Continuous glucose monitoring (CGM) devices are used to track glucose levels in interstitial fluid under the skin and send signals to a transmitter. The transmitter sends the information to a monitor or other device that displays real-time glucose levels. This allows for close monitoring of glucose levels and trends. CGM devices help people with diabetes and their care teams adjust therapy or take quick action, when needed, to maintain glucose in target range and reduce risks of hyper- and hypoglycemia. The global continuous glucose monitoring devices market is estimated to be valued at US$ 2.9 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 Dynamics:
Growing diabetes population is one of the key drivers of the continuous glucose monitoring devices market. According to International Diabetes Federation, approximately 537 million people aged 20-79 years were living with diabetes in 2021 globally which is projected to rise to 643 million by 2030 and 783 million by 2045. High prevalence of diabetes has increased the demand for continuous glucose monitoring devices for effective management of blood glucose levels. Furthermore, technological advancements in CGM systems with extended wearing period, alarm systems, and smartphone connectivity which provide advanced diabetes management is also fueling the market growth. However, high cost associated with CGM devices is a major challenge hampering widespread adoption.

SWOT Analysis

Strength: Continuous glucose monitoring devices help closely monitor glucose levels in real time. This allows patients and doctors to better understand how certain foods, activities, and medications impact glucose levels. Seeing patterns over time can help in making lifestyle adjustments or changes to treatments. Continuous monitoring also helps avoid dangerous high and low glucose events compared to routine blood glucose monitoring. The wireless, hands-free monitoring capabilities of these devices improve quality of life and convenience for users.
Weakness: Continuous glucose monitors require wearing a sensor that inserts under the skin and may cause discomfort or skin irritation for some users depending on sensitivity. The sensors also need periodic replacement which increases ongoing costs compared to traditional finger stick testing. Technical issues or sensor disconnects can interrupt monitoring in some cases.
Opportunity: Growing prevalence of diabetes worldwide provides an opportunity to expand the adoption of continuous glucose monitoring devices. Increasing awareness of the health benefits and convenience of real-time data vs periodic blood testing is also driving greater demand. Regulatory approvals of new device models expand treatment options. Further technological advances may help overcome limitations and drive lower costs.
Threats: Strong competition exists between manufacturers of continuous glucose monitoring systems. New entrants coupled with price competition could threaten market share of existing players. Healthcare reimbursement policies and coverage vary significantly by geography posing access challenges. Stringent regulatory norms in some regions also increases difficulty of approvals and entry.

Key Takeaways

The Global Continuous Glucose Monitoring Devices Market is expected to witness high growth driven by the rising global diabetes burden.

Regionally North America dominates currently owing to prevalence of diabetes and favorable reimbursement coverage supporting widespread adoption. However Asia Pacific is poised to grow the fastest in the forecast period given large patient populations and improving access and awareness in major countries like India and China.

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. Continuous technological upgrades by these companies to devices, sensors, and software can help overcome limitations, improve accuracy, extend sensor wear duration and drive costs lower. This will help further expand the installed base and gain market share

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