Continuous Glucose Monitoring Systems Market

Market Overview

The global continuous glucose monitoring systems market size was valued at USD 2.94 billion in 2022. It is projected to reach USD 16.59 billion by 2031, growing at a CAGR of 21.2% during the forecast period (2023–2031).

One of the most recent cutting-edge technologies in the diabetes management market is continuous glucose monitoring (CGM). A CGM system is a glucose monitoring device that inserts a biosensor into the body through a transcutaneous or subcutaneous route to measure glucose levels in the blood or interstitial fluid. Due to their numerous advantages over other glucose monitoring devices, these systems are crucial to managing diabetes. These systems enable routine glucose monitoring, which is necessary to prevent diabetic complications and differs from conventional glucose monitors. A roadmap for the highly anticipated closed-loop artificial/bionic pancreas has been established using CGMS technology. Therefore, glucose monitoring device manufacturing companies' primary objective is developing novel and technically complex CGMS. It has various uses across all age cohorts, healthcare settings (diagnostic centers/clinics, hospital ICUs, and home healthcare), and geographical regions. As a result, producers of CGMS and insulin pumps can find lucrative opportunities in the market for continuous glucose monitoring systems. With the aid of CGMs, diabetic patients can effectively control their blood sugar levels, experience fewer low blood sugar emergencies, and, in recent years, prevent disease complications like chronic illnesses, kidney issues, eye issues, etc.

Market Dynamics

Market Drivers

Increased Diabetes Prevalence to Increase Demand for Blood Glucose Monitoring Devices

The rising prevalence of diabetes is primarily caused by several factors, including rapid urbanization and the rising trend toward a sedentary lifestyle in emerging and developed countries. The International Diabetes Federation reported that in 2021, an estimated 537 million adults worldwide had diabetes, with China, India, the United States, Brazil, and Mexico making up an estimated 51.6% of those individuals. The prevalence of type-1 or insulin-dependent type 2 diabetes patients has also significantly increased, contributing to the rapid global adoption of these systems. According to estimates, type 1 diabetes affects 149.5 out of every 1,000 children and teenagers, and its global prevalence is 9.8% of the world's population. As a result, the prevalence of a sizable patient population with insulin-dependent diabetes, the launch of new products by industry participants, and favorable reimbursement drive demand for and adoption of glucose monitoring devices like BGMs.

Market Restraints

Reduced Rates of Diagnosis & Treatment in Developing Nations to Limit the Uptake of BGM

One of the leading causes of the lower adoption of blood glucose monitoring systems, particularly in emerging nations, is that a sizable portion of the population with undiagnosed diabetes. Compared to developed nations, countries like China, India, South Africa, Brazil, and others have a higher prevalence of delayed analysis. Additionally, due to the general public's ignorance of chronic illnesses like diabetes mellitus. Additionally, the lack of conventional procedures by public or private organizations and the restricted access to modern healthcare infrastructure may impede growth. The lower diagnosis and treatment rates are, therefore, primarily caused by all of the factors above, in addition to the absence of refund plans for CGM & SMBG systems, which would subsequently restrict the use of these systems in developing nations.

Market Opportunities

Increasing Use of CGM Devices in Various Market Segments

The availability of the real-time monitoring feature for patients who are insulin dependent has been made possible by the market players' introduction of cutting-edge technologies, such as continuous blood glucose monitoring systems. In addition, CGM systems have several benefits over self-monitoring blood glucose (SMBG) systems, including being less invasive and painful, providing real-time monitoring, and providing quick and accurate results. As a result, these devices’ unique advantages play a significant role in changing patients' and healthcare professionals' preferences in favor of CGM. Additionally, only a few businesses are currently focusing on researching and developing non-invasive CGM systems and have released many products on the European market. Thus, some key trends in the blood glucose monitoring market include the growing adoption of CGM and the market players shifting their attention to non-invasive blood monitoring systems.

