Continuous glucose monitoring devices are medical devices used to monitor blood glucose levels in patients suffering from diabetes. These devices work by inserting a sensor just below the skin which measures the interstitial fluid glucose levels frequently and transmits the readings to a receiver or smartphone. The devices provide real-time glucose levels without the need for routine finger prick tests, which helps patients better manage their condition through informed treatment decisions. The global continuous glucose monitoring devices market is estimated to be valued at US$ 2.9 Billion in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the continuous glucose monitoring devices market is the growing preference for artificial pancreas systems or closed-loop monitoring systems. These systems continuously monitor glucose levels and deliver insulin accordingly without any manual intervention. They use machine learning algorithms that analyze glucose readings and automatically adjust insulin dosing to maintain optimal levels. This offers significant convenience to patients as well as improved glucose control. Major players are focusing on developing advanced artificial pancreas technology. For instance, Medtronic received FDA approval for its MiniMed 780G artificial pancreas system in 2020. Abbott also launched its FreeStyle Libre 2 CGM integrated with its omnipod Horizon automated insulin delivery system. Such technologically advanced products are expected to gain wide acceptance and drive the market during the forecast period.
Porter’s Analysis
Threat of new entrants: The continuous glucose monitoring devices market requires high R&D investments and regulatory approvals which acts as a barrier for new companies. However, large companies have the resources to enter this market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the industry has a few large multinational players. Buyers can negotiate on price and demand additional services.
Bargaining power of suppliers: A few key component manufacturers supply specialized components and technologies for continuous glucose monitoring devices. This gives them moderate bargaining power.
Threat of new substitutes: Currently, there are no cost-effective substitutes for continuous glucose monitoring devices. Wearable or non-invasive alternatives can pose a threat in future.
Competitive rivalry: The market has few large players with significant resources. Industry players compete based on product features, quality, reliability and price. Product differentiation keeps competitive rivalry high.
Key Takeaways
The Global Continuous Glucose Monitoring Devices Market growth is expected to witness high.
Regional analysis: Europe is the second largest continuous glucose monitoring devices market supported by favorable reimbursement schemes and government initiatives for diabetes management. Asia Pacific is expected to witness the highest growth during the forecast period with rising medical tourism, healthcare spending and growing middle class population particularly in India and China.
Key players: Key players operating in the Continuous Glucose Monitoring Devices Market are 3M , BSN Medical, Sigvaris AG, Cardinal Health,Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. Technological advancements with improved product features, remote monitoring capabilities and increased accuracy are some key strategies adopted by leading players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it