The growing diabetic population and technological advancements will open up new market opportunities for continuous glucose monitoring.
Wilmington, Delaware, United States, Oct. 09, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The continuous glucose monitoring market is projected to reach US$ 2 billion by 2028. Continuous glucose monitoring market revenues are expected to rise at a CAGR of 9.5% from 2021 to 2028.
Increasing demand for smart wearables and increasing incidence of chronic diseases are expected to drive the market in the coming years. Additionally, in the years to come, minimally invasive technique adoption and increasing investment will create new growth opportunities.
In 2016, the World Health Organization reported over 2 billion overweight and obese people worldwide. Diabetes is on the rise predominantly as a result of bad eating habits, an insufficient intake of nutrition, and an inactive lifestyle.
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Key Findings of the Market Report
- The guardian real-time CGM system is expected to dominate the market over the next several years.
- The Asia Pacific region is expected to hold a dominant share of the market for CGM devices.
- The obesity epidemic is set to increase across various regions, driving demand for CGM in the market.
- Advancements in technology and innovations will drive the market’s demand.
- The cost-effectiveness of devices over e-commerce sites to increase demand for online sales.
Global Continuous Glucose Monitoring Market: Growth Drivers
- Growing diabetes and obesity rates are expected to expand the market. An increased awareness of diabetic care and medical expenditures will drive the market to grow. Advances in technology are a few of the factors that drive the market forward.
- Increasing demand for high-speed internet and wearable devices in the market will facilitate market growth. As chronic diseases and reversal programs have become more common, demand for CGM has increased. Genetic disorders are on the rise, as well as an increased awareness of diabetes among young people, which has led to an increase in demand for these devices on the market.
- As diabetes cases increase, continuous glucose monitoring systems are expected to see market growth, which will lead to several market participants developing new products or extending their product lines.
Continuous Glucose Monitoring Market: Regional Landscape
- The CGM market is expected to be led by North America in the near future. As obesity cases among young children increase and eating disorders become more prevalent, the market for obesity treatment is expected to gain momentum. For instance, 51 million people in North America were estimated to have diabetes in 2021, according to the International Diabetes Federation (IDF).
- It is estimated that one in seven adults has diabetes. It is estimated that 57 million adults will have diabetes by 2030 and 63 million by 2045, according to the same source. The International Diabetic Federation estimated that 31,000 Europeans had type 1 diabetes in 2021.
- Asia Pacific region is expected to lead the market for continuous glucose monitoring market. The second-largest diabetes population in the world is found in India, which has one diabetes patient for every six people worldwide. The geriatric population and growing disposable incomes have contributed to the growth of CGM devices. Low-cost CGM devices will become available in India in the coming years, and subsidies will be offered by the government to encourage manufacturers to enter the market.
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Global Continuous Glucose Monitoring Market: Key Players
Players to expand their product offerings, strengthen their geographical presence, and strengthen their market presence are using different strategies. Over the forecast period, the global continuous glucose monitoring market is projected to grow as new products are launched, mergers and acquisitions are undertaken, wearable glucose monitoring devices are approved faster, and continuous glucose monitoring systems are widely promoted and disseminated. In order to expand in emerging markets, major players enter the domestic market at low prices and offer their product lines at low prices.
Key players include
- Abbott
- Bayer AG
- Dexcom, Inc.
- Glysens Incorporated
- Insulet Corporation
- Medtronic
- Nova Biomedical Corporation
- Senseonics Incorporated
- Livongo
- BeatO
- Jana Care
- iXensor
- DiaMonTech AG
Key Development
- In October 2023, Phillips-Medisize, a Molex company that designs, engineers, manufactures and sells pharmaceutical drug delivery, invitro diagnostic and medical devices, partnered with GlucoModicum, to develop a wearable, non-invasive device to eliminate the challenges of technology and patient care that inhibit continuous glucose monitoring (CGM).
- In October 2023, DexCom, Inc., the leading provider of continuous glucose monitoring in real-time, announced a series of new clinical study results that emphasize the effectiveness of CGMs and provided more information on the increasing range of automated insulin delivery services offered by the company at the 59th Annual Meeting of the European Association for the Study of Diabetes held in Hamburg, Germany.
Global Continuous Glucose Monitoring Market: Segmentation
By Device/Brand
- Guardian Real Time CGM System
- Dexcom Seven Plus
- Dexcom G4 Platinum
- FreeStyle Navigator
- MiniMed Paradigm Revel/Veo System
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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