Market Trends of Continuous Glucose Monitoring (CGM) Industry
The Sensors Segment is Expected to Hold a Major Market Share Over the Forecast Period
The CGM sensor is a device that can be implanted beneath the patient's skin, typically on the belly or arm, using an adhesive patch to secure it in place. These sensors are designed for single-use and are referred to as disposable sensors.
Alternatively, there is another type of CGM sensor known as an implantable sensor, which can be inserted inside the patient's body. These sensors measure the glucose level in the fluid surrounding the cells, which closely corresponds to the glucose level in the patient's blood. Depending on the specific sensor type, they need to be replaced at regular intervals, such as every few weeks.
New innovations in the continuous glucose monitoring sensor devices market are further driving the market growth. For instance, in March 2024, Dexcom has recently revealed that the Food and Drug Administration (FDA) has granted clearance for their latest over-the-counter continuous glucose monitor, known as Stelo. This innovative CGM is specifically tailored for individuals with Type 2 diabetes who do not rely on insulin, making it a groundbreaking development in the field. Notably, Stelo is the first glucose biosensor that can be obtained without a prescription, providing greater accessibility for patients. Anticipated to hit the market by end of 2024, individuals will have the opportunity to purchase Stelo and benefit from its advanced features.
Similarly, in February 2024, Dexcom ONE+ system is accessible in Spain, Belgium, and Poland, with plans for a future launch in the Netherlands and other European countries. In certain regions, Dexcom ONE+ will be taking the place of the earlier Dexcom ONE sensor. Dexcom ONE+ utilizes most precise sensor technology. company considered input from both users and medical experts during the development of Dexcom ONE+, ensuring a user-friendly and highly efficient CGM solution for individuals managing their Type 1 or Type 2 diabetes with insulin.
Therefore, the launch of such devices using advanced technologies may propel the market growth during the forecast period.
North America is Expected to Dominate the CGM Device Market
The North American region possesses a highly sophisticated healthcare infrastructure with an extensive network of advanced hospitals and diabetes care facilities well-equipped with cutting-edge technology, facilitating the widespread adoption of continuous glucose monitoring products.
The region is expected to have significant market growth over the forecast period, mainly attributed to the rising in prevalence of chronic diseases like diabetes, and the increase in technological advancements are expected to boost market growth over the forecast period. In addition, market growth is also fueled by the increasing geriatric population, and rising focus on non-invasive monitoring. The prevalence of diabetes has increased in the United States dramatically in the recent years. For instance, according to a report published by the National Institute of Diabetes and Digestive and Kidney Diseases in January 2024, in 2022, 38.4 million people of all ages had diabetes (11.6% of the population) in the country. Among these, 38.1 million were adults ages 18 years or older. Moreover, over 29.7 million people of all ages had been diagnosed with diabetes (8.9% of the population).
Similarly, according to a report published by the Diabetes Canda in July 2023, more than 11.9 million people in Canada living with diabetes or prediabetes. These rising prevalence of diabetes in the country are creating the demand for continuous glucose monitoring, thereby propelling the growth of the continuous glucose monitoring market.
Several key players of the market are present in the country like Dexcom, Inc., Abbott, Signos, Inc., and Sensenics Holdings, Inc., who are constantly working on innovating novel technologies to capture a higher market share. This is expected to increase the demand of continuous glucose monitoring devices, thereby propelling the market growth. For instance, in March 2024, the FDA greenlit marketing for the Dexcom Stelo Glucose Biosensor System, making it one of the first over-the-counter (OTC) continuous glucose monitor (CGM) available for purchase. The device will be available summer 2024.
In conclusion, the increasing prevalence of diabetes in North America is driving significant growth in the continuous glucose monitoring market, fueled by advancements in technology, with key players continually innovating new technologies.
