Continuous Glucose Monitoring (CGM) Market Size, Share, Growth, And Industry Analysis, By Type (Transmitters & Receivers, Sensors, Insulin Pumps) and By Application (Hospital, Homecare) and Regional Forecast to 2032

Updated On: 02 September 2024

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Continuous Glucose Monitoring (CGM) Market REPORT OVERVIEW

The Global Continuous Glucose Monitoring (CGM) Market Size reached a value of USD 1.35 Billion in 2023. The market is expected to achieve USD 2.55 Billion by 2032, exhibiting a CAGR of 6.49% during the forecast period.

Continuous Glucose Monitoring (CGM) may be an innovation that helps people with diabetes manage their blood sugar levels. Not at all like traditional finger pricking, which gives a single preview in time, CGM offers a more comprehensive picture. Continuous Glucose Monitoring (CGM) holds incredible guarantee for progressing diabetes management on a worldwide scale. With the rising predominance of diabetes worldwide, CGM offers a important device for individuals with this condition. By giving real-time glucose information, CGM can enable people to make informed choices about count calories, exercise, and medicine, in any case of an area or access to advanced healthcare facilities. This will be especially useful in regions with limited resources, where frequent specialist visits or specialist care may not be promptly available. CGM's capacity to track trends and avoid dangerous blood sugar fluctuations can contribute to superior overall health outcomes for individuals with diabetes over the globe. 

COVID-19 Impact on The Market Growth Restrained by Pandemic Due to Hospital Focus Shift

The Global COVID-19 pandemic has been extraordinary and staggering, with the marketplace experiencing lower-than-predicted demand throughout all areas as compared to pre-pandemic levels. The unexpected market increase contemplated by the upward push in CAGR is because of the market`s growth and demand returning to pre-pandemic levels.

Whereas the Continuous Glucose Monitoring (CGM) Market was on an upward slant, the rise of COVID-19 displayed unexpected challenges. Disturbances in worldwide supply chains caused by lockdowns and travel limitations led to temporary shortages of CGM devices and sensors. This could have meant some patients facing delays in getting access to this crucial technology. Moreover, as clinics became overpowered with treating COVID-19 patients, non-essential methods, such as those required for CGM sensor insertion, might have been deprioritized. This may have made a temporary hurdle for new patients looking for to adopt CGM for diabetes management.

LATEST TRENDS

"Integration with technology and telehealth to Drive Market Growth"

The future of CGM lies in its powerful integration with technology and telehealth.  This slant could be a double-edged sword driving market development. Firstly, CGMs are getting smarter, offering real-time information examination and personalized cautions for glucose fluctuations. This enables clients to proactively manage their diabetes based on quick readings, instead of depending solely on finger pricking. Besides, consistent integration with telehealth platforms permits doctors to remotely monitor patients' CGM data. This cultivates improved communication and care coordination, eliminating the need for frequent in-person visits. This tech-driven approach to diabetes management may be a major selling point, attracting modern clients and moving the CGM market forward.

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CONTINUOUS GLUCOSE MONITORING (CGM) MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Transmitters & Receivers, Sensors, Insulin Pumps.

• "Transmitters & Receivers:" These are the communication hubs of a CGM system. Transmitters attached to the sensor send glucose data wirelessly to receivers, which can be dedicated devices or smartphone apps. This segment is expected to see growth due to the increasing popularity of smartphone-based CGM displays.
• "Sensors": These are small, biocompatible gadgets embedded under the skin. They measure glucose levels within the interstitial liquid and transmit the data to the transmitter. Progressions in sensor innovation, such as minimally obtrusive and longer-lasting alternatives, are a key driver in this section.
• "Insulin Pumps:" Whereas not all CGMs are specifically coordinated with insulin pumps, a few advanced systems do. These coordinates CGMs and pumps can automate insulin conveyance based on real-time glucose information, offering a more comprehensive diabetes management solution. This segment's development will depend on the expanding adoption of these closed-loop systems.

 By Application

Based on application the market can be categorized as Hospital, Homecare.

