Continuous-Blood Glucose Monitoring Market
Number of pages: 100 | Report Format: PDF | Published date: November 15, 2022
Historical Years – 2023 | Base Year – 2023 | Forecasted Years – 2024-2032
|
Report Attribute |
Details |
|
Market size value in 2023 |
US$ 4.8 billion |
|
Revenue forecast in 2032 |
US$ 11.58 billion |
|
Growth Rate |
CAGR of 9.9% from 2023 to 2032 |
|
Base year for estimation |
2023 |
|
Forecast period |
2023-2032 |
|
Segments covered |
by component type, by end user, and by region. |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global continuous-blood glucose monitoring devices market was valued at US$ 4.8 billion in 2023 and is expected to register a revenue CAGR of 9.9 % to reach US$ 11.58 billion by 2032.
Continuous-Blood Glucose Monitoring Devices Market Fundamentals
Continuous Glucose Monitoring (CGM) devices are advanced medical devices designed to continuously monitor and provide real-time data on glucose levels in individuals with diabetes. These devices offer a more comprehensive and dynamic approach to glucose monitoring than traditional methods like intermittent fingerstick blood glucose testing. CGM devices store and analyze glucose data over time. Users can review trends, patterns, and historical data to make informed decisions about their diabetes management.
The components of CGM include a sensor, transmitter, and receiver. A small, flexible sensor is inserted beneath the skin, usually in the subcutaneous tissue. The sensor measures glucose levels in the interstitial fluid, providing a continuous data stream. The sensor is connected to a small transmitter that wirelessly communicates with the sensor. The transmitter sends real-time glucose data to a receiver or a paired device, such as a smartphone or insulin pump. The receiver or Display Device: The receiver receives and displays the continuous glucose data in real time. This can be a dedicated receiver, a smartphone app, or an integrated display on an insulin pump.
[6758976]
Continuous-Blood Glucose Monitoring Devices Market Dynamics
The global increase in diabetes prevalence, type 1 and type 2, is a major driver for the CGM market. As the number of individuals with diabetes rises, there is a growing need for effective tools for glucose monitoring and management. For instance, according to the WHO’s factsheet of April 2023, the number of persons with diabetes increased from 108 million in 1980 to 422 million in 2014. Increasing awareness about the importance of tight glucose control for better diabetes management has led to a higher demand for continuous monitoring solutions. CGM systems offer real-time insights, helping individuals make informed decisions about lifestyle and medication adjustments. Moreover, advancements in CGM technology, including improved sensor accuracy, smaller and more comfortable sensor designs, longer sensor wear duration, and wireless connectivity, contribute to increased adoption. These innovations enhance the user experience and make CGM more accessible. Increased healthcare spending and investment in diabetes care contribute to the growth of the CGM market. Governments, healthcare providers, and insurers recognize the long-term benefits of continuous monitoring in reducing diabetes-related complications.
However, CGM devices can be expensive, and not all individuals may have access to comprehensive insurance coverage for these devices. The cost of CGM systems, including sensors and transmitters, can be a significant barrier for some patients, limiting their ability to afford continuous monitoring. Affordability and accessibility of CGM devices, particularly in certain regions or for individuals with lower socioeconomic status, can be a constraint. Expanding access to CGM technology to a broader demographic is essential for its effective use in homecare settings. Additionally, insurance coverage and reimbursement issues, cost consideration, and device affordability and accessibility are some restraints impeding the overall market growth.
Continuous-Blood Glucose Monitoring Devices Market Ecosystem
The global continuous-blood glucose monitoring devices market is analyzed from the following perspectives: Component, End User, and Region.
Continuous-Blood Glucose Monitoring Market by Component Type
[3454342]
Based on the component, the global continuous-blood glucose monitoring devices market is segmented into sensors, integrated insulin pumps, and transmitters & receivers.
