Global continuous glucose monitoring device market was valued at USD4.7 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 10.1%) between 2021 and 2028. This market is driven by rising diabetes incidence and the growing number of diabetics. The Continuous Glucose Monitor (CGM) market is further supported by increasing awareness about diabetes prevention, new product launches and supportive government initiatives. The COVID-19 pandemic has seen an increase in demand for continuous glucose monitoring devices. Federal agencies have released guidelines and loosening regulations for home-use glucose meters. Dexcom G6 is one of the approved CGMs for hospital use. Abbott FreeStyle Libre is another.
This was done primarily to protect healthcare workers and patients from self-testing. Many resources were also published by the American Diabetic Association on COVID-19, diabetes. These devices may not be adopted if there is delay in diagnosis, as lockdown restrictions and low awareness in several developing countries. Novartis AG's survey found that only 7% of people visit their doctors in an early stage or pre-diabetic condition. This leaves 93% of those with type 2 diabetes. The market's growth is due in part to an increase in diabetes incidence due to obesity, aging, and unhealthy lifestyles.
Pandemic Impact |
Outlook after COVID |
The CGM has seen a sudden increase in demand during COVID-19 due to remote monitoring of COVID-19 patient. |
Research suggests that CGM users spent more time in the range of their CGM during the pandemic. These trends will have an impact on CGM adoption in the coming years. |
During the pandemic, there was a lot of demand for continuous monitoring of COVID-19 patients in both hospital and at home. |
COVID-19 patients with diabetes who have been treated for the disease develop resistance to insulin. Traditional insulin injections no longer work as they are not effective in managing their condition. CGM can replace frequent sugar level checks. |
Diabetes is often caused by obesity. WHO estimates that in 2016, more than 1.9 billion people were overweight. Of these, approximately 650 million were obese. These devices enable the monitoring of blood glucose over various time periods using a sensor. The readings are then transmitted via a wireless network. The patient's data is fed into the diabetes management software, which allows them to better understand their disease and help them manage it.
CGM devices can be divided into three broad categories according to their components: transmitters, receivers and sensors. In 2020, the highest revenue share was held by the sensors segment with 39%. This segment is expected to grow at 10.0% between 2021 and 2028. The most advanced part of CGM devices are sensors. They consist of a thin metallic filament that is inserted in the fat layer below the skin. Sensors use a slightly different technology than receivers and transmitters. These components use glucose oxidase to detect blood sugar levels.
The enzyme glucose oxidase converts glucose into hydrogen peroxidase. This reacts with the platinum in the sensor and produces an electrical signal that can be transmitted to the transmitter. The receiver and a transmitter work together to collect readings from the sensor. The transmitter displays the results on the monitor. The transmitter signals are received by a battery-powered receiver, which displays the results. This receiver can display various graphs and statistics, which can be used to customize medication. It is useful for people with hyperglycemic and hypoglycemic conditions.
Globally, the home care segment accounted for more than 43% of the market's revenue in 2020. This segment will grow at the fastest rate of CAGR over the next few years. The market can be divided into three segments based on its end use: hospitals, home healthcare, and others. From 2021 to 2028, the hospital segment will grow at a second highest CAGR of 9.5%. This growth is due to increased use of CGM devices in hospitals, healthcare settings and for the detection of diabetes mellitus blood sugar levels.
According to the National Center for Biotechnology Information, CGM devices perform significantly better than Self-monitoring blood glucose (SMBG), devices in clinical trials involving gestational diabetic mellitus. The hospital end-use market will also benefit from the adoption of more technologically advanced devices to manage diabetes mellitus.
North America was the largest regional market in 2020, accounting for 39% of all revenue. Due to the existence of a thriving healthcare sector, the regional market will continue to grow at a steady CAGR between 2021 and 2028. Regional market growth is expected to be driven by the increasing prevalence of obesity and the availability of effective reimbursement policies. There are also growing awareness about advanced technologies for diabetes management.
Asia Pacific, on the other hand is expected to be the fastest growing regional market between 2021 and 2028. Asia Pacific is home to a higher proportion of diabetics than other regions. According to the International Diabetes Federation (IDF), India and China have the highest number of diabetics in the world. Type I and II diabetes have been exacerbated by the rise in obesity and socio-economic changes.
A large number of international and regional companies are present in the market. The majority of leading companies are involved with strategic collaborations, product development, mergers and acquisitions and regional expansions in order to increase their revenue share.
Medtronic, for example, announced FDA approval in November 2020 for their smart insulin pen, "InPen", which is indicated for patients with diabetes who require multiple daily injections. Guardian CGM allows for real-time access and analysis of insulin and glucose levels. These are some of the major players in the global market for continuous glucose monitoring devices:
Medtronic
Dexcom, Inc.
F. Hoffmann-La Roche Ltd.
Abbott
Novo Nordisk A/S
Ypsomed
GlySens, Inc.
Up Market Research published a new report titled “Continuous Glucose Monitoring Device Market research report which is segmented by End Use (Homecare, Hospitals), by Component (Sensors, Transmitters), By Players/Companies Inc; Animas Corporation; Novo Nordisk; Ypsomed; and GlySens, Pfizer Inc; Baxter International Inc; Abbott Laboratories; Medtronic”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Continuous Glucose Monitoring Device Market Research Report |
By End Use | Homecare, Hospitals |
By Component | Sensors, Transmitters |
By Companies | Inc; Animas Corporation; Novo Nordisk; Ypsomed; and GlySens, Pfizer Inc; Baxter International Inc; Abbott Laboratories; Medtronic |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 224 |
Number of Tables & Figures | 157 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End Use (Homecare, Hospitals), by Component (Sensors, Transmitters).
Continuous Glucose Monitoring Device Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Continuous Glucose Monitoring Device Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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