Continuous Glucose Monitoring Systems Market

Market Study on Continuous Glucose Monitoring Systems: Analysing Ample Technological Advancements in Sensor Accuracy, and the Growing Demand for Real-time Glucose Monitoring for Improved Diabetes Management, PMR Foresees a Promising Outlook for the Market

A Detailed Analysis of the Continuous Glucose Monitoring Systems Market Based on an Unprecedented Rate of Diabetes Prevalence Worldwide

Report ID: PMRREP33708

Number of Pages: 217

Format: PPT*, PDF, EXCEL

Industry: Healthcare

Published Date: January-2024

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$4900*

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Continuous Glucose Monitoring Systems Market

The global continuous glucose monitoring systems market is forecast to expand at a CAGR of 9.3% and thereby increase from a value of US$11 Bn in 2023, to US$20.5 Bn by the end of 2030.

Attributes

Key Insights

Continuous Glucose Monitoring Systems Market Size (2023E)

US$11.0 Bn

Projected Market Value (2030F)

US$20.5 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

9.3%

Historical Market Growth Rate (CAGR 2018 to 2022)

8.2%

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Market Introduction and Definition

Constant glucose monitoring (CGM) systems have significantly transformed the field of diabetes management through the provision of up-to-date data regarding blood glucose levels. These systems operate using ubiquitous sensors that continuously monitor glucose levels, thereby obviating the necessity for conventional fingerstick tests. The data transmitted by the sensors to a connected device provides healthcare professionals and consumers with significant insights into the fluctuations of glucose levels over the day.

By enabling proactive diabetes management, this technology improves overall glycemic control and facilitates timely interventions. A combination of the rising global prevalence of diabetes and increased awareness of the benefits of continuous glucose monitoring are driving the expansion of the CGM market. As a result of the more convenient and comprehensive nature of these systems for managing diabetes, it is anticipated that demand for CGM devices will increase significantly over the next few years, propelling market growth.

The strong expansion of the worldwide market for continuous glucose monitoring systems can be attributed to a multitude of factors. To begin with, the worldwide rise in diabetes prevalence acts as a principal catalyst, establishing a significant market foundation for continuous glucose monitoring devices. The increasing prevalence of diabetes can be attributed to the rising adoption of sedentary lifestyles and unhealthy dietary practices, which underscores the need for sophisticated monitoring solutions.

Furthermore, advancements in CGM technology, including enhanced sensor durability, improved precision, and intuitive interfaces, appeal to healthcare practitioners and patients alike. Increasing patient-centricity and personalized medicine are additional factors driving the demand for CGM technologies. Furthermore, the market expansion is substantially bolstered by favorable reimbursement policies and government initiatives that promote the implementation of advanced diabetes management solutions.

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Market Growth Drivers

Unwavering Commitment to Technological Advancement

An essential factor propelling the worldwide market for continuous glucose monitoring systems is an unwavering commitment to technological advancement. Recent years have seen significant developments in connectivity, data analytics, and sensor technology within the CGM landscape, which have profoundly altered the monitoring and management of diabetes. An important innovation that propels this market is the advancement of sensors that are more precise and dependable. Sensors of this nature are indispensable for obtaining accurate glucose readings, thereby augmenting the overall effectiveness of CGM systems.

With the progression of technology, manufacturers have achieved notable advancements in the precision and promptness of continuous glucose monitoring sensors. This has resulted in a decrease in false alarm occurrences and enhanced data dependability for both users and healthcare practitioners. The advancement of the CGM market is further propelled by technological innovation, which includes the integration of sophisticated data analytics.

Contemporary continuous glucose monitoring systems not only acquire glucose data in real time but also utilize advanced analytics to interpret and manifest this data in a meaningful fashion. The utilization of machine learning algorithms and artificial intelligence has been crucial in the examination of patterns, anticipation of trends, and provision of practical insights that enable individuals to regulate their diabetes more effectively. By utilizing data to guide decision-making in diabetes care, this approach not only improves the user experience but also enables more knowledgeable choices.

Market Research Methodology

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Market Restraints

Difficulty in Achieving Affordability and Accessibility

A significant impediment to the worldwide market for continuous glucose monitoring systems is the difficulty of achieving affordability and accessibility. Although technological progress has been made, the prohibitive expense of continuous glucose monitoring devices prevents their widespread implementation, especially in developing nations, as well as underprivileged communities.

