Market Dynamics
Increase in Diabetes Incidence and to Reduce the Complications Associated with the Disease
The spike in the continuous glucose monitoring market is primarily due to the increased diabetes incidence and reduced complications associated with the disease. According to WHO results, about half of all mortality can be related to high blood glucose levels before age 70. Already, by 2030, the WHO expects diabetes to be the seventh leading cause of death. As per the International Diabetes Federation, in 2019, roughly 463 million adults (20–79 years) were living with diabetes; by 2045, this will surge to 700 million.
More than 1.1 million children and adolescents are living with type 1 diabetes. With 50 million patients, India has turned into the "diabetes capital of the world." According to the WHO, approximately 60 million people have diabetes in the European Region, and the incidence is higher among people aging 25 years and above. Based on the global diabetes population, the APAC region holds 60% of the diabetic patient population.
Technology Encroachments Focus on Refining Patient Convenience and Becoming Integrated Devices
Innovations in the field of glucose control, such as designing new semi-invasive, implant, and non-invasive approaches, make these systems more compact and user friendly. Various avenues are becoming available to provide data processing and support for treating treatment using glucose and other data. Groundbreaking smart, connected monitors to foster care delivery support is leading to market growth. YOFiMeter, for instance, develops an integrated blood glucose monitor with a patented lancet cassette system. It utilizes cellular networks for instant transmission of data to the cloud, at no cost to the patient.
A few of these innovations are outlined below:
- Pricks: Until alternative glucose monitoring methods are readily available and less costly, conventional finger-prick monitoring will continue to be commonly used. Advances in this area concentrate on the comfort and integration of patients. Below are some of the inventions described:
- Intuity's All-in-One Pogo System reduces procedural steps to 3: press, test, and reload (after ten tests). No lancet is needed, and one cartridge is sufficient for ten tests.
- SugarCube's fully integrated system is Bluetooth-enabled, an all-in-one glucose testing kit. It communicates Finger with the SugarCube app to offer customized, personalized diabetic lifestyle management to its consumer.
- Sentec's fully integrated system uses an electrochemical biosensor in a cassette form and houses up to 100 tests on a continuous test tape.
- Numerous firms are using a smartphone as a glucometer:
- Gmate's smart system enables the user to plug the meter into a smartphone and insert a test strip to begin the test that lowers the number of items to carry.
- Dario's system provides a pocket-size, all-in-one holder-meter
- OneTouch Verio Flex meter offers: ColorSure technology instantly shows when your blood sugar numbers are in or out of range, Compact and Slim design, and Syncs data seamlessly with the free OneTouch Reveal mobile application.
The future of CGM devices will revolve around real-time coordination with patients' blood glucose monitoring systems to provide quick feedback and warnings for those needing urgent medical intervention.
Regional Analysis
The global continuous blood glucose monitoring market is primarily analyzed across the regions including North America, Europe, Asia-Pacific, South America and the Middle East, and Africa.
North America Dominated the Continuous Blood Glucose Monitoring Market with Presence of Key Players and Was Valued at USD 1,847.11 Million
The countries in the North American region depict a high prevalence of diabetes. Due to the large pool of patients and wider acceptance of advanced technologies, the United States held the largest share in the glucose monitoring market in 2019. According to the International Diabetes Federation (IDF), approximations, in 2019, 463 million adults (aged 20-79) around the world had diabetes, including 31 million in the United States. Besides, other factors, such as new advancements and innovations, give many conveniences in measuring blood glucose levels. The new innovations from start-up companies in the U.S., having around 2.9 billion funding in diabetes industry like Glooko, OneDrop, verily, Vacate, Insulet, Noom, Bigfoot Biomedical, Virta Health, Diabeloop, Orgenesis, etc., drive the United States' market. The emergence of CGM has revolutionized the blood sugar monitoring process, as CGM-based devices monitor blood sugar every few minutes through a tiny sensor inserted under the patient's skin and relay results wirelessly to a pump, tablet, or other units.
