The continuous glucose monitoring systems market was valued at $6,626.6 million in 2021, and is estimated to reach $31,708.2 million by 2031, growing at a CAGR of 17.0% from 2022 to 2031.The continuous glucose monitoring systems (CGMs) market has emerged as a promising diabetes management tool for monitoring all types of diabetic patients. CGMs are mainly used by patients suffering from hypo and hyperglycemic conditions. There are several different types of CGM systems available in the market, each with its own set of features and benefits such as interstitial fluid CGMs, blood glucose CGMs, and hybrid closed loop CGMs. These systems offer various advantages such as improved glucose control, reduced need for fingerstick testing, increased awareness of glucose patterns, and improved quality of life.
The continuous glucose monitoring systems market growth is driven by increase in number of patients suffering from diabetes; rise in technological advancements such as the development of miniaturized and wearable devices that can provide real-time glucose readings; and increase in patient awareness about be benefits of CGMs. The rise in prevalence of diabetes propels high adoption of CGMs for monitoring glucose levels. The sensor is implanted in the layer of skin which measure glucose levels in the interstitial fluid and a receiver displays the readings. For instance, according to International Diabetes Federation (IDF), about 537 million adults are living with diabetes in 2021, across the globe. In addition, as per the same source, over 3 in 4 adults with diabetes live in low and middle-income countries such as India and China. Thus, rise in the prevalence of diabetes has resulted in increased demand for CGMs, which, in turn, contribute to the market growth.
Furthermore, increase in government initiatives and reimbursement policies are the key factors that boost the market growth. For instance, the Australian Government has implemented the continuous glucose monitoring (CGM) Initiative as part of the National Diabetes Services Scheme (NDSS) to provide access to fully subsidized Dexcom CGMs for eligible people with Type 1 diabetes. This initiative is designed to improve the quality of life for people with Type 1 diabetes and reduce the risk of complications associated with the condition. By providing access to fully subsidized CGMs, the government is helping to make these devices more widely available and accessible to people with Type 1 diabetes. Furthermore, rise in funding activities to conduct the clinical evaluations of CGMs, further contribute towards the market growth. For instance, European Commission's Horizon 2020 program provided funding of $2.85 million for the continued development of non-invasive touch glucose monitoring technology, GlucoBeam. Therefore, such initiatives taken by government supports the company to continue the research and testing of novel CGMs, which, in turn, boost the market growth.
However, the high cost of CGM systems, and complexity of devices limit the adoption of CGMs, which, in turn, restrains the market growth.
On the other hand, increased demand of medical devices in the developed countries such as the U.S., Canada, and rest of world and growth potential in emerging markets expected to create immense opportunities for CGMs during the forecast period.
The continuous glucose monitoring systems market is segmented on the basis of component, demography, end user, and region. On the basis of component, the market is classified into sensors and transmitters & receivers. On the basis of demography, the market is segmented into child population (≤14 years) and adult population (>14 years). On the basis of end user, the market is classified into hospitals & clinics, home healthcare, and others. The others include ambulatory settings and diagnostic center.
Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Spain, Italy, Netherlands, Norway, Sweden, Denmark, Finland, and rest of Europe), Asia-Pacific (India, China, Australia, Japan, South Korea, New Zealand, Philippines, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Venezuela, Argentina, and rest of LAMEA).
Major key players that operate in the global continuous glucose monitoring systems market are A. Menarini, Diagnostics S.r.l, Abbott Laboratories, DexCom, Inc., F. Hoffman-La Roche Ltd, GlySens Incorporated, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, Senseonics, and Ypsomed AG.
The continuous glucose monitoring systems market growth is driven by increase in number of patients suffering from diabetes; rise in technological advancements such as the development of miniaturized and wearable devices that can provide real-time glucose readings; and increase in patient awareness about be benefits of CGMs. The rise in prevalence of diabetes propels high adoption of CGMs for monitoring glucose levels. The sensor is implanted in the layer of skin which measure glucose levels in the interstitial fluid and a receiver displays the readings. For instance, according to International Diabetes Federation (IDF), about 537 million adults are living with diabetes in 2021, across the globe. In addition, as per the same source, over 3 in 4 adults with diabetes live in low and middle-income countries such as India and China. Thus, rise in the prevalence of diabetes has resulted in increased demand for CGMs, which, in turn, contribute to the market growth.
