Increasing Traction for Continuous Glucose Monitoring Device
The continuous glucose monitoring market is predicted to grow at a CAGR of 27.30% to attain a market size of US$31.102 billion by the end of 2026. This market was worth US$4.623 billion in the year-end 2019. This market is primarily driven by an increase in diabetes incidence and an increasing geriatric population that is at risk for diabetes. Increasing awareness of diabetes prevention, new product launches, and supportive government initiatives are also driving the market for Continuous Glucose Monitoring (CGM) devices. Furthermore, a rise in obesity caused by factors including poor eating habits and inadequate physical activity, which subsequently increases diabetes risk, is adding momentum to the growth of the industry. The product has been adopted widely due to features such as alarm sounds when blood sugar levels are outside prescribed ranges, the ability to add additional details like mealtimes, medicines intake, physical activity tracking, and the possibility of connecting to computers for trend analysis and diabetes management.
The Use of Continuous Glucose Monitoring Offers a Variety of Advantages
Using continuous monitoring devices, the blood sugar level in the body can be monitored around the clock. This device provides continuous real-time updates on blood sugar levels. Aside from tracking sugar levels, technology can also establish trends in line with dietary plans, exercise, fasting, and other factors. As opposed to traditional blood-sugar meters, CGM devices offer inherent advantages. A continuous operation provides advantages such as better management and tracking of blood sugar levels, eliminating the need for large-scale finger sticks, and managing blood glucose emergencies more efficiently. In contrast to a single blood glucose reading, a continuous glucose monitor gives you real-time information about the speed and direction (trending higher or lower) of your glucose levels. An insulin-sensing continuous glucose monitor can help you make more informed treatment decisions since it continuously tracks eating habits, exercise routines, and insulin needs. A diabetic is more likely to maintain tighter glycaemic control if he/she is aware of their blood glucose levels. A CGM system monitors glucose levels every few minutes and lets one set customizable target ranges. An alert is sent when the person’s glucose reading is outside the target range.
Because of all these benefits, continuous monitoring devices are widely adopted among patients receiving intensive insulin treatment, or suffering from hypoglycemia unawareness or having high/low blood sugar levels, among others. Monitoring device industry growth will be bolstered by the increase in cases across the globe over the forecast period.
Market Growth Will Be Boosted by a Growing Diabetic Population
Based on statistics from WHO, approximately half of all deaths are attributable to high blood glucose levels. Before the age of 70, high blood glucose is common. By 2030, diabetes is also expected to be the 7th most common cause of death worldwide. Continuous Glucose Monitoring proves to be an excellent tool for diabetics using insulin pumps or daily insulin injections. It enhances glycemic balance without leading to the danger of dangerous hypoglycaemia. In several clinical trials, diabetes patients with Type 1 diabetes managed their blood glucose levels better with continuous glucose monitoring than when self-monitoring blood glucose was done with a glucometer for routine self-monitoring. CGM usage is on the rise in both children and people who use them regularly. There is an improved glycosylated haemoglobin level in these children without an increase in hypoglycemia. According to the current CGM models approved, glucose levels are detected in the interstitial fluid using electrochemical subcutaneous glucose sensors based on glucose oxidase. By downloading the data, CGM devices can retroactively display trends in blood sugar levels or by displaying glucose levels in real-time via receiver displays. Patients, parents, and caregivers can receive an alert during actual or upcoming Glycaemic visits, allowing them to manage their blood glucose levels more effectively.
Diabetes is also a result of obesity. Approximately 650 million adults were obese according to the WHO in 2016. The number of overweight people worldwide in 2016 exceeded 1.9 billion. By using a sensor, these devices are able to monitor blood glucose over a wireless network at different times during the day. Diabetes management software displays the patient's responses to the relevant measurements, enabling them to understand the condition better, leading to better management.
The Older Population’s Resistance to Technology and High Costs May Hinder the Market Growth
There are several barriers to uptake, including cost, measurement reliability (especially with earlier generations), human factors, and a lack of clarity about how CGM can be used to inform therapeutic decisions. In addition to costing more than traditional finger-prick systems, Continuous Glucose Monitoring devices are not covered by all health insurance plans. This system must be calibrated on a regular basis with a finger stick to replace the internal sensor. Moreover, false alarms and skin infections are possible. In addition, youth and children might be more resistant since they are concerned with their appearance and resent being constantly watched. It is likely that continuous glucose monitoring will become less of a disadvantage as technology progresses.
The North American Market Will Remain Dominant
Over one in ten Americans – 34.2 million – have diabetes in North America. An estimated 88 million American adults have prediabetes, or about one out of three. Continuous Glucose Monitoring for Coronavirus-affected patients was approved by an FDA advisory panel. For instance, in June 2018, the US Food and Drug Administration (FDA) permitted patients with Type 1 and Type 2 diabetes to implant a continuous glucose monitor (CGM). Known as the Eversense Continuous Glucose Monitoring System, it monitors your blood sugar for up to three months, and it's free for people over the age of 18. In addition to their existing glucometers, Dario Health was the first company to launch a new device that is technologically advanced instead of the usual glucometer. Despite being small (pocket-sized), the device is accurate and can give results in six seconds. This glucometer is equipped with additional capabilities, including the ability to measure other diabetes metrics, such as carbohydrate count, activity level, and medication consumption. During the forecast period, there will be a continued increase in market competition in North America due to the entrance of new players.
Coronavirus Pandemic Insights
In response to a deadly Coronavirus outbreak, the FDA permitted Continuous Glucose Monitoring devices usage in hospitals. In response to the COVID-19 outbreak, Abbott announced its plans in April 2020 to donate 25,000 CGM sensors to hospital systems. A few healthcare industry sectors have benefited from the COVID 19 pandemic, including continuous glucose monitoring. Due to the boost provided by COVID-19, the market for continuous glucose monitoring is expected to gain even more traction during the forecast period. Those admitted to hospitals diagnosed with COVID-19 are usually diabetic patients. Hospitals need to monitor continuous glucose levels for diabetic patients effectively, which is supporting market growth.
