NEW YORK, Sept. 23, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Continuous Glucose Monitoring Devices Market Analysis, By Components (Insulin Pumps, Transmitters & Receivers, And Sensors), By End Use (Hospitals, Homecare Settings And Others), By Region, Forecast To 2028."
According to the latest analysis by Reports and Data, the global continuous glucose monitoring devices market size was USD 4.11 billion in 2020 and is expected to reach USD 19.04 billion in 2028 and register a revenue CAGR of 19.2% during the forecast period, 2021-2028.
Rising global prevalence of diabetes, rapid technological advancements in glucose monitoring devices, and increasing use of continuous glucose monitoring devices in homecare settings are some key factors driving market growth
Continuous glucose monitoring devices enables tracking of blood glucose levels round the clock. These devices monitor a patient's glucose levels via sensors that send readings to the receiver's device screen or smartphone. Continuous glucose monitoring devices aid patients in managing diabetes with lesser fingerstick tests. Increasing prevalence of diabetes in countries across the globe and growing preference for monitoring and managing diabetes at home are boosting adoption of continuous glucose monitoring devices. In addition, rapid technological advancements in glucose monitoring devices and increasing affordability of innovative devices are some other factors expected to contribute to revenue growth of the market going ahead.
Continuous Glucose Monitoring (CGM) devices are wearables, which make it easier to track blood glucose levels continuously throughout the day. A minute sensor is painlessly inserted just below the skin surface on the arm or belly, and the transmitter sends glucose level results to a wearable device or smartphone. In some continuous glucose monitoring systems, the transmitter is reusable and can be attached to a new sensor. Depending on the system, glucose level data from the sensor can be sent to a receiver, a smartphone app, or an insulin pump. CGM devices can help patients understand how their sugar levels change over time periods or spans, and provide alerts when glucose levels rise or fall to prevent complications, and significantly reduce the number of times a patient needs fingerstick tests. CGM data can provide healthcare providers critical insights into patterns of high and low glucose levels, in turn, leading to a personalized care approach and better management of diabetes. These advantages are further boosting adoption of these devices and are expected to fuel revenue growth of the market over the forecast period.
Different devices collect information in varied ways through tiny sensors and display blood glucose levels at intervals of 5-15 minutes. Recent advancements in devices have made it possible for patients to download their diabetes data on computer, tablet, or mobile phone, and this can help them make better management plans for diabetes, including how much insulin is needed, an accurate exercise plan, number of meals needed each day, and correct doses and types of medications required. CGM devices are critically important for persons who have frequent low glucose levels or have widely variable blood glucose levels.
Rising focus on preventive care for diabetes, increasing geriatric patient pool with diabetes, and rising number of FDA approvals and product launches are further expected to boost demand for these devices and drive revenue growth of the market. However, CGM devices are expensive and this can act as a growth limiting factor over the forecast period. Over the recent years, an increasing number of insurance providers have started offering plans that cover the expenses of these devices in some countries, thereby increasing their affordability. This is expected to contribute to revenue growth of the market going ahead.
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Sensors segment to register significantly robust revenue growth:
Sensors segment is expected to register significantly robust revenue growth over the forecast period, attributed to increasing advancements in sensor technology, rising affordability of advanced CGM devices, and improved accuracy of sensors in recording glucose levels. In addition, increasing R&D activities have enabled development of sensors that are more compact and comfortable for patients, cause no skin irritation, and demonstrate excellent performance.
Increasing adoption of CGM devices in homecare settings:
Homecare settings segment is expected to account for a significantly large revenue share in the global market over the forecast period, attributed to increasing number of diabetes patients preferring homecare treatments, affordability and convenience of continuous glucose monitoring devices, and growing need for better diabetes management. Increasing awareness regarding self-monitoring of blood glucose levels is also a key factor driving revenue growth of the homecare settings segment.
North America to dominate other regions:
North America is expected to account for largest revenue share over the forecast period owing to increasing prevalence of diabetes, presence of established healthcare sector, availability of skilled professionals and state-of-the-art healthcare facilities, increasing awareness regarding CGM devices and diabetes management, and availability of favorable reimbursement policies. In addition, rapid technological advancements in glucose monitoring devices and robust presence of key players in the region are other key factors driving revenue growth of the North America market.
Asia Pacific to register fastest revenue CAGR:
Asia Pacific market is expected to register a robust revenue CAGR over the forecast period, attributed to increasing demand for glucose monitoring devices owing to a high prevalence of diabetes in countries in the region. Prevalence of diabetes is the highest in APAC countries such as China and India owing to increasing incidence of obesity, unhealthy lifestyle and dietary choices, and rising inclination towards westernized food habits and lifestyle. In addition, increasing geriatric population suffering from diabetes, rising awareness regarding point of care and home care testing, growing investment and expenditure on healthcare sector, technological advancements, and increasing access to better healthcare facilities are factors further contributing to revenue growth of the market in the region.
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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