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Continuous Glucose Monitoring Market - Latest Trends and Future Growth Study by 2028
Continuous Glucose Monitoring Market Outlook 2028The global continuous glucose monitoring market was valued at US$ 992.8 Mn in 2020
It is estimated to expand at a CAGR of 9.5% from 2021 to 2028
The global continuous glucose monitoring market is expected to surpass the value of US$ 2 Bn by the end of 2028
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Continuous Glucose Monitoring Market: Overview
Increase in incidence and prevalence rate of diabetes type 1 and type 2 across the globe is anticipated to boost the growth of the global market during the forecast period
Continuous glucose monitoring systems are real-time glucose sensing and monitoring devices that measure and display glucose levels of a patient at regular intervals. The usage of CGM is substantially increasing over traditional glucose monitoring systems, as these systems are user friendly, provide access to real time values and trend, and provide enhanced accuracy.
Additionally, it has been observed that continuous glucose monitoring significantly helps in diabetes management, especially in type I diabetics, and helps in reducing long-term complications associated with diabetes. Rise in awareness in developed and developing countries, technological advancements, and increase in number of diabetic patients are key factors expected to fuel the growth of the global market during the forecast period.
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Continuous Glucose Monitoring Market: Segmentation
The global continuous glucose monitoring market has been segmented based on device/brand and country/sub-region
In terms of device/brand, the global continuous glucose monitoring market has been classified into Guardian Real Time CGM system, Dexcom Seven Plus, Dexcom G4 Platinum, FreeStyle Navigator, MiniMed Paradigm Revel/Veo System, and others
The Guardian Real Time CGM System segment accounted for major market share in 2020, owing to the presence of large companies, such as Medtronic, providing CGM systems in the market for diabetes management. The systems are widely adopted by the consumers, as these are considered efficient sensors for usage as fitness trackers for diabetes. The Dexcom G4 Platinum CGM System segment is expected to witness the fastest growth during the forecast period.
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Continuous Glucose Monitoring Market: Country/Sub-region Segmentation
In terms of country/sub-region, the global continuous glucose monitoring market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market in 2020, followed by Europe and Asia Pacific. The U.S. accounted for significant market share in 2020 in the region owing to large patient pool, increase in geriatric population, rise in baby boomers, sedentary lifestyles, and undiagnosed diabetic patient population are expected to propel the continuous glucose monitoring market in North America. Approvals of innovative CGM systems by FDA and rise in innovative companies developing CGM systems are likely to augment the market in the region in the near future.
The market in Asia Pacific is likely to grow at a rapid pace from 2021 to 2028. Rapid rise in diabetic population across the region has increased the demand for effective diabetes management systems. This can be attributed to surge in incidence rate of diabetes, unhealthy life style, technically advanced products, and rise in usage of CGM over traditional glucose monitoring systems.
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Continuous Glucose Monitoring Market: Major Players
Key players operating in the global continuous glucose monitoring market include
Abbott
Bayer AG
Dexcom, Inc.
Glysens Incorporated
Insulet Corporation
Medtronic
Nova Biomedical Corporation
Senseonics Incorporated
Livongo
BeatO
Jana Care
iXensor
DiaMonTech AG
These players focus on adopting various strategies to strengthen market presence, expanding product offerings, and strengthening geographic presence. Launch of innovative product offerings, mergers & acquisitions, faster approval of CGM devices, and delivering & creating awareness about continuous glucose monitoring systems are projected to boost the growth of the global continuous glucose monitoring market during the forecast period. Entry in the domestic market in developing countries and offering product line at low cost is a key strategy adopted by the major players to expand in emerging markets.
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