is crucial for avoiding diabetic complications. In addition, CGM technology has laid a roadmap to the most-awaited, high-tech, closed-loop artificial/bionic pancreas.
Therefore, the development of novel and technologically advanced CGM is the prime focus of glucose monitoring device manufacturing companies. It offers a wide range of applications for all age groups, healthcare settings (diagnostic centers/clinics, hospital ICUs, and home healthcare), and geographies. Thus, the continuous glucose monitoring systems market provides lucrative opportunities for both CGM manufacturers and insulin pump manufacturers. These devices facilitate the analysis of blood glucose levels at different time intervals with the help of a sensor.
Respective readings fed into diabetes management software through a wireless network allow patients to understand the disease better, thereby helping them to manage it in a more effective way. It also provides patients with insights into food consumption, medication, physical activities, and illnesses. The advent of digital therapeutics has further aided CGM device manufacturers to reach out to diabetic patients.
Various apps are available in the market that integrates data collected from CGM devices for future trend analysis and subsequent changes to be made in the patient's lifestyle. All these factors are expected to have a positive impact on the continuous glucose monitoring device market growth.
However, lack of accuracy of CGM devices, need for frequent calibration, and inconsistency of Medicare reimbursement are the major factors expected to restrain the market growth. The Centers for Medicare and Medicaid Services have stated that the CGM systems do not meet the official definition of durable medical equipment (DME), which keeps them falling under the DME category.
Growth Factors
Growing diabetic population
The major factor that is expected to drive the market growth includes a surge in geriatric population and high prevalence of population suffering from diabetes. According to the International Diabetes Federation, the world's diabetic population is expected to reach 642 million by 2040.
Thus, one out of every ten adults is expected to have diabetes by 2040, which reveals the graveness of this pandemic. Therefore, the treatment and management of diabetes are expected to be the prime focus areas of healthcare departments and stakeholders, globally.
The increase in the incidence of diabetic cases is expected to provide high continuous glucose monitoring systems market growth and opportunities, which in turn will attract and compel numerous market players to develop innovative products or product line extensions.
Higher convenience offered by the CGM devices over self-monitoring devices
The CGM displays a glucose trend graph and direction arrows allowing people with diabetes to anticipate approaching glucose highs and lows, thus alerting the wearer during distracted times like playing, sleeping, or exercising. The CGM devices market is expected to gain significant traction in the Asia Pacific owing to the collaborations between endocrinologists, credentialed diabetes educators, and stakeholder organizations for diabetes prevention.
Impact of COVID - 19
The COVID-19 outbreak is expected to positively impact the continuous glucose monitoring market growth as the virus has been found particularly dangerous for diabetic patients. According to the American Diabetes Association, at this time, there are insufficient data to show if those with diabetes are more likely to become infected with COVID-19; however, those with diabetes have worse outcomes, such as higher rates of serious complications. Thus, continuous monitoring of glucose in diabetic patients can help monitor the early symptoms of COVID-19 and thus, take appropriate medical actions.
Key Developments
April 2020 - Ypsomed and DexCom Inc. the world's leading provider of continuous glucose monitoring (CGM) systems, announce their partnership to drive the development of a hybrid closed-loop system. The partnership is an important milestone in the further development of individualized diabetes therapy. As a first step, CGM data from Dexcom will be integrated into the mylife App from Ypsomed.
February 2020- Abbott and Insulet partner up to integrate next-generation glucose sensing and automated insulin delivery technologies for seamless diabetes care. The collaboration will combine Abbott's continuous glucose monitoring (CGM) technology with Insulet's Omnipod Horizon Automated Insulin Delivery System to offer an accurate, easy-to-use, integrated digital health platform. Abbott has also priced the new device substantially lower than its competitors, which will help the company to strengthen its position in the CGM market during the forecast period.
Competitive Insights
Prominent/major key market players in the continuous glucose monitoring market include Dexcom, Inc., Abbott Laboratories, Medtronic Pvt. Ltd., and GlySens among others.
The players in the continuous glucose monitoring market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
2.2. Assumptions
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Continuous Glucose monitoring Market Analysis, By Application
5.1. Diabetic Patients
5.2. Critical Care Patients
6. Continuous Glucose monitoring Market Analysis, By End-use industry
6.1. Hospitals
6.2. Diagnostic Centers and Clinics
6.3. Home Care
7. Continuous Glucose monitoring Market Analysis, By Geography
7.1. North America
7.1.1. United States
7.1.2. Canada
7.1.3. Mexico
7.2. South America
7.3. Europe
7.3.1. France
7.3.2. Germany
7.3.3. United Kingdom
7.3.4. Italy
7.3.5. Others
7.4. The Middle East and Africa
7.5. Asia Pacific
7.5.1. China
7.5.2. Japan
7.5.3. South Korea
7.5.4. Others
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Dexcom, Inc.
9.2. Abbott Laboratories
9.3. Medtronic Pvt. Ltd.
9.4. GlySens
9.5. Medtrum Technologies, Inc.
9.6. Tandem Diabetes Care
9.7. Senseonics
9.8. A. Menarini Diagnostics s.r.l
9.9. Roche Diagnostics
9.10. Ypsomed AG
For more information about this report visit https://www.researchandmarkets.com/r/2rgpaw
