Market Challenges And Opportunities

However, factors such as high cost of continuous glucose monitors and poor reimbursement policies are expected to hamper growth of the global continuous glucose monitoring devices market.

Global Continuous Glucose Monitoring Devices Market Drivers:

High demand for continuous glucose monitors to drive market growth

One of the key factors expected to augment the growth of the global continuous glucose monitoring devices market over the forecast period is the increasing demand for continuous glucose monitors (CGM) across the globe. For instance, in February 2023, Dexcom, Inc announced the launch of its Dexcom G6 CGM System in Singapore for people with diabetes ages 2 years and older, including pregnant women. The Dexcom G6 uses a small, wearable sensor and transmitter to measures and send glucose levels wirelessly to a receiver or compatible smart device, enabling patients to receive real-time glucose data without the need to prick their finger.

Rise in burden of diabetes to propel market growth

Another factor which is augment the growth of the global continuous glucose monitoring devices market is the increasing prevalence of diabetes around the world. Diabetes is a chronic, and largely preventable, disease that can lead to cardiovascular disease, kidney failure, blindness, loss of limb, and loss of life. According to the International Diabetes Federation (IDF), about 537 Billion people (aged 20 to 79 year) worldwide are living with diabetes, and the number is expected to reach over 643 Billion by 2030 and over 783 Billion by 2045. This in turn is expected to increase the adoption of continuous glucose monitoring devices worldwide.

Global Continuous Glucose Monitoring Devices Market Opportunities:

Increasing adoption of technologically advanced devices is expected to provide significant growth opportunities for players in the global continuous glucose monitoring devices market. For instance, CGMs are revolutionizing diabetes treatment with the introduction of technology such as Artificial intelligence (AI) in the healthcare industry. In May 2023, January AI launched a new generative AI-enabled app to estimate and predict the glucose response of individuals to more than 32 Billion food items. The tool requires users to wear a continuous glucose monitor (CGM) only once and it can function even if members are not using a CGM.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global continuous glucose monitoring devices market. For instance, according to the WHO, the world's population of people aged 60 years and older will double (2.1 billion) by 2050. Diabetes is common in older adults, affecting an estimated 33% of people aged 65 and older. The geriatric population is more at risk of developing diabetes-related complications than younger once. The potential benefits of CGM in older adults are widespread; reduce hyper-glycaemia and hypo-glycaemia, improve quality of life, and prevent diabetes-related complications.

Global Continuous Glucose Monitoring Devices Market Restraints:

High cost of CGM devices to hinder market growth

One of the key factors expected to hamper the growth of the global continuous glucose monitoring devices market is the high cost of continuous glucose monitors (CGMs). People with diabetes are more likely to be hospitalized, and therefore, they incur higher healthcare costs compared to those without diabetes. On average, individuals with diabetes have medical expenditures about 2.3 times higher than what expenditures would be in the absence of diabetes. Moreover, the cost of devices, such as CGM, are very expensive, due to the sophisticated sensors integrated into them, which are also costly when compared to traditional glucose monitoring devices.

Lack of reimbursement policies to hamper market growth

Another factor which is hampering growth of the global continuous glucose monitoring devices market is the poor reimbursement policies. CGM devices have been recently introduced in contrast to traditional continuous glucose monitoring devices. Insurance companies always consider new technology for a while before covering patient costs for the same. CGMs may be easy and efficient than others, but the costs of using these are expensive, and not all insurance companies cover this cost. Thus, the reimbursement options provided for these are limited and less in number, which makes it difficult for many people to gain access to these devices.