Continuous Glucose Monitoring (CGM) Devices Market 2022 Predicted To Reach US$ 27.7 Billion By Industry Size Till 2028 | At A CAGR of 24.8% | Medtronic, Dexcom, Inc., Abbott Laboratories,

Continuous glucose monitoring systems are real time glucose sensing and monitoring systems that measure and display glucose levels of a patient at regular interval (usually every 5 minutes). The major difference in these systems from conventional blood glucose meters is that these systems measure glucose levels from the patient’s interstitial fluid between the cells of the skin and not the blood stream, thereby avoiding frequent needle pricking to the patient. A typical CGM system comprises a sensor, receiver and a transmitter. The sensor is inserted under the patient’s skin and is attached with an adhesive, the transmitter is attached to the senor which further relays the information to the receiver. The usage of CGM devices is significantly increasing over traditional glucose monitoring devices as these devices are user friendly, provide access to real time values and trend, and provide enhanced accuracy. Increasing incidences of type I diabetes, rising number of obese people and increasing demand for point of care testing are some of the factors that are expected to increase the demand for continuous glucose monitoring systems.

The global continuous glucose monitoring (CGM) devices market was valued at US$ 3,807.3 million in 2018 and is projected to exhibit a CAGR of 24.8% over the forecast period (2019– 2027).

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Global Continuous Glucose Monitoring (CGM) Devices Market: Drivers  

Initiatives to boost adoption of CGM devices is expected to propel growth of the global continuous glucose monitoring (CGM) devices market over the forecast period. For instance, in 2016, the American Diabetes Association recommended diabetes education, training on the device, and support to be provided when a CGM is prescribed, to optimize its benefits.

Recent Developments

Major players operating in the global continuous glucose monitoring (CGM) devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in 2017, Medtronic launched the world’s first Hybrid Closed Loop system- MiniMed 670G for the people suffering from type 1 diabetes.

Global Continuous Glucose Monitoring (CGM) Devices Market: Restraints 

Many health insurance plans and Medicare cover most of the costs for diabetes treatments in the U.S., which is the largest market for glucose monitors. However, reimbursement for CGM systems by the government payer organizations or private insurance payers is limited. In a survey conducted by diabetes experts in 2013 in the U.S. stated that only 6% of the patients suffering from type 1 diabetes use CGM device on a regular basis. High cost of the devices and lack of favorable reimbursement policies collectively are the major factors responsible for limited usage of CGM devices.

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Covid-19 Impact Analysis:

Launch of patient assistance programs during COVID-19 pandemic is expected to offer lucrative growth opportunities for players in the global continuous glucose monitoring (CGM) devices market. For instance, in April 2020, DexCom, Inc. launched a new patient assistance program that offers two 90-day supply shipments of Dexcom continuous glucose monitoring system supplies and reduces customer cost to US$ 45 per 90-day supply shipment, in order to aid current U.S. customers who have lost insurance due to the COVID-19 pandemic.

Global Continuous Glucose Monitoring (CGM) Devices Market: Competitive Landscape  

Major players operating in the global continuous glucose monitoring (CGM) devices market include, Abbott Laboratories, Dexcom, Inc., GE Healthcare, Glycens, Insulet Corporation, Medtronic, plc, Medtrum Technologies, Inc., Microchip Technology Inc., Micron Technology Inc., NXP Semiconductors, Nemaura Medical, Inc., Qualcomm, Senseonics, STMicroelectronics, Tandem Diabetes Care,  Taiwan Semiconductor Manufacturing Company Limited, and Texas Instruments Inc.