Continuous Glucose Monitoring (CGM) Devices Market– Companion for Efficient Diabetes Management
Continuous Glucose Monitoring (CGM) devices provide real-time information on blood glucose levels, less invasively than conventional glucose monitoring devices, marking a remarkable change in diabetes care. Continuous glucose monitoring devices automatically tracks blood sugar levels throughout the day that can be analyzed to make more informed decisions throughout the day about how to balance your food, physical activity, and medicines.
Effective approach such as continuous glucose monitoring can prevent the complications associated with diabetes as well as premature death that can result from all types of diabetes. CGM system requires less number of finger sticks and allows for data from the device to be transferred and shared for further analysis. The rise in continuous glucose monitoring market is majorly attributed to the rise in incidence of diabetes and to curb the complications associated with the disease.
The global continuous glucose monitoring (CGM) devices market was valued at US$ 3,807.3 million in 2018 and is expected to witness a robust CAGR of 24.8% over the forecast period (2019- 2027).
Figure 1. Global Continuous Glucose Monitoring (CGM) Devices Market, by Region, 2018 (US$ Mn)
Source: Coherent Market Insights Analysis (2019)
Rise in incidence of diabetes to augment the continuous glucose monitoring devices market growth
Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces. According to the World Health Organization, 2016, an estimated 422 Million adults are living with diabetes globally, where the dramatic increase in incidence of type 2 diabetes mainly attributed to obesity. CGM plays a vital role in diabetes management as it offers early detection which can inhibit the risks associated with diabetes such as heart attack, stroke, kidney failure, leg amputation, vision loss and nerve damage.
North America is expected to dominate the CGM devices market owing to the product launch by market players for efficient glucose monitoring and rise in incidence of diabetes in the region. According to the Centers for Disease Control and Prevention, 2015, an estimated 23.1 million people or 7.2% of the U.S. population had diagnosed diabetes which included 132,000 children and adolescents younger than age 18 years.
Moreover, in 2016, Dexcom G5 Mobile CGM system launched by Dexcom, Inc. received approval from Health Canada, for non-adjunctive use, thus making a new standard of care for diabetes management in Canada.
However, lack of accuracy of CGM devices, need for frequent calibration, and inconsistency of Medicare reimbursement are the major factors restraining the market growth. The Centers for Medicare and Medicaid Services have stated that the CGM systems do not meet the official definition of durable medical equipment (DME), which keeps them falling under the DME category.
Higher convenience offered by the CGM devices over self-monitoring devices to accelerate the continuous glucose monitoring (CGM) devices market
The CGM displays a glucose trend graph and direction arrows allowing people with diabetes to anticipate approaching glucose highs and lows, thus alerting the wearer during distracted times like playing, sleeping or exercising. The CGM devices market is expected to gain a significant traction in Asia Pacific owing to the collaborations between endocrinologists, credentialed diabetes educators and stakeholder organizations for diabetes prevention.
In 2017, National Diabetes Services Scheme (NDSS) initiated by Australian Government provided fully subsidized continuous glucose monitoring (CGM) products to eligible children and young people aged under 21 years with type 1 diabetes. NDDS also funded US$35 million to the JDRF Clinical Research Network to help find a cure for juvenile diabetes. Additionally, the Government also funded Insulin Pump Programme to increase the affordability of insulin pumps to people with type 1 diabetes who don’t have access to private health insurance.
Some of the major players operating in the global continuous glucose monitoring (CGM) devices market are Medtronic, Dexcom, Inc., Abbott Laboratories, Medtrum Technologies, Inc., Tandem Diabetes Care, Senseonics, Glycens, Insulet Corporation, and Nemaura Medical, Inc., STMicroelectronics, NXP Semiconductors, Qualcomm, Taiwan Semiconductor Manufacturing Company Limited, GE Healthcare, Microchip Technology Inc., Texas Instruments Inc. and Micron Technology Inc.
The continuous glucose monitoring (CGM) devices provide insights about the glucose levels of the diabetic patient throughout the day. CGM is mostly used by patients with type 1 and type 2 diabetes for better glucose control to improve the health and quality of their lives. Moreover, the integration of smartphone for easy diabetes management and cloud based data storage are the key features of the currently available CGM devices which have contributed to the drastic adoption of the CGM systems. The CGM devices displays a complete picture of glucose trends with a graphical display and customizable alerts to indicate the disturbances in glucose status.
The major factors driving growth of the continuous glucose monitoring (CGM) devices market include rapid technological advancements and convenience offered by the continuous glucose monitoring devices over the self-monitoring devices such as minimized finger pricks and special software for data tracking.
Moreover, the rising adoption of the CGM devices for gestational diabetes monitoring in pregnant women is expected to accelerate the demand for continuous glucose monitoring devices in the forecast period as diabetes management is important with respect to the pregnancy outcomes. According to the survey by Diabetes Digital Media Ltd., 2016, gestational diabetes is estimated to account for 3-5% of all pregnancies, i.e., 1 in 20 pregnant women will develop gestational diabetes globally.
However, A CGM system is more expensive than using a standard glucose meter as the sensor lifetime is a major factor affecting the cost, inconvenience and user acceptance. Also, health plans, insurance companies, and governments in most countries do not provide reimbursement for CGM, thus the patients have become reluctant towards the adoption of CGM, which costs approximately US$ 3,000 per year per patient, thus restraining market growth.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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