Continuous Glucose Monitoring (CGM) Devices Market to Surpass US$ 27.7 Million With Growing at a CAGR of 24.8% Forecast 2027| Abbott Laboratories, Medtrum Technologies, Inc.

Continuous glucose monitoring (CGM) is an advanced medical device that provides real-time information on blood glucose levels. Continuous glucose monitoring devices automatically track blood sugar levels throughout the day. They are less invasive than conventional glucose monitoring devices and are the best solution for diabetic patients. These devices are an effective approach to monitoring glucose levels as they help to prevent complications associated with diabetes as well as premature death. 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 the continuous glucose monitoring market is majorly attributed to the growing 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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Growing incidence of diabetes to augment the continuous glucose monitoring devices market growth

According to the World Health Organization, 2016, an estimated 422 million adults are living with diabetes globally, where the dramatic increase in the incidence of type 2 diabetes mainly attributed to obesity. CGM plays a vital role in diabetes management as it offers early detection which can reduce 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 a rise in the 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, the 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.

On the other hand, lack of accuracy of CGM devices, the need for frequent calibration, and inconsistency of Medicare reimbursement are some of the major factors hampering 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.

The advantage associated with CGM devices over self-monitoring devices is expected to raise the adoption of continuous glucose monitoring (CGM) devices market

The CGM displays a glucose trend graph and direction arrows offer people with diabetes to anticipate approaching glucose highs and lows, thus alerting the wearer during distracted times like playing, sleeping or exercising. The CGM devices market is expected to gain significant traction in the Asia Pacific and this can be attributed to rising collaborations between endocrinologists, credentialed diabetes educators, and stakeholder organizations for diabetes prevention around the globe.

In 2017, the National Diabetes Services Scheme (NDSS) initiated by the Australian Government provided fully subsidized continuous glucose monitoring (CGM) products to eligible children and young people aged under 21 years with type 1 diabetes. NDDS also funded US$35 million to the JDRF Clinical Research Network to help find a cure for juvenile diabetes. Additionally, the Government also funded the Insulin Pump Programme to increase the affordability of insulin pumps to people with type 1 diabetes who don’t have access to private health insurance.

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Some of the major 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.

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