Global Continuous Glucose Monitoring Market - 2022-2029

Market Overview

The Global "Continuous Glucose Monitoring Market" is expected to grow at a high CAGR of 22.0% during the forecast period (2022-2029).

Continuous Glucose Monitoring (CGM) devices are the advancement in diabetes management, where the blood glucose is under continuous monitor. The introduction of CGM devices integrated with insulin pumps using transmitters, receivers, and glucose sensors also increased their adoption due to improved convenience. The process of data collection through CGM has helped people keep track of their daily glucose levels.

Market Dynamics

The global continuous glucose monitoring market growth is driven by the growing awareness about diabetes preventive care, new product launches, and supportive government initiatives. The development of novel and technologically advanced CGM is the prime focus of glucose monitoring device manufacturing companies. It offers a wide range of applications for all age-cohorts, healthcare settings.

Increasing adoption of continuous glucose monitoring (CGM) devices will drive the market growth

The patients reliant on insulin pumps or daily insulin injections, continuous glucose monitoring (CGM) establishes itself to be an instrumental tool, which helps in the enhancement of glycemic balance without increasing the danger of fatal hypoglycemia. As studied in several clinical trials, diabetic patients with Type 1 diabetes mellitus (T1DM) using continuous glucose monitoring have shown to have better glycemic control, in comparison to when glucometer is used for routine self-monitoring blood glucose. The trend follows in children, as well as those who use continuous glucose monitoring (CGM) on a regular basis. The results in these children show better-glycosylated hemoglobin (HbA1c) levels without an amplified frequency of hypoglycemia.

The current continuous glucose monitoring (CGM) models approved administer glucose oxidase-based electrochemical subcutaneous sensors for the detection of glucose levels in the interstitial fluid. Continuous glucose monitoring (CGM) devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays. Most of the real-time continuous glucose monitoring (CGM) devices can offer an alert to patients, parents, or caregivers during actual or pending glycemic visits, to facilitate timely management of blood glucose. However, lack of accuracy of continuous glucose monitoring (CGM) devices, need for frequent calibration, and inconsistency of medicare reimbursement are the major factors restraining the market growth.

Lack of adequate reimbursement for devices will hamper the market growth

However, lack of adequate reimbursement for devices is the key barrier to the adoption of the devices. This lack of coverage is likely due to the devices receiving FDA approval as adjunctive therapy to standard home blood glucose monitors. In case reimbursement is in a place like in the United States, only certain patient groups get the reimbursement that fulfills strict indications. This situation is somewhat surprising in view of the mounting evidence for benefits of CGM usage from clinical trials.

COVID-19 Impact Analysis

Increased demand for continuous glucose monitoring devices amid the COVID-19 pandemic is attributed to the loosened restricted regulations and issued guidelines for the use of home-use glucose meters or CGMs in hospital settings by the federal agencies. According to the research study by Nicole Ehrhardt et al., published in Diabetes Care Journal November 2020, the COVID-19 pandemic has brought a new urgency to the need to assess the feasibility of continuous glucose monitoring (CGM) in the hospital to preserve personal protective equipment (PPE) and limit health care worker's exposure. Moreover, glycemic control of 7.8-10.0 mmol/L (140-180 mg/dL) is a challenge for many hospitals in both the ICU and non-ICU areas for those infected with COVID-19.

According to a research study by Sandip Garg et al., published in Diabetes Technology & Therapeutics Journal March 2021, the COVID-19 pandemic has exposed vulnerabilities and placed tremendous financial pressure on nearly all aspects of the United States health care system. Diabetes care is an example of the confluence of the pandemic and heightened importance of technology in changing care delivery. It has been estimated the added total direct United States medical cost burden due to COVID-19 to range between USD 160B (20% of the population infected) and USD 650B (80% of the population infected) over the course of the pandemic. The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness.

Segment Analysis

The sensor segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated into the transmitter. Sensors are the most important part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period. Globally, diabetes mellitus has been of wide concern with its high global prevalence, resulting in increased financial burdens for clinical systems, individuals, and governments. Continuous glucose monitoring has become a popular alternative to the portable finger-prick glucometers available in the market for the convenience of diabetic patients. According to a research study by Ziyi Yu et al., published in IOP Science Journal March 2021, a large variety of promising glucose-sensing technologies from traditional electrochemical-based glucose sensors to novel optical and other electrical glucose sensors has been developed which shows a positive impact on the market growth.

Geographical Analysis

North America region holds the largest market share of the global continuous glucose monitoring market

North America has the largest market share in the forecast period. Some of the factors that are driving the market growth in the North American region include increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level along with rising adoption of alternate and novel devices and the presence of key market players. In April 2020, Abbott Laboratories and Dexcom, Inc. received United States Food and Drug Administration (FDA) approval to use continuous glucose monitoring in United States hospitals for Coronavirus-affected people. Dexcom began shipping continuous glucose monitoring devices to hospitals in April 2020 and plans to make 100,000 sensors to sell to hospitals at a low cost and planned to donate 10,000 phones and continuous glucose monitoring readers to hospitals for scanning those sensors.

As per Diabetes Canada, in 2020, there were around 11 million Canadians with diabetes or prediabetes. As the trends show a higher number of diabetic patients using insulin pumps for diabetes management, it can be predicted that the number of units of continuous glucose monitoring devices sold will also follow. Thus, owing to the above factors it is expected to drive the market growth over the forecast period.

Competitive Landscape

The continuous glucose monitoring market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Abbott Laboratories, Dexcom, Inc., A. Menarini Diagnostics s.r.l, Echo Therapeutics, Inc., GlySens Incorporated, Johnson and Johnson, Medtronic Plc, Senseonics Holdings, Inc., F. Hoffmann-La Roche Ltd, Medtrum Technologies, Inc. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the continuous glucose monitoring market globally. For instance, in June 2020, Menarini Diagnostics has launched GlucoMen Day CGM, an innovative digital patch, wearable for fourteen days in a row, which monitors blood glucose and shows results directly on the smartphone.

Abbott Laboratories

Overview:

Abbott Laboratories is a U.S. health care company. The Company operates through four segments: established pharmaceutical products, diagnostic products, nutritional products, and medical devices.

Product Portfolio:

FreeStyle Libre 2: FreeStyle Libre 2 is a sensor-based glucose monitoring system that comes with a reader and a sensor. The sensor is applied to the back of the upper arm and can be worn for up to 14 days.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Continuous Glucose Monitoring Market- By Component

Transmitter

Receiver

Sensor

Insulin pumps

Others

Global Continuous Glucose Monitoring Market- By End User

Diagnostics Centers

ICUs

Home Healthcare

Global Continuous Glucose Monitoring Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America