Continuous Glucose Monitoring Market Growth Drivers 2024, Demand, Revenue, Key Players, Business Opportunities and Forecast till 2033: SPER Market Research
Continuous glucose monitoring is a great way to estimate blood glucose levels throughout the day and night. It is made up of three components: a tiny sensor, a sticky patch, and an implanted sensor. These sensors detect the glucose stage in the fluid between cells, which roughly corresponds to the glucose stage in the blood. The CGM machine similarly has three components: a sensor, a transmitter, and a software program. The transmitter wirelessly sends the information to the smartphone. The CGM also generates warnings and displays a picture of the glucose level. Importantly, CGM helps to keep glucose levels in a healthy range, which is crucial for avoiding diabetes complications.
According to SPER Market Research, ‘Global Continuous Glucose Monitoring Market Size- By Component, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Continuous Glucose Monitoring Market is estimated to reach USD 34.93 billion by 2033 with a CAGR of 13.14%.
Drivers:
The global market is predicted to grow over the forecast period due to an increase in the incidence and prevalence of type 1 and type 2 diabetes worldwide. Furthermore, constant glucose monitoring has been shown to considerably aid in the treatment of diabetes, particularly in type I diabetics, and to help prevent long-term complications from the condition. Key factors expected to drive worldwide market growth during the forecast period include an increase in the number of diabetic patients, technological advancements, and a rise in awareness in both developed and developing countries.
Restraints:
The high cost of these devices hampers the global market for continuous glucose monitoring devices. Even while they have a lot to offer in terms of continuous glucose monitoring, their high cost may discourage some people from utilising them, especially in places with few healthcare services or those without adequate insurance. The cost barrier may prevent these devices from becoming broadly used and accessible, affecting market penetration and future growth in specific areas and demographics.
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Impact of COVID-19 on Global Continuous Glucose Monitoring Market
The COVID-19 outbreak had a significant impact on the continuous glucose monitoring business. Initially, the market experienced a setback due to the start of lockdown and the strict controls imposed by authorities during the lockdown. Throughout the pandemic, continuous glucose monitoring (CGM) gained popularity for diabetes self-management and treatment. Furthermore, due to high demand, product costs dropped drastically following the lockout, making continuous glucose monitoring devices more accessible to the general public and increasing sales. Furthermore, because diabetics are more sensitive to COVID-19, demand for diabetes care items such as self-monitoring blood glucose meters and continuous glucose monitors soared during the pandemic.
Global Continuous Glucose Monitoring Market Key Players:
North America is anticipated to hold the most market share for continuous glucose monitoring in 2024. North America holds a substantial market share due to several factors, including easy access to cutting edge technologies, the presence of well-known manufacturers in the region, large investments in R&D, a strong system of reimbursement for continuous glucose monitoring devices, and government campaigns to promote diabetes awareness. Major players in the market are Abbott, Dexcom Inc, A. Menarini Diagnostics S.r.l, Ypsomed AG, F. Hoffmann-La Roche Ltd, Medtronic, and Others.
Global Continuous Glucose Monitoring Market Segmentation:
By Component: Based on the Component, Global Continuous Glucose Monitoring Market is segmented as; Sensors, Durables (Receivers and Transmitter).
By End User: Based on the End User, Global Continuous Glucose Monitoring Market is segmented as; Hospital/Clinics, Home/Personal.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Continuous Glucose Monitoring Market Growth
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