The global continuous glucose monitoring market size was worth USD 3842 Million in 2019 and is forecasted to grow at a CAGR of 25.6% from 2020 to 2025.
Continuous glucose monitoring is an advanced medical technology for people with diabetes to check over their glucose levels for a particular period.
The continuous glucose monitoring market has grown widely across the world. Millions of people who are diabetic patients use these CGM to check the correct readings of blood glucose levels. The CGM devices also help diabetic patients to decrease the insulin dosage. The interpretations of these CGM devices will transmit to the receivers through a wireless network. They keep track of the readings over time, identifying minute changes in the BGM by preventing hypoglycaemic conditions.
Higher-order inside the industry for glucose monitoring has been building on advancements in the production and manufacturing monitoring medical devices and products. This glucose level in the blood is an essential parameter for diagnosing and treating several diseases and infections. Due to the knowledge, healing practitioners and doctors mostly purchase and manage glucose monitoring devices to track patients' health. Glucose monitoring leads to the production of tools and equipment that assist in real-time monitoring and sensing glucose levels in this family. The head of the pieces to do minimally invasive medical media has also provided an incentive to most of the global continuous glucose monitoring market in recent times.
The increasing incidence of diabetes is a critical factor that could revolutionize the growth dynamics of the worldwide Continuous Glucose Monitoring Market. People whose plasma glucose levels undergo regular changes generally use glucose monitoring devices, increasing market demand. In the present scenario, most of the diabetic population are using insulin pumps alongside CGM devices in their diabetic treatment procedure, which is further expected to accelerate the growth of the market. As per the International Diabetes Federation, in 2019, the population affected by diabetes was 463 million, of which 4.2 million people dead. This figure is estimated to reach 530 million by 2030 and 700 million by 2045.
Some specific products of this domain are growing at a good pace in the global market for continuous glucose monitoring. Moreover, protector real-time CGM systems have been bringing a tremendous demand toward other glucose monitoring systems over the past decade. The need for continuous glucose monitoring market has been the biggest amongst people living with diabetes. This factor is forecasted to become more apparent over the coming years as the prevalence of diabetes increases across the globe.
Impact of COVID-19 on the global continuous glucose monitoring market:
COVID 19 pandemic has favored a few healthcare industry sectors, and the continuous glucose monitoring sector is one among them. Upon receiving the boost from the COVID-19, the market of continuous glucose monitoring market is forecasted to rise even more aggressively during the forecast period.
Most of the people diagnosed and admitted with COVID-19 in hospitals are majorly diabetic people. These diabetic patients need continuous glucose monitoring effectively in hospitals, which is directly favoring market growth. Patients with diabetes and diagnosed with COVID-19 are at a greater risk of death and which already had happened to a few of the people around the world.
The U.S. FDA agency approved and enabled two CGM devices, namely Dexcom G6 and Abbott Freestyle Libre, for hospitals. Scripps Health launched a wireless device Dexcom G6 to decrease the contact with the COVID-19 patients.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Component, End User and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Restraints, Opportunities, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global continuous glucose monitoring market has been segmented and sub-segmented based on component type, end-user, and region.
Continuous Glucose Monitoring Market – By Component Type:
The sensors segment is likely to account for the most substantial share market value based on the component type. These sensors use glucose oxidase to examine blood sugar levels. It is due to the conversion of glucose into hydrogen peroxide by glucose oxidase. Increasing geriatric population to fuel the demand for this segment.
Continuous Glucose Monitoring Market – By End User:
Based on the end-user, the Homecare diagnostics hold the highest share value. These homecare devices provide patients with less insulin dosage consumption and help in monitoring glucose levels accurately. This homecare device is likely to grow the market value due to its maximum productivity.
Continuous Glucose Monitoring Market – By Region:
Regionally, the North American CGM market is dominating the global CGM market. With over 90% of the share, the United States ruling the market in North America. This healthcare organization in Canada and the US has undoubtedly outdone all other regions' healthcare divisions across the globe. The usage of continuous glucose monitoring practices in these nations has also become a leap in recent times. Furthermore, North American characters' lazy and improper lifestyles have presented rise to several diseases or disorders such as diabetes and high blood pressure. Owing to the circumstances mentioned above, this market inside the search for connected glucose monitoring in North America has been rising at an astronomical rate in recent times.
Followed by North America, this industry for compatible glucose monitoring in Europe has developed at a healthy pace over the preceding several years. It owes to the presence of a knowledgeable medical practitioner that can suggest the right products for continuous glucose monitoring to the masses.
NOTABLE PLAYERS IN THIS MARKET:
Key market participants leading the global continuous glucose monitoring market profiled in this report are Dexcom Inc., Roche Diagnostics, Medtronic plc., Novo Nordisk, Abbott Laboratories, Animas Corporation, Ypsomed AG., Bayer AG, Insulet Corporation, and Sensonic Corporation.
MAJOR HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
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