by Market Overview:
The Continuous Glucose Monitoring Devices Market is estimated to be valued at US$5.89 Bn in 2022 and is expected to exhibit a CAGR of 9.9% over the forecast period, according to a new report published by Coherent Market Insights. Continuous glucose monitoring devices are used to monitor glucose levels in diabetic patients. These devices provide real-time data that helps in effective diabetes management and reduces the risk of complications associated with the disease. The market for continuous glucose monitoring devices is driven by the increasing prevalence of diabetes worldwide, growing awareness about the importance of diabetes management, and technological advancements in diabetes care devices. These devices are widely used in hospitals, clinics, and homecare settings.
Market Dynamics:
The continuous glucose monitoring devices market is driven by two major factors. Firstly, the increasing prevalence of diabetes globally is fueling the demand for continuous glucose monitoring devices. According to the International Diabetes Federation, approximately 425 million adults had diabetes in 2017, and this number is expected to reach 629 million by 2045. The rising diabetic population is necessitating the adoption of glucose monitoring devices for proper diabetes management.
Secondly, the growing awareness about the importance of diabetes management is contributing to the market growth. Awareness programs by healthcare organizations and government initiatives to control diabetes are creating a demand for glucose monitoring devices. These devices help in monitoring glucose levels in real-time and assist patients in making timely decisions regarding insulin administration and diet modification.
Overall, the continuous glucose monitoring devices market is expected to witness significant growth over the forecast period, driven by the increasing prevalence of diabetes and the growing awareness about diabetes management.
Market key trends:
The continuous glucose monitoring devices market is expected to witness significant growth in the coming years. One key trend driving this growth is the increasing prevalence of diabetes worldwide. According to the International Diabetes Federation, the global diabetic population is expected to reach 642 million by 2040. This rising prevalence of diabetes has led to a higher demand for continuous glucose monitoring devices as they provide real-time information on blood glucose levels, enabling better management of diabetes.
SWOT Analysis:
Strength: Continuous glucose monitoring devices offer real-time and continuous monitoring of blood glucose levels, improving the accuracy of diabetes management.
Weakness: The high cost of continuous glucose monitoring devices can limit their adoption, especially in developing markets.
Opportunity: Technological advancements in continuous glucose monitoring devices, such as the development of wearable devices, offer significant growth opportunities.
Threats: Intense competition in the market from existing players as well as new entrants can pose a threat to market growth. Additionally, regulatory complexities and stringent approval processes can also hinder market expansion.
Key Takeaways:
The Global Continuous Glucose Monitoring Devices Market Demand is expected to witness high growth, exhibiting a CAGR of 9.9% between 2023 and 2030. This growth can be attributed to the increasing prevalence of diabetes worldwide. The market is projected to reach US$ 5.89 billion in 2022.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the continuous glucose monitoring devices market. This can be attributed to the well-established healthcare infrastructure, increasing diabetic population, and favorable reimbursement policies in the region.
Key players operating in the continuous glucose monitoring devices market include Medtronic, Dexcom, Inc., Abbott, Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd. These key players are focused on product development and strategic collaborations to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