For many diabetics, the initial investment in continuous glucose monitoring systems, in addition to the recurring expenditures for sensors and maintenance, may prove to be financially unattainable. The market's ability to penetrate regions with a high prevalence of diabetes is impeded by affordability concerns, thereby restricting access to this valuable technology for individuals who stand to gain the most.

Strict Regulatory Environment

One of the primary factors exerting an influence on the worldwide market for continuous glucose monitoring systems is the regulatory environment, which is characterized by diverse regional approval procedures. To obtain regulatory approval for CGM devices, one must successfully navigate intricate procedures that vary considerably between countries. The wide range of regulatory requirements presents a significant obstacle for manufacturers seeking to launch their products on an international scale. Strict regulatory requirements necessitate substantial clinical evidence to substantiate the safety, effectiveness, and precision of continuous glucose monitoring systems.

Opportunities

Expanding Adoption of Digital Health Ecosystems that Incorporate CGM Technology

An opportunistic factor driving the worldwide market for continuous glucose monitoring systems is the expanding adoption of digital health ecosystems that incorporate CGM technology. The potential for improved diabetes management through the interoperability of continuous glucose monitoring systems and other digital platforms is substantial, given the healthcare industry's current embrace of digital transformation.

By integrating CGM devices with health apps, electronic health records (EHRs), and telehealth services, a comprehensive approach to diabetes management is achieved. Healthcare providers and patients can effortlessly exchange real-time glucose data, which facilitates remote monitoring and prompt interventions. By integrating these systems, the process of communicating between individuals with diabetes and their healthcare teams is not only simplified, but it also enables a more thorough comprehension of the patient's health profile.

Furthermore, the incorporation of continuous glucose monitoring systems with digital health platforms facilitates the creation of individualized and adaptable interventions. Algorithms capable of machine learning can identify patterns and forecasting potential glucose fluctuations by analysing massive datasets.

The ability to forecast future events enables proactive modifications to treatment strategies, thereby enhancing glycemic control and reducing the likelihood of hypoglycemic or hyperglycemic incidents. By providing individuals with diabetes access to real-time data, they are empowered to make well-informed decisions regarding their lifestyle, nutrition, and medication. This promotes a patient-centric and collaborative approach to the management of diabetes.

Analyst’s Viewpoint

The global market for continuous glucose monitoring systems is anticipated to experience substantial expansion due to a convergence of factors that emphasize the growing significance of sophisticated diabetes management solutions. A major factor in the expansion of the market is the increasing prevalence of diabetes across the globe. The increasing prevalence of diabetes-related diagnoses has generated a surge in the need for precise and real-time glucose monitoring, which has accelerated the implementation of CGM systems.

A crucial factor in satisfying this need is the ongoing innovation and improvement of CGM device functionality by manufacturers. The rapid progression of technology, specifically in the domains of sensor precision, device integration, and data analysis, has had a profound impact on the development of CGM systems. Manufacturers are emphasizing extended sensor life and user-friendly interfaces to enhance the user experience. Fostering a positive relationship between manufacturers and end-users, not only increases the desirability of CGM devices but also contributes to sustained sales growth.

Manufacturers and consumers maintain a relationship that transcends product attributes to encompass educational initiatives and support services. Manufacturers are progressively allocating resources towards user education initiatives to furnish healthcare professionals and individuals with diabetes with a thorough comprehension of the advantages and functionalities of continuous glucose monitoring systems. By promoting a collaborative approach, trust and confidence are cultivated in the technology, which in turn has a positive impact on purchasing decisions and sustained product usage.

Continual research and development endeavors will shape the future of the CGM market by augmenting the functionalities of these systems. Promising prospects for future expansion include the incorporation of artificial intelligence applications, integration with digital health ecosystems, and developments in insulin delivery technologies. The convergence of personalized medicine and patient-centric care with the functionalities of continuous glucose monitoring systems establishes them as indispensable elements of comprehensive diabetes management.

Supply-side Dynamics

Within the competitive domain of continuous glucose monitoring systems, prominent entities including Abbott Laboratories, Dexcom, and Medtronic establish themselves as dominant forces. These corporations have successfully expanded their international reach by providing cutting-edge CGM solutions and making substantial contributions to the expansion of the market. On a domestic level, the US holds a dominant position, owing to its substantial diabetic population and well-developed healthcare infrastructure, which contribute to a high rate of adoption of CGM technologies.