Regional Analysis

The global continuous glucose monitoring systems market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant shareholder in the global continuous glucose monitoring systems market and is expected to grow at a CAGR of 10.1% during the forecast period. North America's continuous glucose monitoring systems market analysis includes the U.S. and Canada. Increasing diabetes cases, national government initiatives to manage the disease more effectively, rising use of alternative and novel devices, and the presence of significant market players are some of the factors propelling market growth in the North American region. A study found that the COVID-19 pandemic exposed weaknesses and put a tremendous financial strain on almost every component of the American healthcare system. An illustration of how the pandemic and the increased significance of technology in transforming care delivery collide is diabetes care. According to estimates, COVID-19 will add between USD 160 billion and USD 650 billion to the total direct medical cost burden in the United States during the pandemic.

Asia Pacific is expected to grow at the fastest CAGR of 10.74% during the forecast period. China, Australia, India, Japan, and the rest of Asia-Pacific are all included in the Asia-Pacific continuous glucose monitoring systems market analysis. According to the Asian Diabetes Prevention Initiative, the Asia-Pacific region is home to about 60% of the world's diabetics. Effective glucose monitoring systems are required due to the high prevalence of diabetes in developing nations like China and India. Australia's government provided financial support for CGM technology to help type 1 diabetic teenagers, young adults, and children under the age of 21. Through the National Diabetes Service Schemes, the nation now offers access to discounted CGM products. The region's continuous glucose monitoring market is anticipated to expand in the upcoming years due to increased obesity cases and socioeconomic changes. People have also expressed interest in purchasing additional cutting-edge, novel products to control their blood sugar levels. As a result, the major players are working very hard to launch new glucose monitoring systems on the market. It is therefore anticipated that the market will gain from this.

Segmental Analysis

The market is segmented by component, demographics, and end user.

Based on components, the global CGMS market is bifurcated into transmitters, receivers, and sensors.

The sensors segment is the highest contributor to the market and is expected to grow at a CAGR of 10.2% during the forecast period. The sensors segment accounted for the market's largest revenue share of more than 39%. The sensors, the most intricate part of CGM devices, are made of a thinner metallic filament and inserted into the fatty layer directly beneath the skin. The technology used in transmitters and receivers, and sensors is slightly different. These elements measure blood sugar levels using glucose oxidase. In the sensor, platinum reacts with glucose oxidase to produce hydrogen peroxidase, producing an electrical signal sent to the transmitter. The transmitter and receiver gather the sensor readings and display the results on the device monitor.

Based on demographics, the global CGMS market is bifurcated into the child population (<=14 years) and the adult population (>14 years).

The adult population (>14 years)segment is the highest contributor to the market and is expected to grow at a CAGR of 10.63% during the forecast period. This is explained by the fact that CGMS is regarded as the ideal tool for managing diabetes in the adult population because it is a "ready-to-go" treatment, efficient at managing diabetes, and cost-effective for working class/employed people, leading to its widespread acceptance by this age group. The majority of people with type 2 diabetes are over the age of 45, but it is also increasingly common in kids, teenagers, and young adults.

Based on end users, the global CGMS market is bifurcated into hospitals and homecare settings.

The homecare settings segment is the highest contributor to the market and is expected to grow at a CAGR of 10.37% during the forecast period. The home care segment led the world market with more than 43% revenue share. One of the factors propelling this growth over the anticipated period is the increased use of CGM devices in healthcare settings to diagnose blood sugar levels in patients with diabetes mellitus. The National Center for Biotechnology Information reports that CGM devices outperform Self-monitoring Blood Glucose (SMBG) devices in clinical studies involving gestational diabetes mellitus. Further boosting product adoption will be the developing of technologically advanced tools for controlling diabetes mellitus.

Recent Developments

• November 2022, The world's first multi-sensor non-invasive continuous glucose monitor (CGM), which ushers in a new era of needle-free monitoring for people with diabetes, will be on display at MEDICA 2022 as part of the ABHI UK Pavilion.

• March 2022, For eligible residents with type 1 diabetes, the Ontario provincial government (Canada State) has announced a comprehensive reimbursement program for continuous glucose monitoring (CGM).