The continuous glucose monitoring market is expected to grow at an annual growth rate of 27.30% to reach a market size worth US$31.102 billion by 2026. This market was valued at US$4.623 billion in 2019. In the field, if diabetes management, continuous glucose monitoring is one of the latest technological advancements which has proved to be an effective way to monitor glucose. The process involves inserting a biosensor through the transcutaneous or subcutaneous route which transmits the reading through a transmitter to a receiver helping to monitor glucose in the bloodstream.
The advantages it provides over other glucose monitors such as periodic monitoring of glucose levels and has also paved a path for high-tech closed-loop artificial pancreas has accounted for the growth of the continuous glucose monitoring market. However, the limited number of continuous glucose monitors, inconsistency in Medicare reimbursement and the need of frequent calibration are anticipated to hamper the growth of this market at the global level. Further, the growing technological advancement in this field are expected to fuel the growth of the continuous glucose monitoring market.
Growing Diabetic Population Will Boost the Market Demand for Continuous Glucose Monitoring
The growing number of diabetic populations around the world are increasing the demand for continuous glucose monitoring. The growing diabetic population includes a high prevalence of the population suffering from diabetes and a surge in the geriatric population. According to World Health Organization, 422 million people worldwide are suffering from diabetes, the majority of which are living in low- or middle-income countries. Additionally, 1.6 million deaths were accounted directly attributing to diabetes every year. The increase in the number of diabetic patients have been reported to the growing obesity in different countries. Furthermore, by the year 2040 642 million diabetic population is anticipated by International Diabetes Federation and one out o every tenth adult is expected to have diabetes by the year 2040.
The growing number of patients suffering from diabetes has become a pressing concern worldwide. Hence, the technological developments and strategies in detecting sugar levels in the body has become an industry trend. This rise in technological developments is expected to fuel the demand of continuous glucose monitoring and provide growth opportunities in the forecast period. Patients have been reliant on daily insulin injections in order to monitor glucose for which continuous glucose monitoring has proved to be a valuable asset as it helps in the enhancement of glycemic balance. Several clinical studies have shown that patients suffering form Tier 1 diabetes melitus, with the use of continuous glucose monitoring have shown positive glycemic control in comparison to routine self-monitoring blood glucose
Hospital Industry Will Have a Significant Market Share of the Continuous Glucose Monitoring Market During the Study Period of 2019 to 2026
The continuous glucose monitoring market is segmented, based on end-user industry, hospitals, diagnostic centers and clinics, homecare and others. During the study period, the market for hospitals is anticipated to witness remarks growth. The use of continuous glucose monitoring in the healthcare business has surged in the recent years owing to the benefits it provides over self-monitoring blood glucose levels devices. Additionally, the technological advancements in this field of monitoring blood glucose levels will boost the growth of continuous glucose monitoring in the forecast period.
Lack of Accuracy, Inconsistency of Medicare Reimbursement and the Need for Frequent Calibrations May Hinder the Market Size of Continuous Glucose Monitoring Market
One of the prime factors that may hinder the market growth of continuous glucose monitoring market is the need of frequent calibrations of the monitoring system as it is essential to make sure the glucose monitoring sensor maintains its accuracy over time. Calibrating three to four times a day optimizes sensor performance and has proved to be a restraint to the use of these sensors in the industry. The eligibility criteria for continuous glucose monitoring required by the Medicare and Medicaid Services have been deemed ineligible, despite of its clear evidence of its use in various diabetic populations. Despite numerous benefits associated with a continuous glucose monitoring system, the lack of accuracy acts as a major restraint for the market growth.
North America and the Asia Pacific Region to Show Robust Growth in the Continuous Glucose Monitoring Market
The continuous glucose monitoring market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. The North American region holds the largest share and is predicted to grow at an increasing rate in the continuous glucose monitoring market. The growth is due to the presence of highly advanced healthcare units in the region. Obesity has been primarily associated with diabetes and the increasing obesity in the North American industry has been a major factor for the growth of continuous glucose monitoring market. In a recent survey, two out of every three adults in U.S. are overweight which accounts to 69% population is overweight. This has accounted to the surge in the use of continuous glucose monitoring. Also, the extensive research and developments and technological advancements in the field will account for a larger share of the market in this region.
Asia Pacific region is expected to grow at the fastest rate in the continuous glucose monitoring market in the projected period. The increasing number of diabetic patients in the region has accounted to the growth of the market in the forecast period. In a report by American Diabetes Association, more than 60% of people in the Asia Pacific region are living with diabetes among which one-half in India and China combined. Also, the technological developments in the healthcare sectors in the Asia Pacific region have factored for the growth of continuous glucose monitoring in the region.
The Impact of the Outbreak of COVID-19 on the Continuous Glucose Monitoring Market
The COVID-19 pandemic has had an adverse effect on industries and their manufacturing and production units. The government of many nations have imposed strict nationwide lockdown due to the extensive spread of the virus. The COVID-19 virus has had a positive impact on the continuous glucose monitoring market as the COVID-19 virus has been found a threat, particularly for diabetic patients. The chances of acquiring the deadly COVID-19 virus were much higher in diabetic patients than others which could result in worse symptoms and higher complications. The need of continuously monitoring glucose in diabetic patients could help taking precautions at earlier stages of acquiring the virus which could avoid complications at later stages. The demand of remote monitoring of COVID-19 acquired patients has surged during this period. Also, in the post COVID scenario, the recovered COVID diabetic patients are expected to develop resistance to insulin due to which continuous glucose monitoring can replace the traditional sugar level checks.