Spain Continuous Glucose Monitoring Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Diabetic Patients, Critical Patients), And By End User Industry (Hospitals, Diagnostic Centers And Clinics, Home Care) - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061614943
- Pages : 105
The Spain Continuous Glucose Monitoring Market is projected to grow at a CAGR of 16.04% during the forecast period to reach US$96.236 million by 2028, from US$33.973 million in 2021.
Continuous glucose monitoring or CGM is a wearable medical device that continuously tracks blood sugar levels for people with type 1 and type 2 diabetes. Tracking blood sugar levels is extremely essential for diabetic patients as they have to make sure when to take insulin and CGM devices help them in determining that. CGM is a widely used technology as it is advantageous for diabetics. Studies have shown that the use of CGM devices ensures a shorter duration of hypoglycemia or a lower level of glycated haemoglobin. In Spain, the continuous glucose monitoring market is segmented by application and end-user.
The growing prevalence of type 1 and type 2 diabetes, continuous product launches by key market players along with rising government initiatives and programmes to educate people about diabetic health & care are some of the key determinants which are positively impacting the demand for CGM devices in this country.
During the anticipation period, the growing incidences of diabetes will support the growth of the Spanish continuous glucose monitoring market during the projection period.
One of the primary factors driving the growth of continuous glucose monitoring devices in Spain is the high prevalence of type 1 and type 2 diabetes among the population. According to the statistics presented by the International Diabetes Federation, 10.3 per cent of Spanish adults, or more than 5.1 million people, have diabetes in 2021. This number is expected to reach 5.6 million by 2045. Moreover, 2.6 million people have impaired glucose tolerance in this country, which puts them at a greater risk of becoming type 2 diabetes. Those who have diabetes run the risk of significant and fatal consequences like heart attack, kidney failure, blindness, and lower limb amputation. This leads to a lower quality of life and higher medical expenditure. The prevalence of diabetes has alarmingly increased across Spain in recent years, reaching an all-time high mostly due to lifestyle changes. According to IDF data, there has been a 42 per cent increase in the number of diabetics in Spain. Diabetes is also one of the leading causes of death in Spain. According to IDF data, nearly 81 thousand died due to diabetes. Diabetic patients must make several adjustments throughout the day to keep their blood glucose levels within acceptable ranges. Therefore CGM devices are extremely crucial for them. The decreasing cost of CGM devices in the country is also propelling market demand.
Various policies, programs and services related to diabetes by the government and increasing CGM coverage to spur growth during the projection period.
To combat risk factors like obesity and other medical conditions, the Spanish government has implemented several reforms over the years to improve the distribution of doctors, create new types of service organisations, introduce new financing models, and implement a variety of quality improvement initiatives and policy frameworks in the healthcare sector. This also emphasizes chances for sustaining and growing advancements in the provision of diabetes care and the application of diabetes technologies.
Initiatives implemented by the Spanish government are anticipated to fuel the market's expansion. In June 2021, the Spanish National Health System announced the coverage of real-time continuous glucose monitoring devices in the Common Package of Benefits for adults with type 1 diabetes and risk of severe hypoglycemia. The coverage of CGM devices in the Common Package of Benefits will ensure easy access to the specified population.
In order to assure cheap pricing for devices, the Spanish Federal Government collaborated with a large number of private businesses to use their supply chain. With the introduction of new technologies, continuous glucose monitoring devices are becoming more affordable, which is projected to boost market growth throughout the forecast period.
Market Key Developments
- In July 2022, Dexcom, Inc., the industry pioneer in real-time continuous glucose monitoring for diabetics announced that the Dexcom G6 mobile app has been made accessible in Spanish for customers with compatible iOS or Android smart devices. Patients who speak Spanish have the option of using the Dexcom G6 app in their native tongue, removing a linguistic barrier for the best possible level of care.
- In October 2022, Dexcom introduced the Dexcom G7, a next-generation continuous glucose monitor (CGM), for diabetics two years of age and above. The Dexcom G7 improves on the Dexcom CGM by adding new features such as a 60as % smaller, all-in-one, discrete wearable and the quickest 30-minute sensor warm-up of any CGM on the market.
- In October 2022, Senseonic and its partner Ascensia Diabetes Care launched Eversense E3 continuous glucose monitor system in Spain. The Eversense E3 CGM includes a fluorescence-based sensor that is implanted in the upper arm for up to six months. Above the sensor, a detachable, rechargeable transmitter collects glucose readings that can be remotely sent to a linked mobile app.
- By Application
- Diabetes Patients
- Critical Patients
- By End User
- Diagnostic Centers & Clinics
- Home Care
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SPAIN CONTINUOUS GLUCOSE MONITORING (CGM) MARKET, BY APPLICATION
5.2. Diabetes Patients
5.3. Critical Patients
6. SPAIN CONTINUOUS GLUCOSE MONITORING (CGM) MARKET, BY END-USER INDUSTRY
6.3. Diagnostic Centers & Clinics
6.4. Home Care
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. Dexcom, Inc.
8.2. Abbott Laboratories
8.3. Medtronic plc
8.4. Roche Diabetes Care, Inc.
8.5. Ascensia Diabetes Care
8.6. Insulet Corporation
8.7. Tandem Diabetes Care, Inc.
8.8. DiaMonTech AG
8.9. A Menarini Diagnostics
Roche Diabetes Care, Inc.
Ascensia Diabetes Care
Tandem Diabetes Care, Inc.
A. Menarini Diagnostics
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