The sensors segment dominated the market with the principal revenue share in 2023. The devices use sensors to measure a patient’s blood glucose levels. A continuous glucose monitor (CGM) device uses a filament coated in glucose-detecting enzymes to find glucose in the interstitial fluid (the fluid between the cells). The three basic parts of a glucose biosensor are typically biological recognition elements, a transducer that turns this recognition into a signal, and a processing system that turns the signal into readable form. The transmitter is a small, lightweight device attached to the sensor in a snug fit. Depending on whether the sensor is linked with a pump, the transmitter wirelessly transfers glucose data from the sensor to an insulin pump to the monitor. The user carries the receiver, a small, discrete device that displays data transmitted from the transmitter. This gadget displays the real-time glucose level. Additionally, the device notifies us of any sudden situation. A lot of CGMs can communicate glucose data straight to an insulin pump.
Continuous-Blood Glucose Monitoring Devices Market by End User
Based on the end user, the global continuous-blood glucose monitoring devices market is segmented into diagnostic centers, hospitals, and home care services.
The homecare segment is a key player in the continuous-blood glucose monitoring devices market, with the largest revenue share in 2022. Home glucose monitoring can give patients and physicians important information for managing diabetes mellitus and hypertension. Home monitoring enables patients to actively participate in their care and enhance clinical outcomes and treatment adherence. To manage diabetes mellitus and hypertension effectively, patients and doctors can benefit from homecare blood glucose and blood pressure monitoring in the comfort of their homes. The use of CGM devices in a home setting offers convenience and comfort to individuals with diabetes. Patients can perform routine activities without frequent fingerstick blood glucose tests, as CGM provides continuous data without active user involvement.
Continuous-Blood Glucose Monitoring Devices Market by Region
Geographically, the global continuous-blood glucose monitoring devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global continuous-blood glucose monitoring devices market with the largest revenue share in 2022, attributed to the growing need for surgical automation, technologically improved healthcare IT, and the presence of leading market players along with reimbursement programs such as Dexcom patient assistance program, Abbott Diabetes Care Patient Assistance Program, Medtronic diabetes patient relief programs. Additionally, the market is growing due to high incidences of diabetes in the region. The European market for the global continuous-blood glucose monitoring devices market is characterized by a high geriatric population base suffering from diabetes. The United States has one of the highest diabetes prevalence rates globally. The increasing incidence of diabetes, including both type 1 and type 2, is a key driver for the adoption of continuous glucose monitoring solutions. For instance, according to the Centers for Disease Control and Prevention article of November 2023, 38.4 million individuals suffer from diabetes in the U.S.
The well-established healthcare infrastructure in North America supports adopting advanced medical technologies. Access to specialized diabetes care, healthcare professionals, and educational resources contributes to the widespread use of CGM. North America is a hub for medical technology and innovation. Continuous advancements in CGM technology, including improved sensor accuracy, longer wear duration, and enhanced connectivity features, contribute to the market's growth. North America is a hub for medical technology and innovation. Continuous advancements in CGM technology, including improved sensor accuracy, longer wear duration, and enhanced connectivity features, contribute to the market's growth.
Asia Pacific will likely grow at a high CAGR over the forecast period because of the region's high patient population, rising demand for monitoring systems, and emerging nations that have improved their healthcare standards.
Continuous-Blood Glucose Monitoring Devices Market Competitive Landscape
The prominent players operating in the global continuous-blood glucose monitoring devices market are:
Continuous-Blood Glucose Monitoring Devices Market Strategic Developments
Continuous Glucose Monitoring (CGM) devices are advanced medical devices designed to continuously monitor and provide real-time data on glucose levels in individuals with diabetes.
The global continuous-blood glucose monitoring devices market was valued at US$ 4.8 billion in 2023.
The estimated market size of the global continuous-blood glucose monitoring devices market in 2032 is US$ 11.58 billion.
The revenue CAGR of the continuous-blood glucose monitoring devices market during the forecast period will be 9.9 % from 2024 to 2032.
Some key companies operating in the global continuous-blood glucose monitoring devices market are Abbott Laboratories, Medtronic Plc, DexCom, Inc., Echo Therapeutics, Inc., and GlySens Incorporated.
*Insights on financial performance are subject to the availability of information in the public domain
List of Tables
List of Figures