Continuous Glucose Monitoring (CGM) Devices Market to Surpass US$ 27.7 Billion Threshold by 2027 | Medtronic, Dexcom, Abbott Laboratories, Medtrum Technologies

Effective approach such as continuous glucose monitoring can prevent the complications associated with diabetes as well as premature death that can result from all types of diabetes. CGM system requires less number of finger sticks and allows for data from the device to be transferred and shared for further analysis. The rise in continuous glucose monitoring market is majorly attributed to the rise in incidence of diabetes and to curb the complications associated with the disease.

The global continuous glucose monitoring (CGM) devices market was valued at US$ 3,807.3 million in 2018 and is expected to witness a robust CAGR of 24.8% over the forecast period (2019- 2027).

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Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. According to the World Health Organization, 2016, an estimated 422 Million adults are living with diabetes globally, where the dramatic increase in incidence of type 2 diabetes mainly attributed to obesity. CGM plays a vital role in diabetes management as it offers early detection which can inhibit the risks associated with diabetes such as heart attack, stroke, kidney failure, leg amputation, vision loss and nerve damage.

North America is expected to dominate the CGM devices market owing to the product launch by market players for efficient glucose monitoring and rise in incidence of diabetes in the region. According to the Centers for Disease Control and Prevention, 2015, an estimated 23.1 million people or 7.2% of the U.S. population had diagnosed diabetes which included 132,000 children and adolescents younger than age 18 years.

Moreover, in 2016, Dexcom G5 Mobile CGM system launched by Dexcom, Inc. received approval from Health Canada, for non-adjunctive use, thus making a new standard of care for diabetes management in Canada.

However, lack of accuracy of CGM devices, need for frequent calibration, and inconsistency of Medicare reimbursement are the major factors restraining the market growth. The Centers for Medicare and Medicaid Services have stated that the CGM systems do not meet the official definition of durable medical equipment (DME), which keeps them falling under the DME category.

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Detailed Segmentation:

Global Continuous Glucose Monitoring (CGM) Devices Market, By Component:
Transmitters
Receivers
Insulin Pumps
Sensors

Company Profiles
Medtronic *
Dexcom, Inc.
Abbott Laboratories
Medtrum Technologies, Inc.
Tandem Diabetes Care
Senseonics
Glycens
Insulet Corporation
Nemaura Medical, Inc.
STMicroelectronics
NXP Semiconductors
Qualcomm
Taiwan Semiconductor Manufacturing Company Limited
GE Healthcare
Microchip Technology Inc.
Texas Instruments Inc.
Micron Technology Inc.

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