Increase in the incidence of diabetes cases, high-end technological advancements, and the benefits of CGMS over POC glucometers drive the growth of the global continuous glucose monitoring systems market.
PORTLAND, Ore., March 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Continuous Glucose Monitoring Systems Market By Component (Sensors , Transmitters and Receivers ), By Demography (Child Population, Adult Population), By End User (Hospital and Clinics, Home healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global continuous glucose monitoring systems industry was estimated at $6.62 billion in 2021, and is anticipated to hit $31.70 billion by 2031, registering a CAGR of 17% from 2022 to 2031.
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Drivers, restraints, and opportunities-
Increase in the incidence of diabetes cases, high-end technological advancements, and the benefits of CGMS over POC glucometers drive the growth of the global continuous glucose monitoring systems market. On the other hand, adverse effects of the system and several stringent regulatory issues restrain the growth to some extent. Nevertheless, high adoption rate of CGMS in home healthcare & ICUs and the rise in product awareness are expected to create multiple opportunities for the key players in the industry.
Impact of Covid-19 on Continuous Glucose Monitoring Systems Market-
- Increase in demand from healthcare workers for safer ways to monitor hospitalized diabetes patients with COVID-19 impacted the global continuous glucose monitoring systems market positively.
- FDA had encouraged manufacturers to supply continuous glucose monitoring (CGM) systems for use in the hospital setting during the global health crisis. This way, the frontline healthcare workers in hospitals were able to monitor diabetic patients remotely.
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The adult population segment to dominate by 2031-
By demography, the adult population segment accounted for more than 90% of the global continuous glucose monitoring systems market share in 2021, and is anticipated to rule the roost during the forecast period. The same segment would also portray the fastest CAGR of 17.1% throughout the forecast period. This is due to the rise in the prevalence of diabetics and increase in the geriatric population across the world.
The hospital and clinics segment to maintain the dominant share-
By end-user, the hospital and clinics segment held the major share in 2019, garnering nearly half of the global continuous glucose monitoring systems market. The same segment would also portray the fastest CAGR of 17.4% from 2022 to 2031. This is owing to the rise in the number of continuous glucose monitoring systems in hospitals.
The sensors segment garnered the major share in 2021 –
By component, the sensors segment accounted for nearly three-fifths of the global continuous glucose monitoring systems market share in 2021, and is expected to rule the roost by the end of 2031. The same segment would also cite the fastest CAGR of 17.2% throughout the forecast period. Advancements in technology in the development of continuous glucose monitoring systems fuel the segment's growth.
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North America garnered the major share-
By region, North America garnered the highest share in 2021, contributing to nearly half of the global continuous glucose monitoring systems market revenue. This is attributed to the higher adoption of advanced CGMs, surge in the geriatric population suffering from diabetes, availability of well-developed healthcare infrastructure, and increase in the prevalence of type 2 diabetes across the world. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 17.9% from 2022 to 2031. High prevalence of the diabetic population in India, improvement in healthcare awareness, and rise in R&D activities for developing innovative CGM systems fuel the growth of the market.
Frontrunners in the industry-
- DexCom Inc.
- Johnson & Johnson
- Novo Nordisk A/S
- F. Hoffman-La Roche Ltd
- Abbott Laboratories
- GlySens Incorporated
- Medtronic plc
- Ypsomed AG
- Senseonics
- Menarini Diagnostics S.R.L.
The report analyzes these key players in the global continuous glucose monitoring systems market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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