Continuous Glucose Monitoring (CGM) enables tracking of glucose levels of humans throughout the day and immediately alerts in case of major high or low levels. CGM is one of the newest advanced technologies that carry out glucose measurements at regular intervals and translating them into data that present glucose direction along with a change in rate. This device uses a transcutaneous or subcutaneous route for inserting a biosensor that measures the glucose levels. CGM system plays a key role in diabetes management as it offers crucial advantages compared to other glucose monitoring devices.
The readings generated by CGM devices are processed into diabetes management software with the help of a wireless network that enables patients to know the disease better. The development of technically sophisticated CGM systems is the major focus point among glucose monitoring device manufacturers. It offers a range of applications for healthcare settings such as hospital ICUs, diagnostic centers, clinics, and home healthcare. Therefore, the global continuous glucose monitoring device market presents lucrative opportunities for both manufacturers of insulin pumps and producers of CGM.
Reasons behind Rising Adoption of Continuous Glucose Monitoring Device
The increasing prevalence of diabetes and the rising need for instant testing of glucose levels is primarily driving the growth of the continuous glucose monitoring device market. Growing awareness for the adoption of a user-friendly CGM system in developing countries would create lucrative opportunities for the market participants working at domestic as well as global levels. In addition to this, advanced technology enabling fast access for detecting blood glucose levels will further drive demand for the market. Moreover, there is a huge rise in the research and development activities coupled with major investments supporting market growth.
However, stringent regulatory policies in some countries and expensive systems may restrain the market to some extent. Though, COVID-19 has made a significant impact on the market with a sudden rise in the adoption of continuous glucose monitoring devices. FDA approval and increasing government efforts will further propel the growth of the market. For instance, the approval of (Clinical Laboratory Improvement Amendments (CLIA) is anticipated to drive demand for CGM in the coming future.
Continuous Glucose Monitoring Device Market Key Dynamics
- End-users of continuous glucose monitoring devices are hospitals and homecare diagnostics. Out of this, the homecare diagnostics segment holds the major shares in the global continuous glucose monitoring device market owing to innovations of products reducing the need for intervention of hospital staff for operating such devices.
- Based on components, the transmitter & receiver emerging as the leading segment. Whereas, the sensor component will take the lead in the market on account of popular user-friendly technology and the rising adoption of CGM devices for rapid testing of blood glucose levels.
- North American region is continuously holding its top position in the CGM market followed by the Asia Pacific and Europe. This dominance is attributed to the growing rate of obesity, techno-savvy population, sedentary lifestyle, and rising prevalence of diabetes.
- Leading market participants are continuously working on the technological advancements along with the development of the latest systems to enhance ease of functioning for patients.
Deep-dive Insights on Continuous Glucose Monitoring Device Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/continuous-glucose-monitoring-market