Continuous Glucose Monitoring (CGM) Market Report 2023: Sector to Reach $16.69 Billion by 2028 at a 19.16% CAGR

DUBLIN, March 8, 2023 /PRNewswire/ -- The "Continuous Glucose Monitoring (CGM) Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

The continuous glucose monitoring market is expected to grow at a CAGR of 19.16%, from an initial value of US$4.896 billion in 2021 to US$16.698 billion by 2028.

Drivers:

Growing prevalence of diabetes

Continuous glucose monitoring enables diabetic patients to keep their sugar level under control and it provides necessary data to the doctors that enable them to decide the type of treatment that needs to be given to the patient. Over the years diabetes prevalence has shown a significant increase owing to the lack of physically active, insulin resistance, unhealthy lifestyle, and gene factors.

For instance, according to the data issued by International Diabetes Federation in its Atlas 2021 report, the total number of people aged 20 to 79 years who had diabetes stood at 537 million which showed an increase of 15.9% in comparison to 463 million reported in 2019.

Furthermore, as per the same source, the number is expected to increase to 643 million by 2030 and 783 million by 2045. Such an increase in the number of people having diabetes globally will create a surge in the demand for continuous glucose monitoring devices for keeping a closer watch on the sugar level of the people, which will propel the overall market growth in the future.

Governments all over the world have established programs and provided subsidies to train and distribute continuous glucose monitoring devices to diabetes patients and healthcare providers.

For instance, the Department of Health and Aged Care, Australia announced in February 2020 that Australians with type 1 diabetes will soon be able to use the FreeStyle Libre flash glucose monitoring equipment for free. Australians would ordinarily spend $92.50 every two weeks for the FreeStyle Libre flash glucose monitoring kit if the government did not subsidize it. Through the National Diabetes Services Scheme (NDSS) Initiative, the Australian Government has recently expanded access to subsidized Continuous Glucose Monitoring (CGM) for Australians with type 1 diabetes.

Market Developments:

The rising investments by companies operating in this segment to commercialize their products are also expected to push the demand for such devices.For instance, in September 2022, Transdermal Diagnostics received investments of £1.1 million from Innovate UK to commercialize the production of the company's wearable continuous glucose monitor. Also, in November 2021, US-based medical device start-up Biolinq Inc. raised investments of US$100 million which will be used for the production of continuous glucose monitor devices containing needle-free biosensors for tracking the sugar level of type-2 diabetes patients.

Furthermore, product launches and innovations are also acting as additional factors driving the continuous glucose monitoring market growth. For instance, in May 2022, DexCom launched its new CGM device "Dexcom ONE" in the United Kingdom, which can continuously monitor and send real-time values of glucose levels to a compatible smart device through the Dexcom ONE app.

Innovations have made equipment smaller, more convenient, and more reliable; networked, innovative, and automated monitoring is on the horizon. For instance, The FDA approved Senseonics' long-lasting continuous glucose monitor. The FDA-approved CGM from Senseonics includes a sensor that lasts six months, a first for any CGM. Other rival systems from Medtronic and Dexcom last three to ten days.

Based on application, it is anticipated that the diabetes patients' segment would continue dominating the continuous glucose monitoring market due to factors such as the rising rate of diabetes, growing demand for diabetes monitoring devices with favorable reimbursement policies, and the introduction of cutting-edge technology. This growth is being driven on account of the faster rising prevalence of diabetes in low- and middle-income nations than in high-income countries. Diabetes is a leading cause of blindness, kidney failure, heart attacks, stroke, and amputation of lower limbs.

Market Segmentation:
By Application

• Diabetes Patients
• Critical Patients

By End-User Industry

• Hospitals
• Diagnostic Centers & Clinics
• Home Care

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• The Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Taiwan
• Indonesia
• Thailand
• Others

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. CONTINUOUS GLUCOSE MONITORING (CGM) MARKET BY APPLICATION

6. CONTINUOUS GLUCOSE MONITORING (CGM) MARKET BY END-USER INDUSTRY

7. CONTINUOUS GLUCOSE MONITORING (CGM) MARKET BY GEOGRAPHY

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

9. COMPANY PROFILES

Companies Mentioned

• Dexcom Inc
• Abbott Laboratories
• Medtronics Pvt. Ltd
• GlySens
• Medtrum Technologies Inc.
• Tandem Diabetes Care
• Sensonics
• A. Menarini Diagnostics s.r.l
• Roche Diagnostics
• Ypsomed AG

For more information about this report visit https://www.researchandmarkets.com/r/i8cooh

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