Furthermore, increase in government initiatives and reimbursement policies are the key factors that boost the market growth. For instance, the Australian Government has implemented the continuous glucose monitoring (CGM) Initiative as part of the National Diabetes Services Scheme (NDSS) to provide access to fully subsidized Dexcom CGMs for eligible people with Type 1 diabetes. This initiative is designed to improve the quality of life for people with Type 1 diabetes and reduce the risk of complications associated with the condition. By providing access to fully subsidized CGMs, the government is helping to make these devices more widely available and accessible to people with Type 1 diabetes. Furthermore, rise in funding activities to conduct the clinical evaluations of CGMs, further contribute towards the market growth. For instance, European Commission's Horizon 2020 program provided funding of $2.85 million for the continued development of non-invasive touch glucose monitoring technology, GlucoBeam. Therefore, such initiatives taken by government supports the company to continue the research and testing of novel CGMs, which, in turn, boost the market growth.
However, the high cost of CGM systems, and complexity of devices limit the adoption of CGMs, which, in turn, restrains the market growth.
On the other hand, increased demand of medical devices in the developed countries such as the U.S., Canada, and rest of world and growth potential in emerging markets expected to create immense opportunities for CGMs during the forecast period.
The continuous glucose monitoring systems market is segmented on the basis of component, demography, end user, and region. On the basis of component, the market is classified into sensors and transmitters & receivers. On the basis of demography, the market is segmented into child population (≤14 years) and adult population (>14 years). On the basis of end user, the market is classified into hospitals & clinics, home healthcare, and others. The others include ambulatory settings and diagnostic center.
Region wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Spain, Italy, Netherlands, Norway, Sweden, Denmark, Finland, and rest of Europe), Asia-Pacific (India, China, Australia, Japan, South Korea, New Zealand, Philippines, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Venezuela, Argentina, and rest of LAMEA).
Major key players that operate in the global continuous glucose monitoring systems market are A. Menarini, Diagnostics S.r.l, Abbott Laboratories, DexCom, Inc., F. Hoffman-La Roche Ltd, GlySens Incorporated, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, Senseonics, and Ypsomed AG.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the continuous glucose monitoring systems market analysis from 2021 to 2031 to identify the prevailing continuous glucose monitoring systems market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the continuous glucose monitoring systems market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global continuous glucose monitoring systems market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Demography
- Child Population
- Adult Population
By End User
- Home healthcare
- Others
- Hospital and Clinics
By Component
- Transmitters and Receivers
- Sensors
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Spain
- Netherlands
- Norway
- Sweden
- Denmark
- Finland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- New Zealand
- Philippines
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Venezuela
- Argentina
- Rest of LAMEA
Key Market Players
- Medtronic plc
- DexCom, Inc.
- Johnson & Johnson
- F. Hoffman-La Roche Ltd
- GlySens Incorporated
- Novo Nordisk A/S
- Abbott Laboratories
- Senseonics
- A. Menarini Diagnostics S.r.l
- Ypsomed AG
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: CONTINUOUS GLUCOSE MONITORING SYSTEMS MARKET, BY COMPONENT
CHAPTER 5: CONTINUOUS GLUCOSE MONITORING SYSTEMS MARKET, BY DEMOGRAPHY
CHAPTER 6: CONTINUOUS GLUCOSE MONITORING SYSTEMS MARKET, BY END USER
CHAPTER 7: CONTINUOUS GLUCOSE MONITORING SYSTEMS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Continuous Glucose Monitoring Systems Market," the continuous glucose monitoring systems market was valued at $6,626.6 million in 2021, and is estimated to reach $31,708.2 million by 2031, growing at a CAGR of 17.0% from 2022 to 2031. Continuous Glucose Monitoring Systems (CGMs) are medical devices used to monitor a person's blood glucose levels continuously throughout the day. CGMs are small, wearable devices that use a small sensor inserted under the skin to measure glucose levels in the interstitial fluid. The sensor is usually placed in the upper arm or abdomen and is kept in place for up to two weeks. CGMs are designed to help people with diabetes better manage their condition by providing information on their current glucose levels and alerting them when their levels are too high or too low.Key factors driving the growth of the continuous glucose monitoring systems market include increase in the demand for early diagnosis, rise in the prevalence of diabetics, and advancement in R & D activities in medical device industry. Increase in number of geriatric population, who are more vulnerable to diabetics is anticipated to drive the application of continuous glucose monitoring systems and boosts the market growth. For instance, according to International Diabetes Federation (IDF), in 2022, the number of diabetic population is expected to reach 643 million by 2030 and 783 million by 2045. In addition, as per the same source, over 3 in 4 adults with diabetes live in low and middle-income countries and Western Pacific had highest diabetic population of 206 million globally in 2021, making diabetes the most common disease across the globe. Furthermore, it offers real-time monitoring of glucose levels, provides historical glucose data and trends. It is also less painful, and timesaving as compared with conventional glucose monitoring devices. In addition, the data obtained by CGMs and trend analysis are highly accurate and reliable as compared to other SMBG devices. Thus, advanced CGMs are more discreet than conventional glucose monitoring systems, which is beneficial for people who need to monitor their glucose levels throughout the day and night. These benefits have fueled their adoption among end users, i.e., hospitals and home healthcare settings, which in turn boosts market growth.
