PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1522738
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1522738
Global continuous glucose monitoring market is projected to witness a CAGR of 11.13% during the forecast period 2024-2031, growing from USD 5.75 in 2023 to USD 13.38 in 2031. The continuous glucose monitoring market is an integral part of the medical device industry, accounting for one of the fastest growth rates. Factors are driving the market such as the increasing prevalence of diabetes, the growing adoption of CGM devices, increasing awareness about diabetes monitoring, and technological advancements.
Continuous glucose monitoring devices use glucose level measurements to manage diabetes by minimizing fingerstick tests. Continuous glucose levels are measured throughout the day by a sensor located on or beneath the patient's skin. A transmitter can be used together with some wearable appliance, for instance, a smartwatch, to display changes in blood sugar levels at any given moment of time. Nevertheless, it takes a while to adjust to using a CGM for diabetes management, although it simplifies the process. When CGM data is being utilized, the time-in-range method measures the duration patients have been within the desired glucose levels in addition to a number of times that their glucose has risen above (hyperglycemia) or gone below normal levels (hypoglycemia). A blood glucose meter provides a single-point estimate of a person's blood sugar level, while a CGM device offers a broader perspective on patterns in relation to glucose. It has been demonstrated in several studies that CGM devices help users keep their glucose levels at a constant range, eliminate low and high glucose levels cases, and reduce the chances of coming up with problems that are related to diabetes. Nevertheless, using CGM is a long-term solution.
In March 2024, Roche presented new continuous glucose monitoring technology with artificial intelligence at a conference on Advanced Technologies & Treatments for Diabetes in Italy. The company revealed its Accu-Chek SmartGuide. The device is under research and has not yet been approved for retail sales. There are several characteristics that Abbott and Dexcom CGMs and the Accu-Chek SmartGuide have in common. It has waterproof qualities, a one-step application technique, and a 14-day wear time. On the other hand, unlike some of the newest generation of devices, this CGM needs initial calibration.
Increasing Prevalence of Diabetes Globally
The demand for CGM has increased significantly along with the number of individuals with diabetes. 31% of the 23 million Americans who have diabetes receive insulin treatment, which enables them to use continuous glucose monitoring (CGM). The American Diabetes Association recommends CGM as the gold standard of treatment for those with type 1 diabetes and a crucial device for patients with type 2 diabetes undergoing insulin therapy. In conclusion, the increasing number of people with diabetes is driving demand for continuous glucose monitoring devices, which may significantly improve glucose control and health outcomes for those with the disease. With the increasing number of diabetic people, access to this technology is becoming a priority.
Technological Advancements to Increase Market Demand
The field of CGM technology is continually evolving, with numerous research projects and clinical trials underway. Diabetes is a significant healthcare challenge, and the potential for improving patient outcomes through CGM technology remains effective. Artificial intelligence and machine learning are expected to significantly evolve the role of CGM technology. These advancements will make artificial pancreas systems more precise and sensitive, allowing patients to live their lives naturally without being controlled by their diabetes. Dexcom introduced Dexco ONE+, a real-time continuous glucose monitoring device in Poland, Spain, and Belgium, in February 2024. On February 12th, the business introduced its CGM device in the Netherlands. In the upcoming months, Dexcom plans to introduce Dexcom ONE+ in the Middle East and Africa and other European nations. The Dexcom ONE+ system is made up of a transmitter that transmits CGM data, a water-resistant blood glucose sensor, and an application that works with smartphones to access the Dexcom One app.
Sensors Dominate the Component Segment in the Global Continuous Monitoring Market
Based on components, the sensors account for the highest share in the continuous glucose monitoring market. CGM sensors calculate the glucose level in the fluids between cells, and it is quite comparable to the glucose levels in the blood. Depending on the type of sensor a patient has, it may be necessary to change it every few weeks or at other specified intervals. Depending on the model, disposable CGM sensors need to be changed every 7 to 14 days. A few implanted sensors have a 180-day lifespan. Abbott introduced two over-the-counter glucose monitors in the United States in June 2024, competing against Dexcom's Stelo. Abbott had planned to launch Lingo in the United States after its release in the United Kingdom last year. The device analyzes glucose levels over the course of 14 days and can be worn on the upper arm to assist users in better understanding how their bodies respond to various diets, physical activities, and stresses. Abbott was given FDA approval on May 29th, 2024, to market its Lingo system without a prescription.
Home Care Settings Will Hold the Highest Share in the Forecast Period
In the future, home care settings are expected to witness a significant increase in demand for continuous glucose monitoring (CGM) devices. As the technology develops, with longer sensor wear times, more accuracy, and easier smartphone connection, CGM will become a more alluring alternative for home-based diabetes care. Compared to traditional self-monitoring, continuous glucose monitoring (CGM) is more convenient and is likely to increase adherence since it eliminates the need for fingerstick tests. By enabling patients to actively control their disease and prevent complications, more widespread utilization of CGM has the potential to revolutionize the way diabetes is treated. The use of these devices in homes is expected to increase in the upcoming years as they become more widely available and affordable.
Key Players Landscape and Outlook
Several medical device companies are flourishing in the continuous glucose monitoring market by planning and adopting new strategies. They are complying with new strategic initiatives for medical devices to increase their market presence. New agreements, contracts, acquisitions, mergers, investments, and partnerships are major ways through which they are trying to achieve higher market share.
In May 2024, Sensonics, a globally renowned manufacturer of implantable CGM systems, announced its partnership with Rimidi. The main aim of this collaboration is to formulate the Eversense Remote Patient Monitoring (RPM) Program, which will combine healthcare workflows easily. The Eversense CGM + RPM solution will integrate Rimidi's clinical management platform with Senseonic's durable Eversense sensor.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.