According to Future Market Insights’ recently published Global Continuous Glucose Monitoring Device Market industry analysis report, the global sales of Continuous Glucose Monitoring Device Market in 2023 are expected to be US$ 5.5 Billion. The market is estimated to be worth US$ 16.8 billion by 2033, growing at an 11.9% CAGR from 2023 to 2033.
A rise in the elderly population, as well as a high prevalence of diabetes, are expected to drive market growth. According to the International Diabetes Federation, the global diabetic population is expected to reach 642 million by 2040. As a result, one out of every ten people is expected to have diabetes by 2040, illustrating the severity of the epidemic. Diabetes treatment and management are thus expected to be a high concern for healthcare administrations and stakeholders worldwide.
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Increased diabetes cases are expected to boost market growth and potential for continuous glucose monitoring systems, attracting and compelling various industry participants to develop novel products or product line expansions.
Asia Pacific is predicted to be the most profitable market during the forecast period. The Asia Pacific region has a big population, which is characterised by growing diabetic awareness, greater awareness of the availability of continuous glucose monitoring devices, and rising consumer healthcare spending. Furthermore, higher diagnostic lab penetration in the region is expected to drive demand for continuous glucose monitoring devices throughout the forecast period.
Countries such as China, India, South Korea, and Indonesia are attracting FDIs in the healthcare sector as a result of favourable government policies, which is expected to boost the expansion of the region’s continuous glucose monitoring device market.
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Competitive Landscape
The Continuous Glucose Monitoring Device Market is highly competitive, with a handful of companies holding a significant share. The key players in the market include A. Menarini Diagnostics, Echo Therapeutics, Inc., Abbott Laboratories, Bayer AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, GlySens Incorporated, Insulet Corporation, Johnson & Johnson, LifeScan, Medtronic plc, Medtrum Technologies, Inc., Microchip Technology Inc., Micron Technology Inc., Nemaura Medical, Inc., Novo Nordisk, NXP Semiconductors, Qualcomm, Roche Diagnostics, Senseonics Holdings, Inc., STMicroelectronics, and Tandem Diabetes Care.
Some of the recent developments of key players in the Continuous Glucose Monitoring Device Market are as follows:
- In June 2020, Menarini Diagnostics released GlucoMen Day CGM, a unique digital patch that monitors blood glucose and displays findings immediately on a smartphone. It may be worn for fourteen days continuously.
- In February 2020, for seamless diabetes management, Abbott and Insulet collaborated to integrate next-generation glucose sensors and automated insulin delivery technology. The continuous glucose monitoring (CGM) technology of Abbott will be combined with Insulet’s OMillionipod Horizon Automated Insulin Delivery System to create an accurate, user-friendly, and integrated digital health platform.
- In January 2020, Tandem Diabetes Care announced the launch of the t:slim X2 Insulin Pump with Control-IQ Technology. Dexcom G6 continuous glucose monitoring is built into the system.
More insights available:
North America is the largest market for CGM due to the high prevalence of diabetes in the region. The United States is the largest market in North America due to the high adoption rate of Continuous Glucose Monitoring market, favorable reimbursement policies, and the presence of major players in the region.
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Market Segments Covered in Continuous Glucose Monitoring Device Industry Analysis
By Component:
- Transmitters
- Sensors
- Receivers
By End-Use:
- Hospitals
- Home Care
- Other End-uses
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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