The Continuous Glucose Monitoring (CGM) Devices Market is estimated to be valued at US$ 5.89 Bn in 2022 and is expected to exhibit a CAGR of 9.9% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Continuous Glucose Monitoring (CGM) devices are used by diabetic patients to monitor their blood glucose levels continuously throughout the day. These devices provide real-time data and help in managing diabetes more effectively. The market for continuous glucose monitoring devices is witnessing significant growth due to the increasing prevalence of diabetes globally. Moreover, the advancements in technology have led to the development of more advanced and user-friendly CGM devices, which is further fueling the market growth.
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The continuous glucose monitoring devices market is primarily driven by the rising prevalence of diabetes worldwide. According to the International Diabetes Federation, the number of people with diabetes is projected to reach 700 million by 2045. This increasing diabetic population is expected to drive the demand for CGM devices as these devices offer better monitoring and management of blood glucose levels.
Furthermore, technological advancements have resulted in the development of wearable and non-invasive CGM devices, which are more convenient and less invasive for patients. These advancements are expected to boost the adoption of CGM devices among diabetic patients, thereby driving market growth.
- Rising Prevalence of Diabetes:
The continuous glucose monitoring (CGM) devices market is being driven by the increasing prevalence of diabetes globally. According to the World Health Organization, the number of people with diabetes has nearly quadrupled since 1980, reaching 422 million in 2014. Diabetes is a chronic disease that requires frequent monitoring of blood glucose levels, and CGM devices provide a convenient and accurate method for continuous glucose monitoring. This increasing prevalence of diabetes is expected to drive the demand for CGM devices in the market.
In addition, the growing awareness about the benefits of early diabetes detection and management is leading to an increase in the adoption of CGM devices. Continuous glucose monitoring helps in maintaining optimal glucose levels, reducing the risk of long-term complications, and improving the overall quality of life for people with diabetes. Therefore, the rising prevalence of diabetes and the increasing awareness about its management are driving the growth of the CGM devices market.
- Technological Advancements in CGM Devices:
Technological advancements in continuous glucose monitoring devices are another major driver for the market. CGM devices have evolved significantly in terms of accuracy, ease of use, and connectivity with other devices. Modern CGM devices provide real-time data on glucose levels, trends, and patterns, allowing users to make timely decisions regarding their diabetes management.
Furthermore, the integration of CGM devices with smartphones, wearable devices, and other health monitoring systems has enhanced their usability and convenience. These devices can now transmit glucose data wirelessly to healthcare professionals or caregivers, enabling remote monitoring and timely intervention. The availability of smartphone applications and cloud-based platforms for data visualization and analysis has also contributed to the increased adoption of CGM devices.
- High Cost of CGM Devices:
One of the major restraints for the continuous glucose monitoring devices market is the high cost associated with these devices. CGM devices are typically more expensive compared to traditional glucose monitoring methods, such as blood glucose meters and test strips. The cost of CGM devices includes not only the initial purchase price but also regular expenses for sensors and accessories.
Due to their high cost, CGM devices may not be affordable for all individuals, especially in developing countries with limited healthcare resources and lower per capita income. The high cost of CGM devices also poses a challenge for reimbursement by healthcare insurance providers, further limiting their accessibility for patients. Therefore, the high cost of CGM devices remains a significant restraint for the market.
- Lack of Awareness and Training:
Another market restraint for the continuous glucose monitoring devices is the lack of awareness and training among healthcare professionals and patients. CGM devices require proper understanding and training for accurate and effective use. The interpretation of glucose data and making appropriate adjustments in insulin dosing or lifestyle modifications based on the CGM data requires knowledge and expertise.
However, many healthcare professionals, especially in resource-constrained settings, may not be well-informed about the benefits and use of CGM devices. Similarly, patients may lack awareness and understanding of CGM technology. This lack of awareness and training may result in underutilization or misinterpretation of CGM data, limiting the effective management of diabetes. Therefore, addressing the lack of awareness and providing adequate training to healthcare professionals and patients is crucial for the widespread adoption and success of CGM devices in the market.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Continuous Glucose Monitoring (CGM) Devices Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Continuous Glucose Monitoring (CGM) Devices Industry Impact
Chapter 2 Global Continuous Glucose Monitoring (CGM) Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Continuous Glucose Monitoring (CGM) Devices (Volume and Value) by Type
2.3 Global Continuous Glucose Monitoring (CGM) Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Continuous Glucose Monitoring (CGM) Devices Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 6 East Asia Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 7 Europe Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 8 South Asia Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 9 Southeast Asia Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 10 Middle East Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 11 Africa Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 12 Oceania Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 13 South America Continuous Glucose Monitoring (CGM) Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Continuous Glucose Monitoring (CGM) Devices Business
Chapter 15 Global Continuous Glucose Monitoring (CGM) Devices Market Forecast (2023-2030)
Chapter 16 Conclusions
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