Continuous Glucose Monitoring Market Size (2020 to 2025)
As per the report published by Market Data Forecast, the size of the global continuous glucose monitoring market is forecasted to grow at a CAGR of 25.6% between 2020 to 2025. This market was worth USD 3842 million in 2019
Key Market Drivers:
The rise in the number of people suffering from various chronic illnesses like diabetes, cancer, and others is certainly a major for the market to grow tremendously. Increasing prevalence for the new products in healthcare is accelerating the growth rate of the market. Also, the introduction of highly accurate devices with the latest technologies is also trending in the market. Creating awareness over diabetes care among people so as to avoid complications is greatly prompting the growth rate of the continuous glucose monitoring market. These devices allow patients to understand the disease and helps them to manage diabetes in a more effective way. Prevalence for the early detection of diseases is likely to propel the demand of the market. Also, a rise in the number of people consuming alcohol and smoking, increasing obesity people due to lack of physical activity are mainly ascribed to fuel the growth rate of the market.
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Significant Challenges:
However, the high cost of the devices is slowly declining the growth rate of the continuous glucose monitoring market. Also, the lack of proper knowledge and inaccuracy in monitoring the glucose levels at some point are hampering the growth rate of the market.
COVID 19 impact on the continuous glucose monitoring market:
The people with diabetes are facing severe illness due to COVID 19. In a few people, it is leading to death. Elderly people with diabetes and other chronic illness are more likely to get affected severely by a coronavirus. When the diabetic patient got affected by the COVID 19, there will be fluctuations in the glucose levels. It is very important for these patients to have continuous monitoring of glucose levels. For this reason, continuous glucose monitoring devices are used widely to promote accurate treatment procedures. Also, these devices help doctors or healthcare experts to reduce exposure in hospitals. The demand for this market is continuing in the foreseen years as well.
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This research report on the global continuous glucose monitoring market has been segmented and sub-segmented based on the component type, end-user, and region.
By Component Type:
- Transmitters & Receivers
- Sensors
- Insulin Pumps
The sensors segment is likely to account for the most substantial share market value based on the component type. These sensors use glucose oxidase to examine blood sugar levels. It is due to the conversion of glucose into hydrogen peroxide by glucose oxidase. Increasing geriatric population to fuel the demand for this segment.
By End User:
- Hospitals
- Homecare Diagnostics
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Among all, North America is presenting significant shares of the market owing to a rise in the incidences of obesity problems and other chronic diseases like diabetes. According to the survey by the Centre for disease control and prevention (CDC) in 2017, diabetes held the seventh position in causing death, particularly in the US. This is boosting up the growth rate of the market to the extent. These devices also help patients to make necessary lifestyle changes in order to lead a healthy lifestyle as it shows a complete record of glucose levels. Europe is next to North America in ruling the largest shares of the market. The rise in the awareness to use CGM devices to control diabetes in the young population is prompting the growth rate of the market in Europe. Also, increasing positive cases of coronavirus are also surging the demand of the market. Also, rising disposable income and escalating expenditure on healthcare are leveraging the growth rate of the market.
Asia Pacific is to witness the highest CAGR in the coming years with the increasing geriatric population. Improvement in the healthcare infrastructure and rise in the demand to promote quality healthcare services are lavishing the growth rate of the market in this region.
NOTABLE COMPANIES IN THIS MARKET:
Some of the companies that are playing a promising role in the global continuous glucose monitoring market analysed in this report are Dexcom Inc., Roche Diagnostics, Medtronic plc., Novo Nordisk, Abbott Laboratories, Animas Corporation, Ypsomed AG., Bayer AG, Insulet Corporation, and Sensonic Corporation.
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