An excellent method for estimating blood glucose levels during the day and at night is continuous glucose monitoring. It consists of three parts: an implanted sensor, a sticky patch, and a small sensor. The glucose stage in the fluid between cells, which closely matches the blood’s glucose stage, is detected by these sensors. Similar to this, the CGM machine consists of three parts: a software program, a transmitter, and a sensor. The information is wirelessly transmitted to the smartphone by the transmitter. Additionally, the CGM shows a picture of the glucose level and gives alarms. Crucially, CGM aids in maintaining optimal glucose levels, which is essential for preventing complications from diabetes.
According to SPER Market Research, ‘Global Continuous Glucose Monitoring Market Size- By Component, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Continuous Glucose Monitoring Market is estimated to reach USD 34.93 billion by 2033 with a CAGR of 13.14%.
Drivers: Because type 1 and type 2 diabetes are becoming more commonplace globally, the global market is expected to expand throughout the projected period. Additionally, it has been demonstrated that continuous glucose monitoring significantly improves diabetes therapy, especially for type I diabetics, and helps avoid long-term consequences from the disease. A rise in the number of diabetic patients, technological developments, and increased awareness in both developed and developing nations are the main drivers anticipated to propel global market growth during the forecast period.
Restraints: The worldwide market for continuous glucose monitoring devices is hampered by the high cost of these devices. Despite their many benefits in terms of continuous glucose monitoring, some people may be deterred from using them by their expensive cost, particularly in areas with limited healthcare resources or for those without sufficient insurance. The expense barrier might keep these gadgets from being widely available and used, which would hinder market penetration and future expansion in particular regions and among particular populations.
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Impact of COVID-19 on Global Continuous Glucose Monitoring Market
The continuous glucose monitoring industry was significantly impacted by the COVID-19 pandemic. The market first suffered as a result of the lockdown’s commencement and the stringent regulations put in place by the authorities. Continuous glucose monitoring (CGM) became more and more common during the pandemic as a means of treating and managing diabetes. Furthermore, after the lockout, product costs substantially decreased due to great demand, increasing sales and making continuous glucose monitoring devices more affordable to the general public. Additionally, the demand for diabetes care products like continuous glucose monitors and self-monitoring blood glucose meters surged during the pandemic since diabetics are more susceptible to COVID-19.
Global Continuous Glucose Monitoring Market Key Players:
For continuous glucose monitoring, North America is projected to have the largest market share in 2024. A number of factors contribute to North America’s significant market share, including easy access to state-of-the-art technologies, the presence of renowned manufacturers in the region, significant R&D investments, a robust system of reimbursement for continuous glucose monitoring devices, and government initiatives to raise awareness of diabetes. Abbott, Dexcom Inc., A. Menarini Diagnostics S.r.l., Ypsomed AG, F. Hoffmann-La Roche Ltd., Medtronic, and others are major competitors in the market.
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Continuous Glucose Monitoring Market Size
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