A few notable companies dominated the North American glucose monitoring industry in 2019, including Dexcom, Abbott, and Medtronic. A new competitor is expected to enter the market within the forecast period. Market driving device developments like the U.S. Food and Drug Administration (FDA) approved in June 2018 the first implantable CGM device for people with type 1 and type 2 diabetes. The system, called the Continuous Glucose Monitoring System for Eversense, provides monitoring for up to three months and is licensed for people aged 18 and over.
The Middle East & Africa Glucose Monitoring Market is Opportunistic to Several Key Players in Near Term
The countries of the Middle East and Africa suffer from the pressure of excessive spending on diabetes management. According to IDF, the overall Middle East & Africa region's diabetes expenditure among the population aged between 18 and 99 years was USD 24.9 billion in year 2019, projected to increase to USD 38.6 billion by 2045. According to IDF, each person on 11 has diabetes in the MENA region.
The organization further reported that in 2019, in the region, diabetes caused 418,900 deaths. CGMs proves to be an effective method for patients dependent on insulin pumps or multiple daily injection (MDI) therapy, which helps to boost the glycemic balance without aggregating the risk of extreme hypoglycemia. Diabetic patients with T1DM have been demonstrated to have improved glycemic regulation compared to a glucometer, as observed in many clinical trials.
The glucose monitoring market has been highly fragmented, with few major manufacturers possessing a global market presence, while the remaining manufacturers are limited to the other manufacturers that are local or region-specific. For instance, Dexcom has partnered with Julphar to provide its market presence in the Middle East region. ALRT Diabetes Solution offers an accessible and easy-to-use contact network between the patient and diabetes healthcare team in the Middle East and North Africa. Health care providers have access to accurate information about patient blood sugar, as reported by the patients themselves. Patients and health care professionals will be enabled to send and receive messages through the network.
Nevertheless, this region holds enormous potential and opportunities for key market players to expand their businesses and launch novel and cost-effective CGM systems in this region. Enhancements in the manufacturing of CGM systems and the expansion of the medical device and pharma industry are expected to be the main driving forces behind the business growth. In turn, the growing geriatric population in the MEA is projected to lead to demand growth as well.
Increasing government initiatives to create awareness amongst the population regarding the advantages of self-administration of injections will aid in supporting the regional market growth. Cheap labor supply and lenient regulatory systems attract foreign nations to develop MEA manufacturing facilities. Primary players operating in this market can expand their presence in MEA and launch affordable CGM systems that will eventually raise their demand.
Segmental Analysis
Insulin Pump Segment to Grow at the Highest CAGR of 14.9% and Was Valued at USD 282.16 Million in 2019
The burgeoning number of initiatives for reducing the risk of hypoglycemia and mortality rate due to hypoglycemia is driving the insulin pump segment. Insulin pumps are used in combination with continuous blood monitoring systems. These systems generally work per personal data management software. Insulin comes into action when the alarm for the release of insulin is triggered by the sensor and received at the receiver end. Insulin stops insulin delivery once the user selected a low threshold is achieved, and there is no alarm for insulin release.
Homecare Segment Will Grow at Rapid Pace in Forecast Period with CAGR around 13%
Homecare is one of the most prominent segments of the global continuous blood monitoring market. More people are opting for home care settings in medical devices such as continuous blood monitoring systems. Homecare systems are easy to use, hassle-free, and avoid frequent hospitals and diagnostic center visits. Diabetic patients on the verge of hypoglycemia are recommended to use continuous blood monitoring systems to avoid further risk. In the case of insulin administration, continuous blood monitoring systems in combination with insulin pump works the best. A rising number of cases of diabetes is driving the homecare segment in the continuous blood monitoring market.
Top Key Players
Abbott
Dexom Inc.
Roche Diagnostics
Bayer AG
Medtronic Plc.
Novo Nordisk
Ypsomed AG
Senseonics Incorporated
Insulet Corporation.
Others
