September 13, 2022 10:21 ET | Source: STRATEGIC MARKET RESEARCH LLP STRATEGIC MARKET RESEARCH LLP
New York, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The Global Continuous Glucose Monitoring Market's worth was USD 6.13 Billion in 2021 and will reach USD 16.33 Billion in 2030 with a 11.5% CAGR. One of the latest technological innovations in managing diabetes is Continuous Glucose Monitoring. Continuous glucose monitoring, which is also known as blood sugar monitoring, that automatically keeps the track of blood glucose levels throughout the day time and at night. Monitoring glucose levels in real-time can help make more informed decisions about maintaining physical activity, a balanced diet, and medications throughout the day. In CGM, a tiny sensor is inserted under the skin, usually on the belly or arm. The sensor detects interstitial glucose found in the fluid between cells. Every few minutes, the sensor checks the glucose level, and data is wirelessly transmitted to a monitor.
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Continuous Glucose Monitoring Market Insights:
Factors influencing the Continuous Glucose Monitoring Market growth:
Factors like increased use of CGM devices in different markets, increased incidence of diabetes, etc., are driving its growth rate.
Continuous Glucose Monitoring Market: A thorough Segmentation Analysis
The worldwide Continuous Glucose Monitoring Market segmentation has been done based on Component, Product, Demographics, Testing Site, End-user, Application, and Geography.
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The Sensor segment recorded the maximum share of 39% in 2020 based on the component. This segment is also anticipated to have the fastest CAGR between 2021 and 2030. Sensors are the most advanced component of CGM devices, made up of a metallic filament that is thinner than a needle; it is inserted into the fatty layer under the skin. Sensor technology is slightly different from that used in transmitters and receivers. These components detect blood sugar levels using glucose oxidase. Platinum is combined with glucose oxidase in the sensor to produce and generate hydrogen peroxidase, which generates an electrical signal for the transmitter. The results are displayed on the device monitor by the receiver. Signals from the transmitter are received by a battery-powered, handheld receiver that displays the results. The receiver also displays and potrays various graphs and statistics which can be used to customize medication, which is useful for people with hypoglycemic or hyperglycemic conditions.
The adult population is expected to be the fastest growing segment during the forecast period on the basis of demographics. CGMs are considered suitable instruments for managing diabetes in the adult population as it is a ready-to-go treatment, a cost-efficient system for the working class, and very effective in managing diabetes, which leads to widespread adoption by this age group. As per a U.S. survey in 2019, 38% of the 23,000 children and adults who had been diagnosed with type 1 diabetes used CGM, with the majority of users between the age of 26 and 50.
Based on application, the Type-2 diabetes segment accounted for the largest market share in 2021. It is primarily due to the increasing incidence of Type-2 Diabetes patients dependent on insulin. For example, the International Diabetes Federation (IDF) estimated that 537 million people would have type-2 diabetes worldwide in 2021, with one in every ten diabetic patients at a risk of developing this disease. Additionally, CGM has been clinically effective in reducing the risk of hypoglycemia in people with type 1 diabetes and it is anticipated to be used more frequently in this Population.
The home care segment had the biggest market share of more than 43% in 2020, based on end-user, and it is anticipated to grow rapidly during the forecast period. The hospital category is expected to grow at the second-highest CAGR of almost 10% between 2021 and 2030. One of the factors driving this expansion is healthcare facilities to track patients with diabetes-Mellitus blood sugar levels and the use of the CGM device in hospitals. According to clinical studies reported by NCBI, CGM systems perform better than SMBG (Self-monitoring Blood Glucose devices) in terms of benefits for people with gestational diabetes-mellitus. The introduction of highly advanced diabetes treatment devices will further increase product acceptance in the hospital sector.
North America ruled the worldwide CGM devices, with more than 39% of the market share in 2020. Due to the well-established healthcare sector in this region, it is expected to grow during the forecast period. The factors boosting the growth of this region are the growing awareness about advanced technologies for diabetes control, the increasing incidence of obesity, and favourable reimbursement policies. Furthermore, Asia-Pacific is expected to be the fastest-growing regional market during 2021-2030. The Asia-Pacific region is experiencing an increase in the number of diabetic patients. India and China have the most diabetic patients worldwide, according to the International Diabetes Federation. Due to the rise in obesity cases and the rise in socioeconomic inequality, Type 1 and Type 2 diabetes have become very prominent.
Key players prevailing in Continuous Glucose Monitoring Market:
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