Continuous Glucose Monitoring (CGM) Market Snapshot
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Continuous Glucose Monitoring (CGM) marke was valued at XX million in 2020 and is expected to reach XX billion by 2026, registering a CAGR of XX% during the forecast period.
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 International Diabetes Federation (IDF) facts and figures, approximately 463 million adults (20-79 years) had diabetes in 2019. This number is expected to increase to 700 million by 2045.
Adding to that, according to the World Health Organization (WHO), the proportion of people with type 2 diabetes is increasing in most countries. Moreover, 79% of adults with diabetes were in low- and middle-income countries. World Health Organization (WHO) also expects diabetes to be the seventh-leading cause of mortality by 2030.
Furthermore, for patients reliant on insulin pumps or daily insulin injections, the 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 a 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.
Scope of the Report
As per scope of the report, continuous glucose monitoring (CGM) devices provide real-time information on blood glucose levels, less invasively than conventional glucose monitoring devices, marking a remarkable change in diabetes care. The continuous glucose monitoring (CGM) market is segmented by Component (Sensors, Durables (Receivers and Transmitter)), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|Durables (Receivers and Transmitter)|
Key Market Trends
Sensors Segment is Expected to Witness a Healthy Growth Rate Over the Forecast Period
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 the continuous glucose monitoring devices. Technological advancements to improve accuracy of the sensors are expected to drive segment growth during the forecast period.
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 higher risk for hospitalization and death from the viral illness. According to a research study by Joost van der Linden et al., published in Diabetes Technology & Therapeutics Journal March 2021, population-level real-time continuous glucose monitoring (rtCGM) was used to monitor changes in glycemic control with temporal and geographic specificity. The COVID-19 pandemic is associated with improvements in time-in-range (TIR), which were not evenly distributed across the United States.
Globally, diabetes mellitus has been of wide concern with its high global prevalence, resulting in increasing 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, 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 positive impact on the market growth.
Furthermore, the current continuous glucose monitoring 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. Continuous glucose monitoring devices are becoming cheaper with the advent of new technologies, like cell phone integration, is likely to drive the segment growth during the forecast period.
The market players are adopting various strategies such as collaborations, partnerships, merges, acquisitions and expansions to increase market share. For instance, in March 2019, WaveForm Technologies Inc., developer of novel products for continuous glucose monitoring, and A. Menarini Diagnostics S.r.l., a leading diagnostics company, entered into a partnership to commercialize the WaveForm Technologies Continuous Glucose Monitor (CGM). Thus, owing to above mentioned factors it is expected to drive the segment growth over the forecast period.
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North America is Expected to Hold a Significant Share in the Market Over the Forcasted Period
Some of the factors that are driving the market growth in North America 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 presence of key market players.
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.
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. 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 low-cost and planned to donate 10,000 phones and continuous glucose monitoring readers to hospitals for scanning those sensors. Thus, owing to above factors it is expected to drive the market growth over the forecast period.
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The Continuous Glucose Monitoring (CGM) Market is consolidated competitive with few players accounting for a major share. A major share of the market is held by CGM manufacturers that are concomitant with strategy-based M&A operations and are constantly entering new markets to generate new revenue streams and to boost existing ones. These measures taken by the market players will ensure a competitive marketplace, therefore, forcing the companies to experiment with more new technologies, to ensure uniqueness in their products. Also, one of the implications of the competition in the market is that it will ensure a constant decrease in the average selling price of the CGM units produced. Also, companies are collaborating to increase their technological know-how and to fasten the product development cycle.
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.
In February 2020, Abbott and Insulet partnered to integrate next-generation glucose sensing and automated insulin delivery technologies for seamless diabetes care. The collaboration will combine Abbott's continuous glucose monitoring (CGM) technology with Insulet's Omnipod Horizon Automated Insulin Delivery System to offer an accurate, easy-to-use, integrated digital health platform.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Cases of Diabetes
4.2.2 Increasing Adoption of Continuous Glucose Monitoring (CGM) Devices
4.3 Market Restraints
4.3.1 Inconsistency of Medicare Reimbursement
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Component
5.1.2 Durables (Receivers and Transmitter)
5.2.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.2.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Dexcom, Inc.
6.1.3 A. Menarini Diagnostics s.r.l
6.1.4 Echo Therapeutics, Inc.
6.1.5 GlySens Incorporated
6.1.6 Johnson and Johnson
6.1.7 Medtronic Plc
6.1.8 Senseonics Holdings, Inc.
6.1.9 F. Hoffmann-La Roche Ltd
6.1.10 Ypsomed AG
6.1.11 Insulet Corporation
6.1.12 Medtrum Technologies, Inc.
6.1.13 Tandem Diabetes Care
6.1.14 Nemaura Medical, Inc
6.1.15 Texas Instruments Inc
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Continuous Glucose Monitoring (CGM) Market market is studied from 2016 - 2026.
What is the growth rate of Global Continuous Glucose Monitoring (CGM) Market?
The Global Continuous Glucose Monitoring (CGM) Market is growing at a CAGR of >14% over the next 5 years.
Which region has highest growth rate in Global Continuous Glucose Monitoring (CGM) Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Continuous Glucose Monitoring (CGM) Market?
North America holds highest share in 2020.
Who are the key players in Global Continuous Glucose Monitoring (CGM) Market?
Medtronic Plc, Dexcom, Inc., Abbott Laboratories, Senseonics Holdings, Inc., Medtrum Technologies, Inc. are the major companies operating in Global Continuous Glucose Monitoring (CGM) Market.