European nations, specifically Germany, and the UK, employ CGM systems to a significant degree, due to the rising awareness and advantageous reimbursement policies. With the improvement of healthcare infrastructure and the rising prevalence of diabetes, CGM adoption is exploding in Asia, particularly in China, and India. Prominent entities operating within the CGM systems industry are proactively influencing the terrain using ongoing innovation and strategic alliances. Dexcom, a company renowned for its sophisticated sensor technologies, has drastically improved precision and user experience.

As a market leader in insulin delivery systems, Medtronic has incorporated continuous glucose monitoring capabilities into its devices, thereby facilitating diabetes management for users. FreeStyle Libre, a CGM solution developed by Abbott Laboratories, has significantly transformed the market through its enhanced convenience and reduced invasiveness. These entities are exerting an impact on market dynamics and product features using collaborations with healthcare providers and digital health platforms. The incorporation of telehealth services and electronic health records into CGM systems enhances their contribution to comprehensive diabetes care.

Market Segmentation

What Component Type is at the Forefront?

Sensors Account for the Largest Market Share for their Real-time Data Collection Capabilities

In the continuous glucose monitoring market, the Sensors segment is expected to occupy the largest market share. Real-time glucose data collection and driving the overall monitoring process's precision and dependability are functions that sensors perform at the core of CGM systems. The Sensors segment is expected to maintain its market dominance as the need for accurate and uninterrupted glucose monitoring rises, owing to its critical contribution to the operation of CGM devices.

Conversely, the insulin pump sector is positioned to undergo the most rapid expansion among the CGM markets. The observed expansion can be ascribed to the rising prevalence of integrated diabetes management solutions, which integrate automated insulin delivery with continuous glucose monitoring. The integration of continuous glucose monitoring systems with insulin pumps presents a holistic strategy for managing diabetes, as it furnishes users with up-to-date information that can be utilized to enhance insulin administration and glycemic regulation.

Which is the Dominant End User Category?

Home Care Diagnostics Emerges Prominent in Line with Rising Decentralization of Healthcare Sector

It is anticipated that the highest market share will be held by the home care diagnostics segment in the glucose monitoring systems market. The primary reason for this is the growing inclination towards decentralized healthcare and the preference of diabetic individuals for self-monitoring. Home care diagnostics provides the added benefit of uninterrupted glucose monitoring within the comfort of one's residence, which corresponds to the increasing focus on patient-centered healthcare and the capacity to autonomously handle chronic ailments.

With the most rapid expansion anticipated is the ICU/critical care sector. In intensive care units and critical care settings, the need for real-time, accurate data to manage and stabilize patients' glucose levels is increasing the demand for advanced glucose monitoring systems. The ICU/critical care sector is anticipated to experience substantial growth due to the increasing recognition among healthcare facilities of the critical importance of continuous glucose monitoring in critical medical situations, which optimizes glycemic control and enhances patient outcomes.

Top Regional Markets

North America Surges Ahead with the Most Robust Regulatory Environment, and a Higher Prevalence of Diabetes

North America will hold the largest market share of the worldwide continuous glucose monitoring systems industry. The dominance of this region can be attributed to several factors, including a robust regulatory environment that facilitates the timely approval and adoption of innovative medical technologies, a high prevalence of diabetes, and a well-established healthcare infrastructure. A substantial increase in diabetes cases has been observed in the region, resulting in a heightened need for sophisticated monitoring solutions.

North America's leadership position in the CGM market is reinforced by the substantial investments in research and development and the presence of key market participants. A growing awareness of the benefits of continuous glucose monitoring among healthcare professionals and patients has also contributed to the pervasive adoption of CGM systems in North America, alongside favorable market conditions.

Asia Pacific All Set for the Fastest CAGR Through 2030, Swelling Diabetic Patient Pool Drives Sales

The Asia Pacific region is anticipated to witness the most rapid expansion in the worldwide market for continuous glucose monitoring systems. A swiftly expanding diabetic population, rising healthcare awareness, and the integration of advanced technologies throughout healthcare systems all contribute to this expansion. The escalating incidence of diabetes in nations such as China, and India has generated a significant demand for streamlined and effective diabetes management solutions, thereby establishing a considerable market for continuous glucose monitoring devices.

