Continuous glucose monitor (CGM) is a medical device used by people with diabetes to monitor blood sugar (glucose) on a continual basis. A CGM measures glucose levels in the interstitial fluid as a way to optimize glucose control by keeping levels in their target range for a longer period of time, thereby improving HbA1c. Moreover, CGM gives people a more complete picture of glucose levels, which can lead to better lifestyle decisions and better glucose monitoring or management. CGM allows people with diabetes to check glucose levels in real-time or monitor glucose readings over a period of time, and thus, there is an increasing demand for CGM devices worldwide.
Market Statistics:
The global continuous glucose monitoring devices market is estimated to account for US$ 6.47 Bn in terms of value by the end of 2023.
Drivers:
Growing demand for technologically advanced CGM devices across the globe is expected to drive growth of the global continuous glucose monitoring devices market during the forecast period. For instance, in February 2023, Dexcom, Inc. launched its Dexcom G6 CGM System in Singapore for people with diabetes ages 2 years and older, including pregnant women. The Dexcom G6 measures and send glucose levels wirelessly to the receiver or compatible smart device, enabling patients to receive real-time glucose data without the need to prick their finger. The new system also offers customizable alerts and alarms to help people avoid dangerous low and high blood sugar events. Dexcom G6 app allows people to share this information with up to ten followers, enabling family, loved ones, and healthcare providers to remotely monitor patients.
Opportunities:
Rise in burden of diabetes and growing geriatric population around the world is expected to offer significant growth opportunities for players in the continuous glucose monitoring devices market. For instance, according to the World Health Organization (WHO), in India, over 77 million people above the age of 18 years are suffering from diabetes (type 2) and nearly 25 million are prediabetes (at a higher risk of developing diabetes in near future). While. 50% are unaware of their diabetic status which leads to health complications if not detected and treated early.
Moreover, according to the U.S. Centers for Disease Control and Prevention’s (CDC’s) National Diabetes Statistics Report (2022), around 130 million adults in the U.S. are living with diabetes or prediabetes. Growing rates of obesity, poor diets, and lack of physical activity, among others, have contributed to a more than three-fold increase in the number of adults living with diabetes.
Restraints:
High cost of CGM devices and lack of reimbursement policies are major factors expected to hinder growth of the global continuous glucose monitoring devices market. People with diabetes are more likely to be hospitalized, and thus, they incur higher healthcare costs than those without diabetes. On average, medical expenses for individuals with diabetes are approximately 2.3 times higher than those without diabetes. Moreover, the cost of devices, such as CGM, are very high, due to the sophisticated sensors integrated into them, compared to traditional glucose monitoring devices.
Furthermore, health plans, insurance companies, and many governments worldwide do not provide reimbursement for CGM, and thus, patients have become reluctant towards the adoption of CGM, which in turn hampers the growth of the market.
Global Continuous Glucose Monitoring Devices Market- Impact of Coronavirus (Covid-19) Pandemic
Diabetes is associated with mortality and severity of coronavirus disease (COVID-19). As patients with diabetes are at risk of severe disease, and it is necessary to maintain strict glycemic control simultaneously with COVID-19 treatment to improve outcomes. The pandemic has also created a need for remote blood glucose (BG) monitoring in the intensive care unit (ICU). For instance, the Dexcom G4 Platinum CGM system was used to monitor blood glucose (BG) levels from outside the patient's isolation room. Moreover, the use of CGM in hospitals increased over the period since the governments worldwide supported the hospitals to monitor diabetes patients without contacting the patient. In short, the use of CGM devices increased during the pandemic.
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Key Takeaways:
The global continuous glucose monitoring devices market was valued at US$ 5.89 Bn in 2022 and is forecast to reach a value of US$ 12.51 Bn by 2030 at a CAGR of 9.9% between 2023 and 2030.
Sensors segment held dominant position in the global continuous glucose monitoring devices market in 2023, accounting for 39.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Increasing awareness among people about diabetes care and the benefits of CGM is one of the key trends expected to boost the growth of the global continuous glucose monitoring devices market. Growing awareness among people about the benefits of CGM device, such as minimally invasive, speedy and accurate results, and pain free, among others. This in turn leads to increasing demand for these devices. According to the American Diabetes Association, around 133 million Americans live with diabetes or prediabetes. More than 10 million Americans (or 31%) are treated with insulin and stand to benefit from a continuous glucose monitors. This trend is expected to continue during the forecast period, driving the market growth.
Competitive Landscape:
Major players operating in the global continuous glucose monitoring devices market are Abbott, Medtronic, Dexcom, Inc., Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd., among others.
Recent Developments:
In May 2023, January AI launched a new AI-enabled app to estimate and predict glucose response of people to more than 32 million 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.
In February 2022, the Food and Drug Administration (FDA) approved Senseonics’ new continuous glucose monitor (CGM), called the Eversense E3 System, for diabetes with a sensor that can last for up to 6 months. According to the company, the device is the longest lasting CGM approved in the United States and the world.
