Continuous Glucose Monitoring Market to Expand at CAGR of 9.5% during Forecast Period, Observes TMR Study

ALBANY, N.Y., Feb. 3, 2022 /PRNewswire/ -- The global continuous glucose monitoring market was valued at US$ 992.8 Mn in 2020. The global market is estimated to expand at a CAGR of 9.5% during the forecast period from 2021 to 2028. The global continuous glucose monitoring market is expected to cross the mark of US$ 2 Bn by 2028. Increase in the incidence and prevalence of diabetes types 1 and 2 throughout the world is likely to drive the global market during the forecast period. Continuous glucose monitoring systems are glucose sensing and monitoring gadgets that test and show a patient's glucose levels at set intervals in real time. Continuous glucose monitoring (CGMs) systems are becoming more popular than conventional glucose monitoring devices, as they are user-friendly, give real-time data and trends, and provide higher efficiency.

CGM devices were developed in response to rising demand for real-time monitoring, and less invasive and effective diabetes control options. The growing knowledge of CGM devices that can identify hyperglycemic and hypoglycemia situations in real time is predicted to stimulate growth of the market in the years to come.

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Key Findings of Market Report

• Diabetes is a chronic metabolic condition that affects a large share of the world's population. As per the International Diabetes Federation (IDF), nearly 537 million persons worldwide is likely to have diabetes in 2021. Furthermore, the number of diabetics is expected to rise to 643 million by 2030 and 783 million by 2045. These factors are expected to boost the global continuous glucose monitoring market during the forecast period.
• Over the next few years, the global continuous glucose monitoring market is likely to be propelled by rising demand for CGM devices and their speedier EMA and FDA clearance. Non-diabetic people can now use CGM devices due to new companies that are leveraging technology. The Libre Sense Glucose Sport biosensor is developed to track athletes' nutrition in real time.
• Due to the existence of prominent firms such as Medtronic, who provide CGM systems in the market for diabetes treatment, the Guardian Real Time CGM System category had a significant market share in 2020. Consumers have embraced the systems, which are regarded as effective sensors for use as diabetic fitness monitors. The Dexcom G4 Platinum CGM System segment is likely to increase at a rapid pace during the forecast period.
• The Asia Pacific market is expected to develop rapidly during the forecast period. The rapid increase in the number of diabetics in the region has heightened the need for appropriate diabetes management methods. This is due to increase in diabetes cases, an unhealthy style of living, technologically sophisticated products, and increasing use of CGM over conventional glucose monitoring systems.

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Continuous Glucose Monitoring Market: Growth Drivers

• Continuous glucose monitoring systems are real-time glucose sensors and monitors that test and show a patient's glucose levels at regular intervals. CGMs are becoming more popular than conventional glucose monitoring devices, since they are user-friendly, give real-time data and trends, and provide greater performance.
• In 2020, North America led the global market followed by Europe. The growth in diabetes prevalence and incidence rates in the U.S., technical improvements, and the existence of important businesses selling continuous glucose monitoring devices are all contributing factors. Rise in the number of type 1 diabetics and the ageing population is projected to increase the demand for glucose monitoring on a regular basis. This, in turn, is expected to boost sales opportunities in the regional market.

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Global Continuous Glucose Monitoring Market: Key Players

Some of the key market players are

• Nova Biomedical Corporation
• Glysens Incorporated
• DiaMonTech AG
• Senseonics Incorporated
• Bayer AG
• Medtronic plc

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Global Continuous Glucose Monitoring Market: Segmentation

Device/Brand

• Guardian Real Time CGM System
• Freestyle Navigator
• Dexcom Seven Plus CGM System
• Dexcom G4 Platinum
• Mini Med Paradigm Revel/Veo Systems
• Others

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