Report Code : A01466
Alarming increase in number of product launch and product approval by different key players, rise in prevalence of diabetics and increase in geriatric population leads to the growth of Continuous Glucose Monitoring Systems Market.
Onkar Sumant - Manager
Life Sciences at Allied Market Research
According to a new report published by Allied Market Research, titled, “Continuous Glucose Monitoring Systems Market," The continuous glucose monitoring systems market size 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. Continuous glucose monitoring (CGM) systems are medical devices that tracks and records a person's blood glucose levels in real-time. It typically involves wearing a small sensor under the skin that continuously measures glucose levels and transmits this information to a wearable device, such as a smart watch or insulin pump, which displays the results. These systems play an integral role in diabetes management and help to make more informed decisions about insulin dosing, diet, and exercise. CGMs can also alert people when their glucose levels are getting too high or too low, allowing them to take corrective action before a serious problem develops. CGM systems are minimally invasive and offer effective ways to manage diabetes over conventional glucose monitoring devices.
Factors that drive the growth of global continuous glucose monitoring systems market share include rise in adoption of technologically advanced CGMs, increase in continuous glucose monitoring systems industry and growing healthcare expenditure are expected to contribute to growth of market. For instance, as per the data published by Endocrine Society, in January 2022, it was estimated that around 33% of adults aged 65 or older have diabetes. Thus, rise in the number of elderly populations who are more prone to diabetes, increase the demand for effective glucose monitoring solutions and boost the market growth.
Continuous glucose monitoring systems market trends include increase in R&D activities in the healthcare sector and various strategies adopted by continuous glucose monitoring systems industry such as expansion, product launches, and partnership to cater the demand of continuous glucose monitoring systems. For instance, in December 2021, the U.S. Centers for Medicare & Medicaid Services (CMS) expanded medicare coverage to Medtronic plc for continuous glucose monitoring (CGMs). This expansion aims to transform the diabetes care business of Medtronic plc. In addition, Abbott Laboratories and WW International, Inc, entered into a strategic partnership in August 2022, to integrate WeightWatchers diabetes-tailored weight management program with Abbott's portfolio of FreeStyle Libre products. It aims to create a seamless mobile experience that will give information and insights needed to make healthy adjustments to the diet and enhance glucose levels of people living with diabetes.
Furthermore, an increase in product approvals of advanced CGMs is expected to create various growth opportunities during the forecast period. For instance, in December 2022, the U.S. Food and Drug Administration (FDA) cleared Dexcom's Continuous Glucose Monitoring System G7. It is the most accurate integrated continuous glucose monitoring (iCGM) system and approval of Dexcom G7 will help the company to gain a strong foothold in the continuous glucose monitoring systems market.
However, the strict regulatory guidelines for product approvals, the need for frequent calibration of CGMs, and technical difficulties such as data inaccuracies negatively impact the growth of the market.
On the basis of component, the market is classified into sensors and transmitters & receivers. The sensors segment was the largest revenue contributor to the market in 2021, and is the fastest growing segment during the continuous glucose monitoring systems market forecast period, owing to increased demand for CGM systems, improved accuracy and reliability of sensors, and increased adoption of CGMs in developed countries such as the U.S.
On the basis of demography, the market is classified into child population (≤14 years) and adult population (>14 years). The adult population (>14 years) segment was the highest revenue contributor to the market in 2021 and is the fastest growing segment during the forecast period, owing to high prevalence of diabetes in adult population. Adults are more likely to use CGMs to improve their glucose control.
On the basis of end user, the market is classified into hospital & clinics, home healthcare, and others. The hospitals & clinics segment was the highest revenue contributor to the market in 2021 and is the fastest growing segment during the forecast period, owing to increase in use of CGMs in clinical settings as these facilities are primary point of care for individuals with diabetes and increase in favorable reimbursement policies in hospitals and clinics.
Region wise, North America has the highest continuous glucose monitoring systems market shares in 2021, and is expected to maintain its lead during the forecast period, owing to higher adoption of advanced CGMs, rise in geriatric population suffering from diabetes, availability of well-developed healthcare infrastructure, and increase in prevalence of type 2 diabetes. However, Asia-Pacific is expected to exhibit fastest growth during the forecast period, owing to high prevalence of diabetic population in India, improvement in healthcare awareness, rise in R&D activities for developing innovative CGM systems, development in healthcare facilities, and surge in healthcare expenditure.
The COVID-19 pandemic has led to a rise in demand for continuous glucose monitoring systems. For instance, Abbott’s FreeStyle Libre sales in 2020 were $2.6 billion which reflected a 42.6% increase over sales in 2019. In addition, the pandemic has necessitated the use of digital health solutions, including CGMs, to support remote patient monitoring and improve health outcomes. Continuous glucose monitoring systems market analysis during pandemic states that the sale of CGMs increased, which further increased the investment in CGM technology and a growing focus on developing new, innovative solutions. Thus, the continuous glucose monitoring systems market size was positively impacted by the COVID-19 pandemic.
Key Findings of The Study
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Continuous Glucose Monitoring Systems Market By Component (Sensors , Transmitters and Receivers ), By Demography (Child Population, Adult Population), By End User (Hospital and Clinics, Home healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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