Continuous glucose monitoring devices are medical devices used for continuous monitoring of glucose levels in interstitial fluid by individuals with diabetes. It helps in constant monitoring of glucose levels in body by transmitting real-time glucose level signals to a receiver. The devices are minimally invasive and provide real-time continuous information about glucose levels which can help in better management of diabetes. The advantages of using these devices are continuous tracking of glucose levels, avoiding spikes and dips in glucose levels, alerting about changes and impending highs and lows. With rising prevalence of diabetes worldwide due to obesity, sedentary lifestyle and unhealthy diets, continuous monitoring is becoming important for effective diabetes management.
The Global continuous glucose monitoring devices market is estimated to be valued at US$ 3.35 Bn 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 Market Demand 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. 3M is a frontrunner in developing accurate and easy to use continuous glucose monitoring systems.
The key opportunities in the market include increasing focus on digital health solutions, growing reimbursements for CGM devices and rising awareness about diabetes management through continuous tracking. With technology advancements, continuous monitoring devices are becoming compact, convenient to use and affordable which is also driving their adoption globally.
There is high scope for global expansion of Continuous Glucose Monitoring Devices market. In developed markets like North America and Europe, the adoption rate of these devices is growing steadily driven by growing diabetic population and favourable reimbursement policies. The emerging markets of Asia Pacific and Latin America offer significant growth prospects for CGM devices manufacturers due to increasing healthcare expenditure, large diabetic patient pool and gradual awareness.
Market drivers:
- Growing prevalence of diabetes: With mounting cases of diabetes worldwide due to sedentary lifestyle and obesity, there is increasing need for better management of the disease. Continuous monitoring helps to keep diabetes under control effectively.
- Technological advancements: Development of minimally invasive, compact and affordable continuous glucose monitoring devices is a key driver. Integration of these devices with smartphones enhances convenience.
Market restraints:
- High device costs: Continuous glucose monitoring systems are costly which limits widespread adoption, especially in low and middle income countries.
- Reimbursement barriers: Full or partial reimbursement for CGM devices is still not available in many countries restricting market growth. Only few national insurance plans provide coverage.
Segment Analysis
The continuous glucose monitoring devices market can be segmented into non-invasive devices and minimally invasive devices. Within non-invasive devices, the flash glucose monitoring system segment currently dominates due to its advantages over conventional self-monitoring blood glucose systems. These include painless glucose monitoring and interstitial fluid measurement instead of blood via a subcutaneous sensor.
Global Analysis
The North American region holds the largest share in the continuous glucose monitoring devices market owing to rising prevalence of diabetes, increasing obesity rates and growing geriatric population susceptible to chronic illnesses. United States dominates North America due to higher healthcare expenditures and developed reimbursement structure for diabetes management devices. The Asia Pacific region is projected to exhibit the fastest growth over the forecast period with China and India being the key emerging markets. This can be attributed to improving access to healthcare facilities, rising medical tourism and growing health awareness in developing countries of Asia Pacific.
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