Market for Blood Glucose Monitoring Devices to Reach $21.71 Billion by 2030

Continuous glucose monitoring (CGM) devices offer real-time information on blood glucose levels in a less invasive manner than traditional glucose monitoring devices. In order to balance diet, physical activity, and medications throughout the day, continuous glucose monitoring devices automatically detect blood sugar levels throughout the day. 

 

The market for continuous glucose monitoring devices will grow at a strong CAGR of 11.5%, from $6.13 billion in 2021 to $16.33 billion by 2030.

 

The COVID-19 epidemic has increased demand for Continuous Glucose Monitoring Devices since federal agencies have reduced regulations and offered advice for using home-use glucose meters or CGMs in hospital settings.

Smoking, corpulence, actual dormancy, expansion to hypertension, and elevated cholesterol are the normal gamble factors related with diabetes intricacies. The Global Diabetes League asserted that, in 2021, around 536.6 million individuals were determined to have diabetes; this number is supposed to increment to 642.8 million by 2030 and 783.7 million by 2045.

Experiences on food utilization, medication use, actual work, and ailments are likewise given to patients through CGM gadgets. The advancement of computerized therapeutics has made it simpler for the makers of CGM gadgets to associate with diabetes patients. There are numerous applications in the market that join CGM information for future pattern examination and way of life changes that should be made for the patient. This multitude of variables are expected to well influence the market development for nonstop glucose observing gadgets.

 

 

Market Dynamics

Drivers

 

 

One of the major factors boosting the expansion of the market for continuous glucose monitoring devices is the rise in diabetes incidence due to poor eating habits. The World Diabetes Federation estimates that there will be 537 million individuals living with diabetes worldwide in 2021, which will rise to 783 million by 2045. The World Health Organization claims that diabetes significantly contributes to kidney failure, stroke, and blindness. The rising awareness regarding diabetes control and management is accelerating the need for continuous glucose monitoring devices among the global population. 

 

Global market expansion has been made possible by the wide range of glucose monitoring devices that are readily available. Obesity is among the leading causes of diabetes. In both industrialized and emerging countries, obesity rates have increased alarmingly. Almost 1.9 billion people worldwide were overweight in 2016. With 650 million of those adults being obese, according to the World Health Organization.

Organizations like Abbott, Dexcom, Medtronic and numerous others, encountered an expansion in income deals of their driving diabetic consideration items because of the gigantic ascent in the requirement for such items during the Coronavirus flare-up. The blood glucose checking gadgets improve glycemic control and may have expanded patient self-administration, which considerably affects diabetes care. In many nations, the public authority presented repayment arrangements on the use of blood glucose observing gadgets, during Coronavirus. This prompted the expanded interest and reception of such gadgets by the patient and suppliers.

 

 

Restraints

 

One of the primary reasons for the low acceptance of continuous glucose monitoring systems is the presence of a sizable population with undiagnosed diabetes. Due to the general public's misunderstanding of chronic illnesses like diabetes mellitus, poorer countries like China, India, South Africa, Brazil, and others have a higher prevalence of delayed analysis and diagnosis. Growth may also be hamper by public or private organizations not using contemporary, sophisticated methods and by people who only have limited access to modern healthcare facilities.

The sensors section represented the most elevated piece of the pie of 39.7% in 2022. Mechanical progressions to work on the exactness of these sensors are suppose to drive portion development during the figure time frame. Sensors are the most modern piece of CGM gadgets and comprise of a metallic fiber, more slender than a needle, which is embedded into the greasy layer just beneath the skin. The innovation utilized in sensors is somewhat not quite the same as the one utilized in transmitters and recipients. These parts use glucose oxidase to identify glucose levels.

The collector section is supposed to develop at the quickest rate during the figure time frame. The collector likewise called a peruser is a gadget or a cell phone application that shows continuous glucose information from the sensor. A few gadgets offer applications for survey information, while the CGMs presented by Dexcom and Abbott give separate convenient gadgets. These compact gadgets are helpful for patients having no admittance to cell phone gadgets.

 

 

Market Segmentation

 

By Component

 

Sensors accounted for approximately 40.5% of the market share in 2021, based on components. This is due to the sensors' accuracy and efficiency in analyzing blood glucose levels. Furthermore, increased preference for sensors has aided the growth of this segment. It accurately interprets changes in blood glucose levels, making sensors the market leader in the CGM device industry. The performance of the sensors has improved as a result of technological improvements. The development of sensor technology has increased the affordability of sensor CGM devices, creating opportunities for expansion in emerging and undeveloped economies worldwide.