• "Hospital": In hospital settings, Continuous Glucose Checking (CGM) systems are utilized to provide real-time glucose data for critically ill patients, helping in the tight management of blood glucose levels. These frameworks offer assistance to healthcare experts to form more informed choices regarding insulin administration and other medicines, progressing patient results, and decreasing the chance of complications.
• "Homecare": For homecare, CGM frameworks offer people with diabetes the comfort of persistent, real-time glucose observation, permitting them to manage their condition more successfully. This application helps clients track their glucose levels all through the day and night, giving cautions for hypo- and hyperglycemia, and reducing the recurrence of finger-stick blood tests.

DRIVING FACTORS

"Rising Prevalence of Diabetes to Drive Market Growth"

Rising Prevalence of Diabetes is one of the key driving components of the Continuous Glucose Monitoring (CGM) Market Growth. With a developing worldwide population and expanding rates of weight, the number of individuals diagnosed with diabetes is anticipated to surge. This creates a critical demand for compelling diabetes administration tools. CGMs, with their capacity to provide real-time glucose information and improve general diabetes control, ended up a natural arrangement for this growing population. As the number of diabetic patients rises, so as well will the demand for CGMs, fueling market development in the predictable future.

"Technological Advancements to Boost Market Growth"

Technological advancements act as boosters for the CGM market.  Firstly, user-friendliness is taking center stage.  Minimally invasive and painless sensors make CGMs more comfortable to wear, increasing patient adoption.  Secondly, CGMs are becoming smarter. Real-time data investigation with personalized cautions enables clients to proactively oversee their diabetes based on quick readings. But the genuine game-changer is consistent integration with telehealth platforms. Remote observation by specialists and progressed care coordination eliminate the need for visit-in-person visits, offering a more helpful and effective approach to diabetes management. This tech-driven transformation may be a major offering point for CGMs, pulling in new clients and moving the market to modern heights.

RESTRAINING FACTOR

"High-Cost Hinder Market Growth "

Despite the promising headways in CGM innovation, cost remains a critical jump for more extensive market selection. This stems from two primary components. To begin with, the advancement and manufacturing of CGMs, including the sensors and transmitters, includes costly innovation. Second, repayment restrictions by health insurance providers often leave patients with a significant budgetary burden for the devices and sensors themselves. These cost obstructions can avoid a critical portion of the target populace, preventing the CGM market from reaching its full potential.

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CONTINUOUS GLUCOSE MONITORING (CGM) MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America dominates the Market Due to Well-established healthcare infrastructure"

North America is a region that currently reigns excellent in the Continuous Glucose Monitoring (CGM) Market Share by many factors. Firstly, the area boasts a well-established healthcare infrastructure, granting tremendous access to modern scientific technology like CGMs. Secondly, a massive part of the North American population battles diabetes, growing a vast demand for powerful control solutions. Finally, favorable compensation regulations play an essential role. Compared to different regions, coverage insurance for CGMs in North America is frequently more comprehensive, making them more financial potential for patients.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Continuous Glucose Monitoring (CGM) Market Landscape through Innovation and Global Strategy "

Key players in the Continuous Glucose Monitoring (CGM) Market play a key role in determining industry dynamics through innovation, product development, and strategic partnerships. Their reserves in research and development, coupled with effective marketing strategies, drive market growth. These influential players set industry standards, fostering competition and technological advancements.

"List of Market Players Profiled"

• GlucoMenDay (Italy)
• I-SENS, Inc. (South Korea)
• Medtronic (U.S)
• OSANG Healthcare Co., Ltd. (South Korea)
• TaiDoc Technology Corporation (Taiwan)
• Abbott (U.S)
• Sanwa Kagaku Kenkyusho Co., Ltd. (Japan)
• Senseonics (U.S)
• Dexcom (U.S)

INDUSTRIAL DEVELOPMENT

"2021": One of the most significant revolutions in the CGM market is the Growth of Extended Wear Sensors. These innovative sensors boast a remarkable lifespan, lasting up to 14 days before requiring replacement. This advancement offers a clear advantage over previous CGM technology, which often mandated more frequent sensor insertion procedures.  The extended wear feature translates to greater user convenience, reducing the burden of frequent insertions and improving overall comfort. This innovation is a major leap forward in making CGMs a more practical and user-friendly solution for diabetes management.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Continuous Glucose Monitoring (CGM) Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the market's growth by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies, and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.