Continuous Glucose Monitoring Devices Market

Market Synopsis:

Global Continuous Glucose Monitoring Devices market is valued at USD 5.53 Billion in 2022 and is projected to attain a value of USD 12.39 Billion by 2030 at a CAGR of 10.60% during the forecast period, 2022–2028. The rising incidence of diabetes, as well as the growing senior population prone to diabetes, are driving Continuous Glucose Monitoring Devices market. Growing awareness about diabetes preventative care, new product introductions, and supportive government programmes are all driving the market for Continuous Glucose Monitoring Devices. The federal agencies have reduced restrictions and provided guidelines for the use of home-use glucose metres or CGMs in hospital settings, which has resulted in an increase in demand for Continuous Glucose Monitoring Devices during the COVID-19 pandemic. The Dexcom G6 and Abbott FreeStyle Libre are two CGMs that have been certified for usage in hospitals.

The COVID-19 pandemic has wreaked havoc on the global population and economy.

Across the globe, the covid-19 pandemic caused substantial obstacles to the health-care system. Due to the imposition of lockdown, which resulted in trade restrictions and supply chain disruptions, it had a negative impact on the growth of the Continuous Glucose Monitoring Devices market for a short period of time.

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Increase in Case of Obesity

One of the factors driving the market's growth is an increase in the incidence of diabetes due to age, obesity, and an unhealthy lifestyle. Obesity is a significant contributor to diabetes. According to the World Health Organization, approximately 1.9 billion adults were overweight in 2016, with around 650 million being obese. These devices use a sensor to monitor blood glucose levels at various time intervals, and the results are relayed through a wireless network. Respective readings are entered into diabetes management software so that the patient can gain a better understanding of the disease and, as a result, better manage it.

Strict Regulatory Requirements and Unstable Raw Material Cost

The cost of various raw materials is rising due to market conditions, and purchasers are currently being inundated with price hikes across multiple categories. The cost of raw materials is rising, posing issues for enterprises throughout their supply chains. Manufacturers are still grappling with the two supply chain bottlenecks that plagued the industry throughout the pandemic: sluggish supplier deliveries and labour availability, while costs continue to rise. Stringent regulatory compliance for home monitoring devices, on the other hand, would stymie worldwide Continuous Glucose Monitoring Devices demand.

Market Segmentation:

The Global Continuous Glucose Monitoring Devices Market has been segmented by Component into Sensors and Durables. Based on Region, the Continuous Glucose Monitoring Devices Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Continuous Glucose Monitoring Devices Market

North America, Europe, and Asia Pacific accounted for the greatest proportion of the Continuous Glucose Monitoring Devices market in 2021. The regional market is also likely to be driven by rising obesity rates, effective reimbursement policies, and increased awareness of improved diabetes care technology. Other factors such as the increase in the number of well-established Continuous Glucose Monitoring Devices companies and research institutes in the United States and Canada, a large number of ongoing research studies, and the overall growth of the healthcare sector on a global scale are among the few factors expected to contribute to the market's growth. The regional market growth can be attributed to expanding geriatric populace, increasing surgical procedures, expanding and presence of established healthcare infrastructure.

Key Players:

Key players in the Continuous Glucose Monitoring Devices market is Medtronic (US), Dexcom Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Abbott (US), Novo Nordisk A/S (Denmark), Ypsomed (Switzerland), GlySens Inc (US).

The Continuous Glucose Monitoring Devices market is segmented as follows:

Continuous Glucose Monitoring Devices Market is tabulated as follows: