Global Continuous Blood Glucose Monitoring Market Size Was Valued At USD 5.90 Billion In 2022 And Is Projected To Reach USD 13.28 Billion By 2030, Growing At A CAGR Of 12.3% From 2022 To 2030.
Continuous glucose monitoring (CGM) is a state-of-the-art method that automatically tracks blood glucose levels, also known as blood sugar, round the clock, seven days a week. This advanced system allows one to access glucose levels at any time and examine trends over hours or days. By providing real-time glucose data, CGM empowers patients to make well-informed decisions throughout the day, helping them balance their diet, physical activity, and medications more effectively.
A CGM system consists of a small sensor that is inserted beneath the skin, typically on the abdomen or arm. This sensor measures the glucose concentration in the fluid between cells and performs tests at regular intervals, usually every few minutes.
Top Key Players in Continuous Blood Glucose Monitoring Market:
Abbott Laboratories (U.S), Dexcom Inc (U.S), LifeScan I.P. Holdings LLC (U.S), Medtronic plc (Ireland), Terumo Corporation (Japan), Johnson & Johnson (U.S), GlySens Incorporated (U.S), A Menarini Diagnostics (Italy), Nemaura Medical Inc (U.S), Echo Therapeutics Inc (U.S), Senseonics Holdings Inc (U.S), Hoffmann-La Roche Ltd (Switzerland), Ypsomed AG (Switzerland), and Other major players.
Market Dynamics and Factors for Continuous Blood Glucose Monitoring Market:
Drivers:
Increasing Incidence of Diabetes
The increasing incidence of diabetes is a significant driving force behind the growth of the Continuous Blood Glucose Monitoring (CGM) market. Diabetes is a chronic metabolic disorder characterized by high blood glucose levels due to the body's inability to produce or effectively use insulin. As the prevalence of diabetes continues to rise globally, there is a growing demand for effective tools and technologies to manage the condition and improve patient outcomes.
The number of people diagnosed with diabetes is increasing steadily worldwide. This trend is driven by factors such as sedentary lifestyles, unhealthy dietary habits, obesity, and an aging population. As the diabetic population expands, there is a higher need for continuous and reliable blood glucose monitoring solutions like CGM systems.
Opportunities:
To Develop a More Technologically Advanced Product
Developing more technologically advanced products presents a significant opportunity in the Continuous Blood Glucose Monitoring (CGM) market. As the demand for CGM devices continues to grow due to the increasing incidence of diabetes and the need for improved diabetes management, innovative and advanced technologies can further enhance the effectiveness and adoption of these devices.
Technological advancements can lead to CGM devices with improved accuracy in measuring blood glucose levels. Higher accuracy ensures more reliable data, leading to better diabetes management decisions and reduced risk of complications.
Segmentation Analysis of the Continuous Blood Glucose Monitoring Market:
- By Product, the CBM segment had the largest market share. Technological advancements can lead to CGM devices with improved accuracy in measuring blood glucose levels. Higher accuracy ensures more reliable data, leading to better diabetes management decisions and reduced risk of complications.
- By Application, Type 1 Diabetes is likely to dominate in this area. CGM technology plays a crucial role in the management of Type 1 Diabetes by continuously monitoring blood glucose levels and providing real-time data to individuals and their healthcare providers.
Regional Analysis of the Continuous Blood Glucose Monitoring Market:
The CGM device market in North America holds a significant share of over 39 percent of the global market. This dominance is attributed to the region's well-established healthcare industry, which is expected to drive further growth during the forecast period. Factors such as increasing awareness of advanced technologies for diabetes management, a rising prevalence of obesity, and favorable reimbursement policies all play a crucial role in fueling the expansion of this market in North America.
Key Industry Development:
- In September 2022, Cardiff University and GlucoRx announced the release of the world's first non-invasive continuous glucose monitor, ushering in a new era of needle-free monitoring for diabetics.
- In August 2022, Dexcom and NHS England announced the availability of Dexcom ONE rt-CGM systems on prescription through the drug tariffs of Wales, NHS England, Scotland, and Northern Ireland for insulin-using patients with Type 1 or Type 2 diabetes.
