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Continuous Glucose Monitoring Systems Market to Hit US$20.5 Billion by 2030

Global market grows with reimbursement policies promoting advanced technologies like Continuous Glucose Monitoring Systems Patient awareness, aging population, telemedicine, and AI adoption drive demand and expansion

New York, Jan. 19, 2024 (GLOBE NEWSWIRE) — Continuous glucose monitoring (CGM) systems have brought significant advancements to the field of diabetes management by providing real-time data on blood glucose levels. These systems utilize sensors that continuously track glucose levels, eliminating the need for traditional fingerstick tests. The data transmitted by these sensors to connected devices offers valuable insights into glucose level fluctuations throughout the day. The global continuous glucose monitoring systems market is forecast to expand at a CAGR of 9.3% and thereby increase from a value of US$11 Bn in 2023, to US$20.5 Bn by the end of 2030.

By enabling proactive diabetes management, this technology enhances overall glycemic control and facilitates timely interventions. The CGM market is experiencing growth due to the increasing global prevalence of diabetes and heightened awareness of the benefits of continuous glucose monitoring. With their convenience and comprehensive nature in diabetes management, CGM devices are expected to witness a significant surge in demand, driving market expansion in the coming years.

The robust growth of the global continuous glucose monitoring system market can be attributed to several factors. Firstly, the worldwide increase in diabetes prevalence serves as a significant driver, establishing a strong market foundation for continuous glucose monitoring devices. This rise in diabetes prevalence is linked to sedentary lifestyles and unhealthy dietary habits, underscoring the necessity for advanced monitoring solutions.

Additionally, advancements in CGM technology, such as enhanced sensor durability, improved accuracy, and user-friendly interfaces, are appealing to both healthcare professionals and patients. The demand for CGM technologies is further propelled by a focus on patient-centered care and personalized medicine. Favorable reimbursement policies and government initiatives promoting advanced diabetes management solutions also contribute significantly to market expansion

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Continuous Glucose Monitoring Systems Market Report Scope:

 Report Coverage  Details
 Market Revenue 2023  US$11.0 Billion
 Estimated Revenue 2030  US$20.5 Billion
 Growth Rate – CAGR  9.3%  
 Forecast Period  2023-2030
 No. of Pages  217 Pages

 Key Market Segments Covered

  • Component
  • End User
  • Region

 Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa

 Key Companies Profiled

  • Herbalife Nutrition
  • GNC Holdings
  • NOW Health
  • Nutramax Laboratories
  • Nature’s Bounty
  • Banyan Botanicals
  • Source Naturals
  • Nutramarks Inc
  • Nature’s Way Products
  • Abbott
  • Natural Immunogenics

Continuous Glucose Monitoring Systems: Market Dynamics

Drivers:

Dedicated Embrace of Technological Progress

One pivotal driving force behind the global continuous glucose monitoring systems market is an unwavering commitment to technological advancement. Recent years have witnessed significant breakthroughs in connectivity, data analytics, and sensor technology within the realm of CGM, revolutionizing the landscape of diabetes monitoring and management. A crucial innovation fueling this market is the development of highly precise and reliable sensors, which play a vital role in delivering accurate glucose readings and thereby enhancing the overall efficacy of CGM systems.

Technological progress has led to remarkable improvements in the precision and speed of continuous glucose monitoring sensors. This has resulted in a reduction in false alarms and an increase in data reliability, benefiting both users and healthcare professionals. The evolution of the CGM market is further accelerated by technological innovations, including the integration of advanced data analytics.

Modern continuous glucose monitoring systems not only capture real-time glucose data but also employ sophisticated analytics to interpret and present this information in a meaningful manner. Leveraging machine learning algorithms and artificial intelligence has proven instrumental in analyzing patterns, predicting trends, and providing actionable insights, enabling individuals to manage their diabetes more effectively. By harnessing data for informed decision-making in diabetes care, this approach not only enhances the user experience but also empowers more informed choices.

Restraints:

Challenges in Achieving Affordability and Accessibility

One of the major hurdles facing the global market for continuous glucose monitoring systems is the difficulty in making these devices affordable and accessible. Despite technological advancements, the high cost of continuous glucose monitoring devices remains a barrier to their widespread adoption, particularly in developing countries and disadvantaged communities.