Moreover, a paradigm shift is occurring in healthcare practices throughout the Asia Pacific region, characterized by an increased focus on preventive care and the incorporation of digital health technologies. Increasing numbers of healthcare organizations and governments in the region are promoting the use of innovative medical devices, such as continuous glucose monitoring systems, and investing in the improvement of healthcare infrastructure.

Competitive Intelligence and Business Strategy

Prominent industry participants in continuous glucose monitoring systems, including Dexcom, Medtronic, and Abbott Laboratories, maintain and increase their market presence through the implementation of diverse and comprehensive strategies. An essential approach entails an unwavering dedication to perpetual innovation. Significant investments are made by these businesses in R&D to improve the functionality and aesthetics of their CGM systems.

Dexcom has emerged as a leader in sensor technology advancements, introducing sensors that consistently exhibit enhanced precision and extended operational durations. CGM capabilities are integrated into insulin delivery systems manufactured by Medtronic, providing consumers with a comprehensive solution for managing diabetes. Abbott Laboratories has established a standard for ease of use and convenience in continuous glucose monitoring technology with its FreeStyle Libre system.

To increase their market share, these competitors broaden the range of products they offer. In addition to continuous glucose monitoring, Medtronic offers a variety of diabetes management solutions, such as insulin pumps. By diversifying their operations, these companies not only address a wider range of patient requirements but also establish themselves as comprehensive providers of diabetes care.

Prominent competitors understand the value of a worldwide presence. Using strategic partnerships, distribution agreements, and regulatory approvals in various regions, they amplify their market presence. As an example, Dexcom has invested in international partnerships to expand its market presence. By establishing a robust international footprint, Medtronic guarantees that its products are readily obtainable by a diverse array of demographics.

Notable Recent Developments

New Government Initiative

The provincial government of Ontario (Canada State) declared a comprehensive reimbursement initiative for continuous glucose monitoring among eligible residents who have type 1 diabetes in March 2022.

Market Impact: The potential impact of the reimbursement initiative for continuous glucose monitoring in Ontario, Canada, on the global CGM market is both favorable and transformative. By providing eligible residents with type 1 diabetes with comprehensive reimbursement, this initiative not only improves accessibility to advanced diabetes management solutions but also establishes a precedent for other regions, potentially influencing the development of comparable policies on a global scale. This advancement signifies an expanding acknowledgment of the significance of continuous glucose monitoring technologies in enhancing patient results and could potentially foster greater worldwide acceptance and market expansion.

(Source: Ontario Newsroom)

New Government Initiative

The US Centers for Medicare & Medicaid Services (CMS) declared an all-encompassing augmentation of Medicare coverage encompassing continuous glucose monitors (CGMs), including adjunctive and non-adjunctive CGMs, in December 2021. Among these are CGMs that are compatible with Medtronic insulin devices. The revised regulation became effective on February 1, 2022.

Market Impact: The global continuous glucose monitor (CGM) market is significantly impacted by the U.S. Centers for Medicare & Medicaid Services (CMS) decision to expand Medicare coverage to encompass a wide variety of CGMs, particularly those that are compatible with Medtronic insulin devices. This advancement not only provides a significant portion of the American population with access to cutting-edge diabetes management technologies, but it also establishes a potential precedent that could impact healthcare policies globally. As of February 1, 2022, the expanded reimbursement coverage for continuous glucose monitors (CGMs) is anticipated to engender market expansion through the promotion of increased adoption rates and the incentivization of innovation within the CGM industry worldwide.

(Source: CGS Medicare)

Continuous Glucose Monitoring Systems Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Component
  • End User
  • Region

Key Companies Profiled

  • Herbalife Nutrition
  • GNC Holdings
  • NOW Health
  • Nutramax Laboratories
  • Nature's Bounty
  • Banyan Botanicals
  • Source Naturals
  • Nutramarks Inc
  • Nature's Way Products
  • Abbott
  • Natural Immunogenics

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Continuous Glucose Monitoring Systems Market Research Segmentation

By Component:

  • Transmitters and Monitors
  • Sensors
  • Insulin Pump

By End User:

  • Home Care Diagnostics
  • Hospitals
  • ICU/Critical Care

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

For report customisation and delivery information contact our sales representative.

Companies Covered in This Report

  • Herbalife Nutrition
  • GNC Holdings
  • NOW Health
  • Nutramax Laboratories
  • Nature's Bounty
  • Banyan Botanicals
  • Source Naturals
  • Nutramarks Inc
  • Nature's Way Products
  • Abbott
  • Natural Immunogenics

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