Continuous Glucose Monitoring Market size to grow by USD 2.59 billion from 2022 to 2027, Rise in the diabetic population boosts the market growth, Technavio

NEW YORK, March 7, 2024 /PRNewswire/ -- The continuous glucose monitoring market is estimated to grow by USD 2.59 billion from 2022 to 2027 at a CAGR of 6.37% according to Technavio.

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Market Insights -

• Companies: 15+, Including A. Menarini Industrie Farmaceutiche Riunite Srl, Abbott Laboratories, Ascensia Diabetes Care Holdings AG, B. Braun SE, Dexcom Inc., F. Hoffmann La Roche Ltd., General Electric Co., GlySens Inc., Johnson and Johnson, LifeScan IP Holdings LLC, Medtronic Plc, Medtrum Technologies Inc., Novo Nordisk AS, NXP Semiconductors NV, Senseonics Holdings Inc., STMicroelectronics NV, Tandem Diabetes Care Inc., Terumo Corp., and Ypsomed AG
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key companies; and market positioning of companies
• Segments: component (sensors, transmitters, and receivers), end-user (home care, hospitals, and others), and geography (North America, Europe, Asia, and Rest of World (ROW))

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The rise in the diabetic population drives the CGM market growth. 

The surge in the number of diabetes cases is attributed to factors such as obesity, smoking, a sedentary lifestyle, and urbanization. Moreover, the elderly population is particularly vulnerable to diabetes. The increasing prevalence of diabetes is a key driver for market growth.

• A lower diagnosis and treatment rate is a major challenge hindering the CGM market. 

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

Analyst Review

The Continuous Glucose Monitoring (CGM) market is witnessing significant growth, driven by the rising prevalence of diabetes mellitus worldwide. As diabetes cases continue to escalate, both type-1 and type-2 diabetes patients are seeking advanced solutions to manage their glucose levels effectively. Traditional fingerstick tests are gradually being replaced by noninvasive glucose monitoring devices, including CGM devices and wearable technology devices, which offer real-time glucose data without the discomfort of frequent finger pricks.

Government bodies like the Centers for Disease Control and Prevention and the United States Government Food and Drug Administration are playing pivotal roles in regulating and approving these innovative CGM devices. Moreover, collaborations between governments, health care providers, and CGM manufacturers are facilitating the integration of CGM devices into diabetes education programs and healthcare systems.

In recent years, advancements in CGM technology have led to the development of wireless transmitters that enable seamless glucose data transmission to healthcare professionals and diabetes care teams. These devices offer precision and dependability in glycemic control, empowering diabetes patients to make informed decisions about their glucose levels.

Research studies published in renowned journals like Diabetes Technology & Therapeutics Journal and IOP Science Journal have demonstrated the efficacy of CGM devices in improving time-in-range (TIR) and reducing financial burdens associated with diabetes management. Additionally, advancements such as cell phone integration and alternate and novel devices are expanding the CGM market and creating new revenue streams for market players.

The landscape of the CGM market is witnessing dynamic shifts, characterized by collaborations, partnerships, mergers, and acquisitions among CGM manufacturers. These M&A operations are aimed at expanding market reach and exploring new markets globally. As CGM technology continues to evolve, the focus remains on enhancing usability and user experience to cater to the diverse needs of both personal and professional CGM users.

In conclusion, the Continuous Glucose Monitoring (CGM) market presents immense opportunities for innovation and growth, fueled by advancements in sensor technology, glucose oxidase applications, and platinum-based electrical signal detection. With the support of regulatory bodies like the U.S. Food and Drug Administration and Diabetes Care and Education Specialists, the future of CGM devices appears promising in revolutionizing diabetes management worldwide.

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Market Overview

The Continuous Glucose Monitoring (CGM) market is witnessing significant growth, fueled by advancements in noninvasive glucose monitoring devices approved by regulatory bodies like the United States Government Food and Drug Administration. CGM systems offer invaluable support to diabetes patients by providing real-time glucose level data, particularly critical for type-1 diabetes patients. Hospitals and ICUs increasingly integrate CGM technology to enhance patient care, especially for diabetes patients requiring intensive monitoring. Both type-1 and type-2 diabetes patients benefit from CGM devices, which offer continuous insights into glucose levels, aiding in better management and reducing risks. With endorsements from entities like the Centers for Disease Control and Prevention, the CGM market continues to expand, catering to the evolving needs of diabetes patients.

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TOC
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio