by Continuous glucose monitoring devices play a vital role in diabetes management by continuously monitoring the levels of glucose in the blood. These devices help track patterns and trends in glucose levels such as rise or fall and provide actionable insights for individuals with diabetes to manage their condition better. Continuous glucose monitoring devices help minimize Hyperglycemia and Hypoglycemia by alerting users in real-time about abnormal glucose levels. This helps people with diabetes avoid hospitalizations and complications.
The global Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 2.09 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the continuous glucose monitoring devices market is the technological advancements in glucose monitoring devices. Leading manufacturers are focused on developing innovative glucose monitoring systems with advanced features to provide better management of diabetes. For instance, Dexcom G6 CGM system offers accurate glucose readings without finger pricks and can be directly attached to the skin. Abbott’s Freestyle Libre 2 flash glucose monitoring system requires scanning of the sensor rather than pricking finger for glucose readings. Such advancement helps individuals manage diabetes discreetly and conveniently. Further, smartphone compatible CGM devices are gaining popularity as they provide remote monitoring capabilities and alerts via mobile applications. This increasing shift towards smartphone compatible CGM devices is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as continuous glucose monitoring devices market requires high investment for R&D and compliance with stringent regulations making barriers to entry moderate.
Bargaining power of buyers: The bargaining power of buyers is moderate as continuous glucose monitoring devices are medical devices requiring a prescription. However, availability of substitutes provides some bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers for continuous glucose monitoring devices and switching costs are low.
Threat of new substitutes: The threat of new substitutes is moderate as alternative blood glucose monitoring devices and technologies can be used. However, continuous glucose monitoring provides unique advantages.
Competitive rivalry: The competitive rivalry is high as the market is growing and dominated by few major players investing heavily in R&D and product innovations.
Key Takeaways
The Global Continuous Glucose Monitoring Devices Market Growth is expected to witness high growth over the forecast period.
Regional analysis:
North America is expected to dominate the market during the forecast period owing to growing prevalence of diabetes, favorable reimbursement policies, and higher adoption of advanced glucose monitoring devices compared to other regions. The Asia Pacific region is expected to grow at the fastest rate due to rising awareness regarding diabetes management and increasing healthcare expenditure in emerging countries.
Key players operating in the continuous glucose monitoring devices market are 3M, BSN Medical, Sigvaris AG, Cardinal Health, Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. 3M and Medtronic plc dominate the global CGM devices market. The market is witnessing new product launches and innovations by these major players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
