Press release
Continuous Glucose Monitoring (CGM) Sensors Market Growing Immensely 2023-2030
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According to the latest research by Insightace Analytics, the global Continuous Glucose Monitoring (CGM) Sensors market was valued at US$ 3.6 Billion in 2021. It is expected to reach US$ 11.7 Billion by 2028, with a CAGR of 18 % during a forecast period of 2022-2028.
Diabetes is a complicated, long-term illness requiring constant medical treatment, varied risk-reduction strategies, and glucose management. Diabetes is a severe health problem among the elderly; around one-quarter of people over 65 have diabetes, which is expected to skyrocket in the next decades. Continuous glucose monitoring devices aid in the detection of high blood glucose levels.
CGM systems are the most effective method of controlling and managing diabetes. These devices provide patients with various information, including meal specifics, time reminders, medicine, physical activity, and disease information, and may reduce errors in manual glucose monitoring.
It is a valuable technique in diabetes care for persons with type 1. It is type 2 diabetes because it provides a complete picture of their glucose levels at critical periods throughout the day, such as when driving, before and during exercise, taking a test or exam, and in the middle of the night.
A rise in Type 1 and Type 2 diabetes incidence, greater sensor device adoption, technological developments in diabetic devices, and increased funding for diabetes are all expected to drive the market. A continuous glucose monitoring device can help patients manage and control their illness. Therefore, a continuous glucose monitoring device can assist those with diabetes types 1 and 2 receive the necessary care.
Wearable medical devices are predicted to be widely used during the projection period, and advancements in wireless technology for CGM sensors are anticipated to open up several promising opportunities. In the upcoming years, it is anticipated that the miniaturization of electrochemical-based implanted CGM systems will present profitable growth prospects.
The COVID-19 epidemic significantly impacts continuous Glucose Monitoring (CGM) Sensors. According to a research paper published in Diabetes Care Journal in November 2020, the COVID-19 epidemic has increased the urgency of the necessity to look into the viability of CGM in the hospital to protect personal protective equipment (PPE) and lower health care workers' exposure.
North America is anticipated to majorly contribute to the Continuous Glucose Monitoring (CGM) Sensors market over the forecast years because of the healthcare industry's early adoption of emerging technologies.
The rapid development in product innovation and the expanding demand for these CGM systems in diabetes treatment are also driving global product demand. In addition, the Asia Pacific Continuous Glucose Monitoring (CGM) Sensors market is expected to grow significantly during the forecast period because of the availability of a diversified patient pool, developing economies, and increased collaboration between domestic and international efforts in these countries, driving this market.
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Major market players operating in the Continuous Glucose Monitoring (CGM) Sensors market include
Medtronics, Abbott, Senseonics, WaveForm Technologies, Inc., Advanced Biosensors-Ohio LLC, Arkal Medical, Inc., Ascensia Diabetes Care Holdings AG, Azurite Technologies, Inc., Biorasis Inc, Biovotion AG, CALISTO MEDICAL, INC., CGM3 Ltd, ConvaTec Group Plc, Cyber Medical Ltd, Debiotech SA, DexCom Inc, DirectSens GmbH, Echo Therapeutics Inc, Ecole Polytechnique Federale de Lausanne, eLutions Integrated Systems, Inc., EyeSense GmbH, Flowsion A/S, Gili Medical Ltd, Globe Medical Tech Inc, GlucoLight Corporation, Glucometrix AG, Glucosense Diagnostics Ltd, GlucoSet AS, Glucovation Inc, GluMetrics Inc, Glusense Ltd, GlySens Inc, Glysure Ltd, G-Sense Ltd., iGlyko, Inc., Indigo Diabetes NV, Innovosens AB, Insulet Corp, Integrated Medical Sensors, Integrity Applications Ltd, Invivosense ASA, I-Sens Inc, iSense Corporation, Keratin Biosciences Inc, Kiffik Biomedical inc., LEMM Technologies, LLC, Mellitor Ltd, Metronom Health Inc, mobiLIFE, Nemaura Medical Inc, Newton Photonics Inc, Orsus Medical Ltd, PKvitality, PositiveID Corp, Prediktor Medical AS, Profusa Inc, Purdue University, San Meditech (Huzhou) Co., Ltd., Senseonics Holdings Inc, SensiVida Medical Technologies, Inc., Senzime AB, Singapore Biomicro Pte Ltd, Socrates Health Solutions, Inc., Tenax Therapeutics Inc, VeriTeQ Corporation, Vytrace, Inc., and Other Prominent Players.
Recent collaborations and agreements in the market:
• In May 2021, Medtronic achieved CE clearance for prolonged use of its InPen smart insulin pen for multiple daily injections (MDI) and its Guardian 4 sensor for enhanced diabetes management.
• In November 2020, according to a recent announcement from Abbott, women in India who have gestational diabetes (diabetes during pregnancy) and adults and children (over the age of four) who have diabetes now have access to the FreeStyle Libre system, continuous glucose monitoring (CGM) technology, allowing them to check their blood sugar levels at any time.
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Market Segments:
Global Continuous Glucose Monitoring (CGM) Sensors Market, by Products, 2022-2028 (Value US$ Mn)
• Non-invasive Sensing
• Minimally Invasive Sensing
Global Continuous Glucose Monitoring (CGM) Sensors Market, by Sensing Technology, 2022-2028 (Value US$ Mn)
• Enzyme Electrode
• Optical Fluorescence
• Others
Global Continuous Glucose Monitoring (CGM) Sensors Market, by End-Users, 2022-2028 (Value US$ Mn)
• Hospitals and Home care
• Specialty Clinics
• Ambulatory Settings
• Others
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and re positioning products.
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