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.
Continuous Glucose Monitoring Devices Market Growth and Trends
The major factor driving the growth of the continuous glucose monitoring devices (CGM) is the increasing diabetes globally. Diabetes is considered to be one of the life-threatening diseases and is the leading cause of death in major parts of the world and is predominantly prevalent globally necessitating the need of CGM devices and resulting in its increasing market demand and revenue. Also, continuous developments and technology in the medical sector has paved way for the increase in the CGM market growth. The increase in the geriatric population has also majorly impacted the increase in the CGM market growth.
Th CGM devices provide an easy and efficient way to manage diabetes as they are minimally invasive and also detect changes in the blood glucose levels. The other advantages of the CGM devices are efficient tracking of blood glucose levels, eliminating the use of finger sticks which has contributed to the increase in the CGM devices market demand and revenue. Patients undergoing insulin therapy or suffering from high/low sugar glucose have increased resulting in the increasing need of the devices contributing to the market trend. The increasing initiatives towards the promotion of CGM devices has also resulted in the increase in the market demand. The CGM devices also provides insights on the effects of exercises, meals and conditions that impact the glucose level of an individual and thus reduces the risk of hyperglycemia and hypoglycemia thus significantly accelerating the market demand.
The alarming increasing instances of diabetes on a worldwide basis, in addition to increasing use of continuous glucose monitoring devices, have been driving this market. The minimal invasiveness of these devices offers an easy and effective way of managing diabetes, such that they can even detect radical changes in the levels of blood glucose across time intervals with a help of a sensor, thereby helping in the prevention of hypoglycemic conditions, key factors influencing their demand. Readings input in a diabetes management software via a wireless network enable patients to understand the disease more effectively, thus facilitating them to manage it better, another added advantage. In addition, patients are also able to gain insights on medication, food consumption, illnesses, and physical activities. The availability of various apps in the market, which integrate data collected from continuous glucose monitoring devices for the purpose of future trend analysis and consequent changes to be made in the lifestyle of patient lifestyle, have a positive impact on the market growth of these devices. As per the end use, the market is categorized into home care settings, hospitals, and so forth, such as diagnostic centres and clinical laboratories, of which the homecare settings segment playing a lead role the global market is predicted to witness the highest CAGR in the long run because of easy and efficient monitoring of blood glucose levels at home.
The spread of Covid-19 spread having affected manufacturing and construction activities on a global scale, limitations in logistic facilities and reconsiderations of the raw material requirements are factors likely to cause hindrance for manufacturers. The producers have depended on derived demand as an intermediate commodity with sole the purpose of rationalizing production. The pandemic’s economic impact on companies and financial markets is also not favourable, yet it is only temporary.
The major limitation of the CGM devices market growth is the lack of accuracy provided by the devices.
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