Global Continuous Glucose Monitoring (CGM) Devices Market
The global continuous glucose monitoring (CGM) devices market was pegged at US$ 3,807.3 million in 2018, and is projected to exhibit a CAGR of 24.8% during the forecast period (2019-2027).
The CMG technique is expected to gain significant traction across the world, as it helps with efficient diabetes monitoring and management for people undergoing the intensive insulin therapy. Product clearances from regulatory agencies, such as the U.S. Food and Drug Administration (FDA), and innovative technologies developed by leading manufacturers have immensely augmented the global demand for the CGM devices. Crucial recommendations by healthcare professionals on using CGM devices, which are known to play a pivotal role in patient care protocols in pediatric and adult type 1 and type 2 diabetes, is a major factor boosting the global market development.
On the basis of component type, the global continuous glucose monitoring (CGM) devices market is segmented into transmitters, receivers, insulin pumps, and sensors. Furthermore, the global market covers several important regions across the globe, including North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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Early detection of hypo- and hyper-glycemic events to propel the global market expansion
Continuous glucose monitoring devices can potentially enhance clinical outcomes, avoiding hypo/hyperglycemic events and diabetic ketoacidosis caused due to skipping of insulin doses. The currently available CGM devices display the glucose level, the magnitude, as well as the direction of changing glucose levels, and are essential tools that help predict the possibilities of events like hypo- and hyperglycemia. In addition, the CGM devices aid in reducing chronic diabetes complications by preventing episodes of hypoglycemia, which in turn, helps lower healthcare costs and elevates the quality of life. In 2016, the American Diabetes Association (ADA) recommended diabetes education and training on device operation to optimize the benefits of CGM.
The key players participating in the global continuous glucose monitoring (CGM) devices market are actively engaged in product development and innovation in a bid to enhance their product portfolio diversification, and to introduce novel technologies as well. For instance, in 2017, Medtronic Plc launched â€˜MiniMed 670Gâ€™, specifically intended for type 1 diabetes patients. The new system, which came to be known as the world’s first hybrid closed loop system, features the most advanced and the only FDA-approved insulin pump technology, called the SmartGuard, along with the Guardian Sensor 3, to enable personalized and automated delivery of basal insulin.
Moreover, the National Institute of Diabetes and Digestive and Kidney Disease (NIDDK) has lent ample support to the global market by funding several important studies on different types of artificial pancreatic devices. Such support to help people with type 1 and type 2 diabetes and gestational diabetes manage their disease accelerates the development and introduction of new, highly efficacious CGM devices, which further boosts the global market growth.
Some of the well-known players operating in the global continuous glucose monitoring (CGM) devices market are Medtronic, Dexcom, Inc., Abbott Laboratories, Medtrum Technologies, Inc., Tandem Diabetes Care, Senseonics, Glycens, Insulet Corporation, and Nemaura Medical, Inc., STMicroelectronics, NXP Semiconductors, Qualcomm, Taiwan Semiconductor Manufacturing Company Limited, GE Healthcare, Microchip Technology Inc., Texas Instruments Inc., and Micron Technology Inc.
Key Market Takeaways:
The global continuous glucose monitoring (CGM) devices market is expected to exhibit a CAGR of 24.8% over the forecast period, owing to the presence of potential markets, such as the Asia Pacific, Latin America, the Middle East, and Africa markets.
Among the various components, the insulin pump segment holds a dominant position in the global market, due to the convenience offered by the compact insulin pump therapy with software integration for diabetes management.
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