Continuous Glucose Monitoring Devices Market size was estimated at $4,991.3 Million in 2019 and is expected to reach $11,525.9 Million by 2027, growing at a CAGR of 12.7% during the forecast period of 2020 to 2027.
Continuous glucose monitoring devices help you keep track of your glucose level continuously throughout the day. It informs the user about the high/low level of glucose in the body. A small sensor is inserted under the skin to track the interstitial glucose level. It keeps checking glucose level regularly and converts the same into dynamic data to represent the body’s glucose trends and shows how fast or slow the glucose level graph moves throughout the day. With its use, patients can regulate their diabetes treatment better.
Due to the growing cases of diabetes, the demand for continuous glucose monitoring devices in the market is on the surge. The process of keeping track of diabetes is simplified, and hence people always prefer to have one such device with them. Extreme hypoglycaemic condition, which happens to be the biggest fear of diabetes patients, can be avoided due to constant tracking. These devices have a broad end-user base as they are used for personal care, hospitals, doctors and also diagnostic centres. The use for such devices for personal home care purpose is slated for the significant boom in the coming years. By the year 2027, the market of CGM devices is expected to grow by approximately 12%. The Government is taking steps to ensure diabetes is being treated with due attention which is why a further boom in the market is expected. As people avoid crowded hospitals to get a diabetes check done during the times of COVID-19, they will resort back to the CGM device. Key players such as Pfizer Inc, Abbott Laboratories and GlySens are already promoting their products for more significant marketing.