For many individuals with diabetes, the initial investment in continuous glucose monitoring systems, coupled with the ongoing expenses for sensors and maintenance, can be financially burdensome. Affordability concerns hinder the market’s ability to reach regions with a high prevalence of diabetes, limiting access to this valuable technology for those who could benefit the most.

Complex Regulatory Landscape

Another significant factor influencing the global continuous glucose monitoring systems market is the complex regulatory environment, characterized by varying regional approval processes. Obtaining regulatory approval for CGM devices requires navigating intricate procedures that differ significantly from one country to another. The diversity of regulatory requirements poses a substantial challenge for manufacturers aiming to introduce their products on an international scale. Stringent regulatory demands necessitate substantial clinical evidence to support the safety, efficacy, and accuracy of continuous glucose monitoring systems.

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at – https://www.persistencemarketresearch.com/market-research/continuous-glucose-monitoring-systems-market.asp

Opportunities:

Rising Adoption of Digital Health Ecosystems Embracing CGM Technology

A promising catalyst propelling the global continuous glucose monitoring systems market is the increasing adoption of digital health ecosystems that integrate CGM technology. The potential for enhancing diabetes management through the seamless integration of continuous glucose monitoring systems with other digital platforms is substantial, especially in light of the healthcare industry’s ongoing embrace of digital transformation.

By seamlessly incorporating CGM devices with health apps, electronic health records (EHRs), and telehealth services, a holistic approach to diabetes management is achieved. This integration facilitates the effortless exchange of real-time glucose data between healthcare providers and patients, enabling remote monitoring and timely interventions. It simplifies communication between individuals with diabetes and their healthcare teams while providing a more comprehensive understanding of the patient’s health profile.

Moreover, the amalgamation of continuous glucose monitoring systems with digital health platforms enables the development of personalized and adaptable interventions. Machine learning algorithms can identify patterns and anticipate potential glucose fluctuations by analyzing extensive datasets.

The capability to forecast future events empowers proactive adjustments to treatment strategies, leading to improved glycemic control and reduced risks of hypoglycemic or hyperglycemic episodes. By granting individuals with diabetes access to real-time data, they are empowered to make informed decisions about their lifestyle, dietary choices, and medication management. This fosters a patient-centric and collaborative approach to diabetes management

Analyst’s Viewpoint

The global continuous glucose monitoring systems market is poised for significant growth, driven by a convergence of factors that underscore the increasing importance of advanced diabetes management solutions. One major catalyst for market expansion is the rising global prevalence of diabetes. The growing number of diabetes diagnoses has led to a heightened demand for precise and real-time glucose monitoring, fueling the adoption of CGM systems.

Crucially, manufacturers play a pivotal role in meeting this demand by continuously innovating and enhancing the functionality of CGM devices. Technological advancements, particularly in sensor accuracy, device integration, and data analysis, have had a profound impact on the evolution of CGM systems. Manufacturers are prioritizing extended sensor lifespans and user-friendly interfaces to improve the overall user experience. Fostering a positive relationship between manufacturers and end-users not only boosts the appeal of CGM devices but also contributes to sustained sales growth.

Manufacturers and consumers are building a relationship that extends beyond product features to encompass educational initiatives and support services. Manufacturers are increasingly investing in user education programs to provide healthcare professionals and individuals with diabetes with a comprehensive understanding of the benefits and functionalities of continuous glucose monitoring systems. By promoting a collaborative approach, trust and confidence are cultivated in the technology, positively influencing purchasing decisions and long-term product usage.

Continuous research and development efforts will shape the future of the CGM market by enhancing the capabilities of these systems. Promising avenues for future expansion include the integration of artificial intelligence applications, integration with digital health ecosystems, and advancements in insulin delivery technologies. The convergence of personalized medicine and patient-centric care with the capabilities of continuous glucose monitoring systems positions them as integral components of comprehensive diabetes management.

Supply-Side Dynamics

In the competitive landscape of continuous glucose monitoring systems, industry leaders such as Abbott Laboratories, Dexcom, and Medtronic stand out as dominant players. These companies have successfully expanded their global footprint by offering cutting-edge CGM solutions and contributing significantly to market growth. Domestically, the United States maintains a dominant position due to its substantial diabetic population and well-developed healthcare infrastructure, fostering high adoption rates of CGM technologies.