The market also offers growth opportunities to the key players in the market. Increase in number of key players to manufacture Continuous glucose monitoring systems provide lucrative opportunities for growth and expansion of the market. Some of the major key players offering ccontinous glucose monitoring system are Dexcom G6 (Dexcom), next-generation Eversense E3 CGM System (Senseonics Holdings, Inc)., and Guardian™ Connect continuous glucose monitoring (CGM) system (Medtronic). In addition, increase in the number of products, and rise in number of key players are attributed to drive the growth of market. For instance, in October 2022, Dexcom, a leading medical technology company, announced the availability of Dexcom G7 Continuous Glucose Monitoring (CGM), in 7 countries which also include Australia.
The Continuous glucose monitoring systems Market is segmented into component, demography, end user and region. On the basis of component, the market is categorized into sensors and transmitters & receivers. On the basis of demography, the market is segmented into child population (≤14 years) and adult population (>14 years). On the basis of end user, the market is classified into hospitals & clinics, home healthcare, and others. The others include ambulatory settings and diagnostic center.
Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Spain, Italy, Netherlands, Norway, Sweden, Denmark, Finland, and rest of Europe), Asia-Pacific (India, China, Australia, Japan, South Korea, New Zealand, Philippines, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Venezuela, Argentina, and rest of LAMEA).
The key players profiled in the study include A. Menarini, Diagnostics S.r.l, Abbott Laboratories, DexCom, Inc., F. Hoffman-La Roche Ltd, GlySens Incorporated, Johnson & Johnson, Medtronic plc, Novo Nordisk A/S, Senseonics, and Ypsomed AG. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product approval and agreement to remain competitive and gain advantage over the competitors in the market. In addition, in November 2022, Senseonics Holdings, Inc., one of the leading medical technology companies, announced the collaboration with Nurse Practitioner Group (NPG). The collaboration aims to expand patient access by providing at-home and in-home insertion option Eversense E3 Continuous Glucose Monitoring System (CGM). They also aim to expand the initiative to other key markets across the U.S, in future.
Key Market Insights
- By component, the sensors segment was the highest revenue contributor to the market and is estimated to reach $19,196.6 million by 2031, with a CAGR of 17.2%.
- Based on demography, the adult population segment was the highest revenue contributor to the market with a CAGR of 17.1% during the forecast period.
- Based on end user, the hospital and clinics segment was the highest revenue contributor to the market with a CAGR of 17.4% during the forecast period.
- Based on region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 17.9% during the forecast period
Companies Mentioned
- Medtronic plc
- DexCom, Inc.
- Johnson & Johnson
- F. Hoffman-La Roche Ltd
- GlySens Incorporated
- Novo Nordisk A/S
- Abbott Laboratories
- Senseonics
- A. Menarini Diagnostics S.r.l
- Ypsomed AG
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 284 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 6626.6 million |
| Forecasted Market Value ( USD | $ 31708.2 million |
| Compound Annual Growth Rate | 16.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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