In view of end-use, the CGM gadgets market is divide into clinics, homecare settings, diagnostics focuses, and clinical research facilities. The homecare settings portion drove the worldwide market with a portion of 43.8% in 2022 and is expect to witness the most noteworthy CAGR during the conjecture time frame. These gadgets offer patients with diminished admission of insulin portions and work with ceaseless checking of blood glucose levels.

Homecare settings are suppose to fuel the interest for CGM gadgets as a result of effective and simple checking of blood glucose. Also, the apprehension about the infection spread. The expanded weakness of diabetic patients during Coronavirus. And the need to stringently screen blood glucose levels during the pandemic time frame prompted its expanded reception among patients.

The emergency clinic section represented the piece of the pie of 33.4% in 2022. Because of the rising number of clinic visits for diabetes treatment and abrupt confusions emerging because of diabetes, like retinopathy, nephropathy, and neuropathic, requiring quick consideration and emergency clinic affirmations. In this manner, clinic settings are likewise expect to catch a critical piece of the pie sooner rather than later.

 

By End-User

 

 

In 2021, the home healthcare segment accounted for approximately 45% of the market share based on the end user. This can be cause by the increasing rate of diabetes, growing consumer awareness of the accessibility of CGM devices, rising disposable income, and rising demands for preventive measures. The growing health consciousness and awareness about the importance of managing blood glucose levels regularly have increased the demand for CGM devices in the home healthcare segment. Furthermore, aggressive marketing strategies implemented by the top market players have contributed significantly to the growth of this segment.

 

Regional Analysis

 

In 2021, North America held about 41% of the market share. This is due to the elevated literacy rate, rising disposable income, rising healthcare costs, rising adoption of cutting-edge technologies, rising diabetes awareness, rising senior population. And rising demand for diabetes preventive measures in developed nations like the US and Canada. Because of the rise in diabetes cases, Canada has the fastest-growing market in North America. Over 11 million people in Canada had diabetes in 2020. Which is project to climb in the next years, according to Diabetes Canada.

The North America locale was suppose to accomplish the biggest piece of the pie of 38.9% in 2022. And is assess to proceed with its predominance during the conjecture time frame. The significant locales considered in the report are North America, Europe, Asia Pacific, Latin America, and MEA. Expanding instances of diabetes and endeavors taken by the public government to deal with the illness at a bigger level are suppose to drive the locale's development.

For example, as per the Global Diabetes Organization, in 2021, 32.2 million instances of diabetes were analyze in the U.S. A similar source expressed that by 2030, the cases are suppose to arrive at 34.7 million. Preventive measures are start by the public authority to help diabetic people comprehend. And deal with the illness better, before any serious outcomes might happen. The area is suppose to thrive attributable to mechanical progressions and significant examination notwithstanding development in diabetes care.

Key Players 

 

• Abbott Laboratories
• GlySens Incorporated
• Dexcom, Inc.
• Senseonics Holdings, Inc.
• LifeScan IP Holdings LLC
• Medtronic plc
• Hoffmann-La Roche Ltd.
• B Braun Melsungen AG
• Terumo Corporation
• Menarini Diagnostics
• Echo Therapeutics, Inc.
• Johnson & Johnson

 

The market for continuous glucose monitoring devices will grow at a strong CAGR of 11.5%, from $6.13 billion in 2021 to $16.33 billion by 2030. The rising incidence of diabetes and the rising demand for treatment. And preventive measures worldwide are the main factors driving the global market for continuous glucose monitoring devices.

Asia Pacific is expect to witness the most noteworthy CAGR of 5.8% during the gauge time frame. The high commonness of the illness in emerging nations, for example, India. And China has been driving business sector development in the area. For example, as per the Global Diabetes League in 2021. China represented 1,079.9 million diabetes cases though India represented 893.9 million diabetes cases.

Related Reports:

Electrophysiology Devices Market Report - The global electrophysiology devices market will witness a robust CAGR of 10.8%, valued at $6.2 billion in 2021, expected to appreciate and reach $15.60 billion by 2030, confirms Strategic Market Research. Electrophysiology is the test to help physicians understand the nature of abnormal heart rhythm. And access electrical heart activity to diagnose arrhythmia or irregular heartbeats.