(MENAFN- EIN Presswire) Continuous Glucose Monitoring Systems market 2023
Increase in the incidence of diabetes cases, high-end technological advancements, & the benefits of CGMS over POC glucometers drive the growth of market.
PUNE, MAHARASHTRA, INDIA, March 24, 2023 /einpresswire.com / -- Allied Market Research has published a study report with the title continuous glucose monitoring (cgm) systems market Size accounted for USD 6.62 billion in 2021, and it is estimated to surpass around USD 31.70 billion by 2031, registering a CAGR of 17% from 2022 to 2031.
Continuous Glucose Monitoring (CGM) Systems are medical devices that are used to monitor glucose levels in people with diabetes. CGM systems consist of a small sensor that is inserted under the skin, usually on the abdomen or upper arm and a transmitter that sends glucose readings wirelessly to a receiver or a smartphone app. The sensor measures glucose levels in the interstitial fluid, which is the fluid that surrounds cells in the body. The transmitter sends this information to the receiver or app, which displays the glucose levels in real time. Some CGM systems also provide alerts when glucose levels are too high or too low.
Impact of Covid-19 on Continuous Glucose Monitoring Systems Market-
.Increase in demand from healthcare workers for safer ways to monitor hospitalized diabetes patients with COVID-19 impacted the global continuous glucose monitoring systems market positively.
.FDA had encouraged manufacturers to supply continuous glucose monitoring (CGM) systems for use in the hospital setting during the global health crisis. This way, the frontline healthcare workers in hospitals were able to monitor diabetic patients remotely
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What are the driving factors and opportunities in the global continuous glucose monitoring (CGM) market?
The driving factors and opportunities for growth in the global continuous glucose monitoring (CGM) market include:
.Rising incidence of diabetes: The increasing prevalence of diabetes worldwide is one of the major factors driving the growth of the CGM market. According to the International Diabetes Federation, the global prevalence of diabetes is expected to rise from 463 million in 2019 to 700 million by 2045.
.Technological advancements: The development of advanced CGM systems, such as those with improved accuracy, longer sensor life, and better connectivity, is fueling the growth of the market.
.Increasing adoption of CGM by healthcare professionals: As healthcare professionals become more aware of the benefits of CGM in diabetes management, the adoption of CGM is expected to increase.
.Growing demand for minimally invasive glucose monitoring devices: CGM systems are minimally invasive and provide continuous glucose monitoring, which makes them more convenient for patients than traditional fingerstick glucose monitoring.
.Expansion of reimbursement coverage: As more insurance companies and healthcare systems provide coverage for CGM systems, the adoption of these devices is expected to increase.
Overall, the global CGM market is expected to continue to grow in the coming years due to the increasing incidence of diabetes and the demand for advanced diabetes management solutions.
Top Continuous Glucose Monitoring Systems Companies
.DexCom Inc.
.Johnson & Johnson
.Novo Nordisk A/S
.F. Hoffman-La Roche Ltd
.Abbott Laboratories
.GlySens Incorporated
.Medtronic plc
.Ypsomed AG
.Senseonics
.Menarini Diagnostics S.R.L.
Continuous Glucose Monitoring Systems Market segmentation can be done based on several factors, including:
By Demography
.Child Population
.Adult Population
By End User
.Home healthcare
.Others
.Hospital and Clinics
By Component
.Transmitters and Receivers
.Sensors
By region, North America garnered the highest share in 2021, contributing to nearly half of the global continuous glucose monitoring systems market revenue. This is attributed to the higher adoption of advanced CGMs, surge in the geriatric population suffering from diabetes, availability of well-developed healthcare infrastructure, and increase in the prevalence of type 2 diabetes across the world.
Asia-Pacific, simultaneously, would showcase the fastest CAGR of 17.9% from 2022 to 2031. High prevalence of the diabetic population in India, improvement in healthcare awareness, and rise in R&D activities for developing innovative CGM systems fuel the growth of the market.
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
.Which are the driving factors responsible for the growth of market?
.Which are the roadblock factors of this market?
.What are the new opportunities, by which market will grow in coming years?
.What are the trends of this market?
.Which are main factors responsible for new product launch?
.How big is the global & regional market in terms of revenue, sales and production?
.How far will the market grow in forecast period in terms of revenue, sales and production?
.Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
.How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
.Which region has more opportunities?
By Region Outlook
. North America
(U.S., Canada, Mexico)
. Europe
(Germany, France, UK, Italy, Spain, Rest of Europe)
. Asia-Pacific
(Japan, China, India, Rest of Asia-Pacific)
. LAMEA
(Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
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