The global continuous glucose monitoring device market size was valued at USD 4,351.6 million in 2020 and is anticipated to grow at a CAGR of 20.0% during the forecast period. Novel product development and incorporation of advanced features in the product have greatly benefitted the market demand for continuous monitoring devices in the past.
Features such as alarm sound whenever blood sugar levels deviate from prescribed levels, features to add additional details such as mealtime, medicines, physical activities among others, ability to connect to computers to generate trends, ability to set diabetes plans directly, have resulted in wide adoption of the product.
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The continuous monitoring device is used to automatically track the glucose levels in the blood, commonly known as blood sugar, round the clock. The device facilitates quick updates on the blood glucose level in real-time. IT also facilitates tracking sugar levels and establish trends in lieu of various factors such as diet plans, exercise, fasting, time, etc.
CGM products have inherent advantages over standard blood sugar meters. These advantages include better management and tracking of blood sugar levels due to continuous operation, elimination of the need to use finger sticks on a large scale, efficiently manage blood glucose emergencies, among others.
All these advantages have resulted in the wide adoption of continuous monitoring devices by patients having treatment of intensive insulin therapy, and or suffering from hypoglycemia unawareness or are suffering from high/low blood sugar levels, among others. The rising number of these cases across the globe is expected to benefit the monitoring device industry growth over the forecast period.
Introduction of favorable regulatory initiatives aimed at promoting continuous glucose monitoring devices over other forms is expected to contribute substantially towards market growth for the continuous glucose monitoring devices.
For instance, in the U.S., the approval of CLIA (clinical laboratory improvement amendments) is expected to benefit continuous monitoring device demand over the next six years. These are the assays approved for use by healthcare providers in non-traditional setups including emergency rooms, physician offices, pharmacy clinics, health department clinics, among others.
The growing instance of diabetes is expected to drive the continuous monitoring device industry over the forecast period. Diabetes is considered one of the most life-threatening diseases and is the leading cause of death in various parts of the world.
The market is primarily segmented on the basis of component type, end-use, and region.
By Component Type
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In 2020, sensors emerged as the continuous glucose monitoring system market segment having the largest growth. The transmitter is a small portable piece which can be fitted on the sensor. This device is capable of sending glucose data wirelessly from the attached sensor to the monitor. This can also be sent to the insulin pump if the sensor has been integrated to the pump.
It is equivalent to a small cell phone which can be carried in the pocket. This receiver needs to be carried by the user as this continuous glucose monitoring device has a display on it which gives the user the information sent by the transmitter.
The receiver is capable of displaying the glucose level and also the trend of the glucose. The continuous glucose monitoring device is also capable of displaying the extreme highs and lows and alerts to the user. Many of the devices are also capable of sending information to the insulin pump which then pumps insulin to the user’s body.
Most of the continuous glucose monitoring devices are applied to the abdomen while few are also approved to be used on the alternate body parts and generate reading pertaining to the glucose. This data is then sent to the receiver which displays the reading. The product has an adhesive which to hold the product in place.
The sensor is capable to last for almost a week before any replacement is required. Increasing usage of the wearable devices and wearable sensors will drive the continuous glucose monitoring device demand in the market over the near future.
The sensor uses similar enzymes which are used by the conventional test strips and detect the blood sugar levels in the user’s body. After a week this needs to be replaced. Increasing advancement in the product will drive the market for continuous glucose monitoring system.
Homecare diagnostics emerged as the largest continuous glucose monitoring device market segment in 2020 and the market segment is also expected to continue its dominance till the end of forecast period. Proliferating number of visits or the frequency pertaining to the diabetes will be the key reason for increasing adoption of the continuous glucose monitoring device in the hospitals.
Recently due to novel corona virus outbreak the FDA has approved the usage of the CGM devices in the hospitals. The usage will further reduce the unnecessary contact with other people. In April 2020, Abbott announced its plan to donate 25,000 CGM sensors to the hospitals due to COVID-19 outbreak.
The home healthcare diagnostics market segment is expected to witness market growth owing to the cost effectiveness and comfort level it provides to the patients. CGMs also empowers the clinicians to address healthcare challenges and take decisions instantly.
As the emphasis of healthcare is shifting towards early detection and prevention of diseases, the homecare diagnostics market is expected to witness lucrative market growth for these monitoring devices during the forecast period.
North America has a high prevalence of diabetes which is a key factor boosting the overall market demand of CGM systems. According to the research conducted by the U.S. federal government, 10% of the total deaths in the U.S. were due to diabetes. This accounted for the third major cause for the deaths after heart and cancer diseases.
The U.S. and Canada are among the countries with highest medical spending. High medical spending is the key factor for the strong market growth in the region. Further, the presence of the major companies in the region manufacturing these kits and their marketing efforts is making the adaption easy, thereby boosting sales. All these factors ensure strong continuous glucose monitoring system market demand in the region.
Europe market consists of around more than 50 million people suffering from diabetes. Germany, UK, France and other EU countries with large healthcare spending budget are the major markets for the CGM products.
In addition, proliferating cutting edge technology in the region focusing on the individual health systems particularly diabetes is another major factor fueling the product growth. The growing number of people adopting wearable systems will drive the monitoring device market growth in Europe.
Continuous glucose monitoring system market companies are investing continuously in R&D activities in order to make CGMs more efficient and easier to use. Also, efforts are being made to make the systems more accurate for proper diagnosis.
As of now, there exists a trust deficit pertaining to the usage of only CGM results as the basis of treatment decisions, and there is a trend to conduct fingerstick glucose tests to double check the results. In addition, high costs involved pertaining to CGM usage is also a major impediment of the market. However, continuous development of product has bypassed these restraints to an extent.
Continuous Glucose Monitoring Companies such as Senseonics Holdings, Inc., Insulet Corporation, Bayer AG, Ypsomed Holding AG, LifeScan, Novo Nordisk, Medtronic PLC, Dexcom Inc., Abbott Diagnostics Inc., and Roche Diagnostics are some of the key players operating in the continuous glucose monitoring device market.