In Europe, particularly in Germany and the UK, CGM systems are extensively used thanks to rising awareness and favorable reimbursement policies. In Asia, particularly in China and India, where healthcare infrastructure is improving and diabetes prevalence is rising, CGM adoption is on the rise. Key players in the CGM systems industry actively influence the landscape through ongoing innovation and strategic partnerships. Dexcom, known for its advanced sensor technologies, has greatly improved precision and user experience.

Medtronic, a leader in insulin delivery systems, has integrated continuous glucose monitoring capabilities into its devices, streamlining diabetes management for users. Abbott Laboratories’ FreeStyle Libre CGM solution has made significant market impact with its enhanced convenience and reduced invasiveness. These companies are shaping market dynamics and product features through collaborations with healthcare providers and digital health platforms. The integration of telehealth services and electronic health records into CGM systems enhances their contribution to comprehensive diabetes care.

Competitive Landscape

The current landscape of the global market is characterized by a competitive array of leading players who are dedicated to providing top-notch healthcare devices for the benefit of patients. These industry leaders are committing significant investments to advance research and development efforts, aiming to create innovative products that cater to the evolving needs of patients. Their active participation is driving the global market to new heights.

These influential players are employing various strategic approaches, including mergers, agreements, acquisitions, and partnerships, to generate substantial revenue within the market. Furthermore, healthcare manufacturers are increasingly prioritizing sustainability practices to minimize their environmental footprint. With their continuous focus on innovation and upcoming product launches, these key players are poised to elevate the global market even further in the years to come.

  • Herbalife Nutrition
  • GNC Holdings
  • NOW Health
  • Nutramax Laboratories
  • Nature’s Bounty
  • Banyan Botanicals
  • Source Naturals
  • Nutramarks Inc
  • Nature’s Way Products
  • Abbott
  • Natural Immunogenics

Segmentation:

The continuous glucose monitoring systems market exhibits a segmentation based on components, demographics, and end-users. In terms of components, it is divided into sensors and transmitters & receivers. Demographically, it is categorized into the child population (≤14 years) and the adult population (>14 years). Regarding end-users, it includes hospitals & clinics, home healthcare, and other healthcare settings. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Within the component category, the market distinguishes between sensors and transmitters & receivers. Notably, the sensor segment took the lead in the global market in 2021 and is poised to maintain its dominance throughout the continuous glucose monitoring systems market forecast period. This prominence is attributed to technological advancements in the development of continuous glucose monitoring systems. These systems operate through diminutive sensors that monitor glucose levels minute by minute. These sensors are equipped with small adhesives to secure them in place and have a lifespan of approximately one week. The collected data is then transmitted to a receiver, which can be a smartphone, computer, or dedicated CGM device.

In terms of demographics, the adult population segment held sway in the global market in 2021 and is projected to sustain this position in the forecast period. This is primarily attributed to the increasing prevalence of diabetes and a growing elderly population. According to the International Diabetes Federation (IDF), in 2021, an estimated 537 million adults aged 20 to 79 were diagnosed with diabetes. The same source also predicts that approximately 643 million adults will be living with diabetes by the year 2030.

When it comes to end-users, the hospitals segment accounted for the largest market share in 2021 and is expected to maintain its dominance in the forecast period. This is due to the rising adoption of continuous glucose monitoring systems in hospital settings. Conversely, home healthcare emerged as the second-largest contributor to the market in 2021 and is anticipated to exhibit the fastest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to an increasing demand for early disease diagnosis and the popularity of home-based diagnostic solutions.

Regionally, North America emerged as a significant player in the continuous glucose monitoring systems market in 2021 and is anticipated to retain its dominant position throughout the forecast period.

Continuous Glucose Monitoring Systems Market Research Segmentation

By Component:

  • Transmitters and Monitors
  • Sensors
  • Insulin Pump

By End User:

  • Home Care Diagnostics
  • Hospitals
  • ICU/Critical Care

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

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Originally published at https://www.einpresswire.com/article/682242592/continuous-glucose-monitoring-systems-market-to-hit-us-20-5-billion-by-2030-updated-insights-report-by-persistence-market-research

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