Global Continuous Glucose Monitoring System Market Size, Share, and COVID-19 Impact Analysis by Component (Transmitters, Sensors, Receivers), By End-use (Hospitals, Home Care & Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030
Key Market Insights
Continuous Glucose Monitoring System Market was valued at USD 6.38 Billion in 2021. The market is projected to grow USD 12.36 Billion in 2030, at a CAGR of 10.7%. The device is a wearable sensor that automatically measures glucose levels in the human body.
A CGM is one of the latest technological advancements that detects the levels of glucose in the blood or interstitial fluid and transfers the recorded data via a transmitter to a receiver/monitor for the purpose of showing the findings. It is an important device that can assist people who test frequently in understanding additional information regarding their glucose fluctuations from eating, exercise, and the impact of drugs like insulin.
COVID-19 ANALYSIS
The COVID-19 pandemic had a favorable effect on the development of the blood glucose monitoring system market. Due to the pandemic's onset, a number of significant players reported an increase in their revenue from diabetes care. In order to control blood glucose levels at home, there is an increased emphasis placed on home usage monitoring equipment due to the rising risk of COVID-19 infection among diabetes patients.
For instance, in April 2020, Dexcom temporarily offered continuous glucose monitoring systems to hospitals during the COVID-19 emergency to reduce the frequency of hospital staff exposure to the coronavirus.
Increasing Penetration of CGM Devices to Augment Growth
The availability of real-time monitoring functions for patients who are dependent on insulin has been made possible by the development of high-tech devices, such as continuous blood glucose monitoring (CGM) systems. These systems are also better than self-monitoring blood glucose systems in a number of ways, such as being less intrusive, less uncomfortable, monitoring in real-time, and providing fast as well as accurate readings. As a result, the unique advantages that these devices offer play a significant role in changing healthcare professionals' and patients' preferences in favor of CGM.
Rising Occurrence of Diabetes Boosting the Demand for Devices
The prevalence of type-1 or insulin-dependent type 2 diabetes patients has significantly increased, which has accelerated the use of these systems globally. The main cause of the increased prevalence of diabetes in developing and developed nations are growing awareness of diabetes and the rising trend toward a sedentary lifestyle. For instance, the International Diabetes Federation reported that in 2021, the prevalence of type 1 diabetes was anticipated to be 9.8% worldwide and that the incidence rate for children and adolescents (0-19 years) was 149.5 per 1,000.
Lower Treatment Rate in Developing Countries Hampering Market Growth
The population with undiagnosed diabetes is likely to hamper the market growth and lead to lower adoption of blood glucose monitoring systems in emerging countries. Compared to developed nations, countries like China, India, South Africa, Brazil, and others have a higher prevalence of delayed analysis. Also, due to limited awareness among the population of chronic illnesses like diabetes mellitus, heart attack, nerve damage, and mouth problems, amongst others are hindering the growth. Additionally, the lack of traditional procedures by public or private organizations as well as the restricted access to modern healthcare infrastructure may impede growth.
Segmentation Insight
Based on the component, the market is categorized into transmitters, sensors, receivers. Based on the end-use, the market is categorized into hospitals, home care & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
The global continuous glucose monitoring system market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America region is dominating the market share owing to the growing prevalence of diabetes, increasing use of technologically advanced medical equipment, and rising per-capita medical costs, which are only a few of the major drivers behind the region's dominant market position. Further, factors such as awareness campaigns, increasing FDA approvals, and the rising incidence of diabetes are contributing positively to the region.
However, the Asia Pacific region is also anticipated to grow over the forecasted years, owing to the growing elderly population and increased prevalence of insulin-dependent diabetes. Additionally, diabetic individuals in nations like Australia and Japan have a keen interest in having their blood glucose levels regularly and timely monitored. This is in addition to the increased focus on developing key players' direct presence in developing nations. India and China, are the two biggest countries that have the most diabetic patients worldwide, according to the International Diabetes Federation in December 2021 and thus propelling the growth in the region. Type I and type II diabetes have become more common as a result of rising socioeconomic inequality and the rise in obesity occurrences.
List of Key Companies Profiled:
. Abbott
. Bayer AG
. BeatO
. Dexcom, Inc.
. DiaMonTech AG
. F. Hoffmann-La Roche Ltd
. Glysens Incorporated
. iXensor
. Jana Care Inc.
. Teladoc Health, Inc.
. Medtronic
. Novo Nordisk A/S
. Senseonics
. Ypsomed AG
. Others
Key Developments:
August 2022- Novo Nordisk successfully completed phase 2 clinical trial with CagriSema in people with type 2 diabetes.
February 2022-
. DiaMonTech announced $5 million from Samsung Ventures and U.S.-based venture capitalists to bring its new non-invasive glucose monitor to the USA.
. Senseonics announced the approval of the next-generation Eversense E3 CGM System by the Food and Drug Administration (FDA) and is focusing on the development and manufacturing of long-term, implantable continuous glucose monitoring (CGM) systems.
July 2021- Terumo launched the Dexcom G6 CGM system in Japan to support diabetes control with real-time glucose readings and a predictive alert for low glucose levels.
February 2021- Dexcom has endorsed Nick Jonas with the launch of Super Bowl for better care of people suffering with diabetes.
May 2020- Bayer announced a commercial agreement with WaveForm that aims to provide innovative glucose monitoring solutions to patients and physicians in China.
April 2020- Ypsomed and DexCom entered into a partnership for the development of individualized diabetes therapy and improvement of diabetes therapy.
February 2020- Dexcom announced a commercialization agreement with Insulet to integrate the Dexcom G6 and Future G7 CGM into Insulet’s Omnipod Horizon automated insulin delivery system.
January 2020- Jana Care launched Jana Diabetes to strengthen and simplify the company’s positioning and messaging to diabetes healthcare professionals and patients.
April 2019- GlySens strengthened its partnership with the University of Melbourne to Initiate the FIGS-HD clinical trial of the advanced implantable glucose sensor.
Segmentation
By Component
. Transmitters
. Sensors
. Receivers
By End-use
. Hospitals
. Home Care
. Others
By Region
. North America- U.S., Mexico, Canada
. Europe- UK, France, Germany, Italy, Spain, Rest of Europe
. Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
. South America- Brazil, Argentina, Colombia, Rest of South America
. The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Global Continuous Glucose Monitoring System Market
- September-2022
- 148
- Global
- healthcare-medical-devices-biotechnology
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