The Global Continuous Glucose Monitoring System Market Size was valued at USD 1.9 Bn in 2020 and is expected to reach USD 8.1 Bn by 2027, with a growing CAGR of 23.2% during the forecast period.
Continuous glucose monitoring system is an FDA approved medical device which is used to track blood sugar levels day and night. It helps to keep continuous check on blood sugar levels. It is fully automated device which display readings within 5-10 minutes. This device helps to analyse data and find ways to manage the sugar condition. This device can be used for both children and adults. Continuous check on glucose level in body helps to monitor daily activities, exercise, and food.
The driving factors for global continuous glucose monitoring system market include rise in number of diabetic patients, increase in geriatric population and rise in stress level. According to the International Diabetes Federation, 2020, more than 470 million adults are living with diabetes, and it is expected that by 2045 it will rise to 700 million. More than 1.1 million children are living with type-1 diabetes in the world. The statistics anticipate increasing the demand for continuous glucose monitoring system in the market.
Moreover, growth in government initiatives for spreading awareness regarding early diabetes check-ups, growing funds & grants for research and development uplift the growth of continuous glucose monitoring system market. In addition to this, adoption of western lifestyle, increase in consumption of alcohol and smoking and rise in obesity cases triggers the growth of continuous glucose monitoring system market. However, lack of reimbursement policies for devices may hamper the growth of continuous glucose monitoring system market.
Global Continuous Glucose Monitoring System Market Segmentation:
By Components
By Demographics
By End User
By Region
Based on components, sensors accounted for the largest market share in 2020 and expected to increase more during forecast period due to increase in its application in diagnostics kits
Based on components, continuous glucose monitoring system market is segmented into sensors, integrated insulin pumps and transmitters & receivers. Sensors held the largest market share in 2020 owing to increase in its use in diagnostics, high throughput sensitivity and rising sales of CGMS. These sensors are wireless and placed under the skin or belly or arm, thus provide patient compliance. These parameters fuel the growth of sensor segment in continuous glucose monitoring system market across the globe.
Based on demographics, adult population (>14 years) is expected to exhibit highest market growth during forecast period due to rise in number of adult diabetes patients
Based on demographics, continuous glucose monitoring system market is segmented into adult population (>14 years) and child population (≤ 14 years). Adult population is projected to show highest market growth during forecast period due to rise in incidence of diabetes among adults. Moreover, CGMS provide ease of use to analyse and control diabetes in the adult population. Parameters such as ready-to-go use of CGMS, effective diabetes data management and ease to carry supports the growth of this segment in continuous glucose monitoring system market.
However, child population accounted the highest market growth in 2020 and expected to increase more during forecast period due to increasing number of child diabetic patients across the globe.
Based on end user, diagnostic cneters and clinics accounted for the highest market share in 2020 due to increase in its use of monitoring diabetic patients sugar level
Based on end user, continuous glucose monitoring system market segmented into diagnostics/clinics, home care and ICU’s. Diagnostics/clinics held largest market share in 2020 due to increase in demand for CGMS in diabetes diagnosis. However, home care anticipates highest market growth owing to increase in self-monitoring or self-examine purpose of devices. Covid-19 pandemic boosted the growth of CGMS as people stayed home and diabetic patients monitor their blood sugar level at home. Home care segment is expected to show majority of growth with increase in demand for CGM devices for monitoring glucose level in continuous glucose monitoring systems.
Based on geographical region, North America dominated the continuous glucose monitoring systems market and expected to maintain same dominance during the forecast period owing to increase in diabetic patients and surge in demand for CGMS in this region
Geographically, North America accounted for largest market share in 2020 due to increase in awareness regarding early-diabetes diagnosis and self-diabetes monitoring system. Moreover, increase in geriatric population, increase in incidence of type-1 diabetes and awareness regarding availability of portable diabetic kits drives the growth of continuous glucose monitoring systems market in this region. Further, strong support from government for research, rise in healthcare infrastructure and proper medical device reimbursement policies fuels the growth of this region in continuous glucose monitoring systems market.
However, Asia-Pacific region is expected to witness the fastest market growth with highest CAGR during the forecast period due to significant increase in diabetic patients and rising urbanization in this region boost the growth of continuous glucose monitoring systems market.
Company Profiles and Competitive Intelligence
The key players operating in the continuous glucose monitoring system market are:
The report also provides an in-depth analysis of continuous glucose monitoring system market dynamics such as drivers, restraints, opportunities, and challenges
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Continuous Glucose Monitoring System Market Analysis
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. Sudden outbreak of covid-19 has highlighted the sudden need for the development of innovative patient care solutions to manage hyperglycaemia in hospitalized patients while preserving all resources. There was sudden influx of diabetic patients in the hospitals, as coronavirus was more prevalent to diabetic population.
Due to government restrictions on movement and social distancing, diabetic population required continuous glucose monitoring which shifted their attention towards continuous glucose monitoring systems. This system could provide self-diagnosis and sugar level monitoring at home. This created huge opportunity for the companies for developing more sensitive devices for monitoring blood sugar level.
The report also provides an in-depth analysis of key trends in CGMS market
The report also provides an in-depth analysis of recent news developments and investments
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