The Global Continuous Glucose Monitoring Systems Market size was valued at USD 1.76 billion in 2019 and is predicted to reach USD 13.81 billion by 2030 with a CAGR of 20.6% from 2020-2030.
Continuous Glucose Monitoring (CGM) system is one of the most advanced technologies used for monitoring the glucose levels of people suffering from diabetes. This system consists of three parts including a transmitter, a glucose sensor, and a small receiver that displays the glucose information. The CGM system takes glucose measurements at regular intervals and translates them into dynamic data to show glucose direction and rate of change. This helps the user to understand the impact of meals, illness and exercise on glucose level, and hence decreases the chances of blood glucose related medical emergencies.
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Competitive Landscape :
The global continuous glucose monitoring systems market is highly competitive and consists of numerous market players. Some of the major market players are market includes Abbott Laboratories, Dexcom, Inc., A. Menarini Diagnostics, Echo Therapeutics, Inc., GlySens Incorporated, Johnson & Johnson, Medtronic plc, Senseonics Holdings, Inc., and F. Hoffmann-La Roche Ltd. There have been various developments taking place in the market that further enhance the growth of Continuous Glucose Monitoring Systems market on a large scale.
Market Dynamics and Trends:
Continuous Glucose Monitoring Systems market is primarily driven by surge in geriatric population and patients suffering from diabetes. According to the International Diabetes Federation in 2019, approximately 463 million adults (20-79 years) were living with diabetes, and the number is expected to reach 700 million by 2045. The rising awareness regarding diabetes worldwide and the rapid acceptance of innovative technology such as continuous glucose monitoring and artificial pancreas are expected to boost the continuous glucose monitoring systems market growth.
However, lack of adequate reimbursement for such devices is acting as the key barrier to the wide scale adoption of these devices. On the other hand, high growth prospects in the untapped markets are expected to provide lucrative opportunities for manufacturers in the near future.
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Market Segmentations and Scope of the Study:
The global Continuous Glucose Monitoring Systems market share has been analyzed based on component, demographics, end user, and region. Based on component, the market is segmented into transmitters & receivers and integrated insulin pumps; and sensors. On the basis of demographics, CGMS are categorized into child population (≤14 years) and adult population (>14 years). Based on end user, the market is classified into clinics and diagnostics centers, ICUs, and home healthcare. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis:
North America dominates the continuous glucose monitoring systems market and is anticipated to maintain this trend throughout the forecast period. This is attributed to factors such as the rising prevalence of diabetes among people and various government initiatives with regard to the reimbursement scenarios for such devices. Also, technological advancements and increasing R&D to bring down the cost and improve efficacy are some of the factors expected to propel the market growth in North America.
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