Continuous Glucose Monitoring Market worth US$31.102 billion by 2026
The continuous glucose monitoring market is anticipated to grow at a CAGR of 27.30% throughout the forecast amount, to achieve a complete market size of US$31.102 billion by 2026 from US$4.623 billion in 2019.
Continuous glucose monitoring (CGM) is one of the most recent technological advancements within the field of diabetes management. CGM system, it's a type of glucose monitoring device that functions by inserting a biosensor through the transdermic or hypodermic route. The embedded sensing element measures the glucose levels in extracellular fluid or blood and transmits the data employing a transmitter to a receiver/monitor for displaying the results. These systems play an integral role in diabetes management, because of their associated many benefits over different glucose observance devices. In contrast to standard glucose monitors, these systems modify periodic observance of glucose levels, which is crucial for avoiding diabetic complications. Additionally, CGMS technology has established a roadmap to the foremost expected, high-tech, closed-loop artificial/bionic exocrine gland. It offers a large variety of applications for all age-cohorts, health care settings (diagnostic centers/clinics, hospital ICUs, and residential healthcare), and geographies.
The major factors that drive the expansion embody the surge in the geriatric population and the high prevalence of the population troubled by diabetes. As per the International Diabetes Federation, the amount of diabetic population is predicted to achieve 642 million by 2040 as compared to 415 million patients in 2015, worldwide. Thus, one out of each 10 adults are predicted to have diabetes by 2040, which reveals the serious-mindedness of this pandemic. Therefore, the treatment and management of diabetes are predicted to be the prime focus areas of health care departments and stakeholders, globally. The rise in the incidence of diabetic cases is predicted to supply high continuous glucose monitoring systems market growth and opportunities, that successively can attract and compel varied market players to develop innovative merchandise or wares extensions. The aforesaid factors are expected to spice up the growth of the market. However, lack of adequate compensation for devices is that the key barrier to the adoption of the devices. On the contrary, high growth opportunities within the untapped markets are expected to supply vital profitable opportunities for manufacturers within the close to future.
On the premise of part, the continuous glucose monitoring system market is metameric into sturdy parts like transmitters & receivers and integrated insulin pumps; and disposable parts like sensors. The sensors segment was the most important revenue contributor in 2019 and is anticipated to continue this trend throughout the forecast amount, because of revenant sales of CGMS, short scrap life, and bulk purchases. Therefore, it's deployed in diagnostic centers/clinics.
North America holds the most important market
Region-wise, the continuous glucose monitoring systems market is categorised into North America, Europe, Asia-Pacific, and LAMEA. North America dominated the continuous glucose monitoring systems market in 2019, accounting for the very best share, and is anticipated to take care of this trend throughout the forecast amount. This can be attributed to extending within the geriatric population, the increase within the incidence of polygenic disorder, the surge in demand for wireless & movable systems, and the accessibilty of refined compensation structure that aims at reducing expenditure.
The CGM has shown abrupt demand growth throughout COVID-19. The demand for continuous monitoring in COVID-19 patients, in both, hospital and residential settings was vital throughout the pandemic.
Post-Covid state of affairs
Studies counsel that the common time-in-range of the CGM users inflated quicker throughout the pandemic. The trends are expected to own a major impact on the adoption of CGM in the coming years. As COVID-19 recovered diabetes patients develop resistance to insulin, the traditional injections fail to supply correct management. CGM will replace the necessity for frequent sugar level checks.
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The analytics report has segmented the Continuous glucose monitoring on the following basis:
- By Application
- Diabetes Patients
- Critical Care Patients
- By End-User Industry
- Diagnostic Centers & Clinics
- Home Care
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
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