Continuous glucose monitoring (CGM) devices provide real-time monitoring of glucose levels in interstitial fluid through a subcutaneous sensor that measures glucose every few minutes. CGM devices help better manage blood glucose levels through lifestyle and medication to avoid hyperglycemia and hypoglycemia. Growing prevalence of diabetes and advantages of CGM over self-monitoring of blood glucose such as alerts for high/low glucose levels and ability to track changes are driving the adoption of CGM devices.
The Global Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 3.35 Mn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Continuous Glucose Monitoring Devices 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. Advancements such as non-invasive and wearable CGM devices and integration of CGM data with insulin pumps offer significant growth opportunities. Technological advancements include real-time alerts for hypo- and hyperglycemia, miniaturization of sensors, multi-day wear sensors and integration with insulin pumps for automatic insulin delivery.
Market drivers
Growing prevalence of diabetes as a result of obesity, sedentary lifestyle and aging population is a key driver for the continuous glucose monitoring devices market. According to WHO, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Accuracy in measuring interstitial glucose levels in real-time through advancements in sensor technology allows for timely treatment decisions. This helps avoidhyperglycemia and hypoglycemia which drives the uptake of CGM systems. Alerts and alarms possible through mobile apps also assist in remote monitoring of patients.
Continuous Glucose Monitoring Devices Market Demand as per the specified format covering market name, technological advancement, CAGR, forecast period, market size and key players. Drivers of growth and opportunities in the space have been highlighted along with maintaining a consistent tone and avoiding conclusions.
Current challenges in Continuous Glucose Monitoring Devices Market
The continuous glucose monitoring devices market faces various challenges primarily associated with the technologies and capabilities of these devices. One of the key challenges is the limitation of few days of usage from a single sensor. The sensors need to be changed or replaced frequently to continuously monitor glucose levels in patients with diabetes. This increases the cost of treatment and maintenance. Another challenge is the inconvenience caused by the need for frequent calibration of the continuous glucose monitoring device readings with blood glucose meter readings. This disrupts the seamless monitoring experience for patients. Issues around accuracy and reliability of readings from the devices also remain a concern. Technological advancements are needed to address these current challenges in the continuous glucose monitoring devices market.
SWOT Analysis
Strength: Continuous monitoring capability provides convenience and improved diabetes management. Real-time alert helps avoid emergencies.
Weakness: Limited life of sensors increases maintenance cost. Accuracy and reliability issues exist.
Opportunity: Growing diabetic population worldwide. Scope for portable, cost-effective devices.
Threats: Alternative non-invasive technologies. Regulatory approvals and reimbursement policies.
Geographical regions:
North America accounts for the largest share of the continuous glucose monitoring devices market mainly due to the growing diabetic population and favorable reimbursement policies in the US.
Fastest growing region:
Asia Pacific region is expected to grow at the highest CAGR during the forecast period owing to increasing awareness, improving healthcare infrastructure and rising disposable income in emerging countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
