The global continuous glucose monitoring device market size is expected to reach USD 20.05 billion by 2028 according to a new study by Polaris Market Research. The report “Continuous Glucose Monitoring Device Market Share, Size, Trends, Industry Analysis Report By End-Use (Homecare Diagnostics, Hospitals); Component Type; By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Continuous glucose monitoring devices have witnessed tremendous growth in the recent past and this trend is expected to continue from 2021 to 2028. Health agencies, as well as governments, have issued health advisories that explicitly mention that people suffering from diabetes are at high risk of coronavirus infection. Experts have also specifically mentioned that continuous monitoring of blood glucose levels to avoid worsening of conditions. CGM is expected to benefit from such trends.
In order to cope with the rising demand for COVID-19 tests, companies such as Abbot have customized their production lines and manufacturing schedules to produce coronavirus test kits. However, such companies have stressed the fact that the production of other products such as continuous glucose monitoring devices will not be hampered.
It is expected that there will be an exponential rise in demand for CGM products in the next few years. As of now, healthcare has become of prime importance and there is the rising importance of preventive healthcare. Ease of usage of CGM products, easy availability coupled with COVID-19 scare is expected to fuel the growth.
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Although the point of care diagnostic procedures such as CGM prove to be very effective in delivering healthcare to all, they are an expensive affair for healthcare facilities dealing with high test volumes. This is expected to impede market’s growth in the cost-sensitive undeveloped economies of the market. However, the introduction of cheap and cost-effective devices for point of care diagnoses is expected to gradually reduce the impact of this restraint over the forecast period.
The regulatory framework is one of the most restraining factors pertaining to the pharmaceutical, biotechnology, and medical technology industry. Absence of clear regulatory framework/guidelines for the diagnostic sector in developing countries such as India and China where the continuous glucose monitoring system industry has great growth potential due to the presence of a large patient base is anticipated to impede growth in the coming years. The presence of such discrete and uncertain scenario about the regulations for CGM devices creates confusion among CGM manufacturers regarding commercialization.
North America accounted for the largest revenue share in 2020 and is expected to dominate the industry by end of the forecast period and is expected to reach $6.31 billion by 2028. The strong presence of industry participants, high awareness regarding device usage and high inclination towards preventive healthcare are some of the factors benefitting the regional growth.
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 market for the continuous glucose monitoring device.
Polaris Market research has segmented the continuous glucose monitoring device market report on the basis of component type, end-use, and region:
Continuous Glucose Monitoring Device component type Outlook (Revenue, USD Million, 2016 – 2028)
- Transmitters & Receivers
- Insulin Pumps
Continuous Glucose Monitoring Device end-use Outlook (Revenue, USD Million, 2016 – 2028)
- Homecare Diagnostics
Continuous Glucose Monitoring Device Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa