The Global Continuous Glucose Monitoring (CGM) Devices Market, by Component (Transmitters, Receivers, Insulin Pumps and Sensors) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 3,807.3 million in 2018 and is projected to exhibit a CAGR of 24.8% over the forecast period (2019– 2027).
The continuous Glucose Monitoring (CGM) is expected to gain significant traction with the efficient diabetes monitoring and management for people on intensive insulin therapy, product clearance from the regulatory agencies such as U.S. Food and Drug Administration and the innovative technologies developed by the major manufacturers. Also, the broadened recommendation by healthcare professionals for CGM owing to its wide range of applications in patient care protocols in pediatric and adult type 1 and type 2 diabetes, is a major factor driving the CGM market in the forecast period.
Early detection of hypo and hyperglycemic events to propel growth of market
Continuous glucose monitoring devices have the potential to improve clinical outcomes for avoiding hypo/hyperglycemic events and diabetic ketoacidosis which can arise due to skipped insulin dose. The currently available CGM devices display the glucose level, the magnitude and direction of changing glucose levels, thus becoming a vital tool to predict the fore coming events of hypo- and hyperglycemia. Hyperglycemia, or raised blood sugar, is an outcome of uncontrolled diabetes, leading to serious damage to the nerves and blood vessels. Therefore, CGM devices helps to reduce chronic diabetes complications by preventing episodes of hypoglycemia, thereby minimizing the health care costs and improving quality of life. Additionally, in 2016, the American Diabetes Association (ADA) recommended diabetes education, training on the device, and support to be provided when a CGM is prescribed, to optimize its benefits.
Browse 35 Market Data Tables and 26 Figures spread through 190 Pages and in-depth TOC on “Continuous Glucose Monitoring (CGM) Devices Market” by Component (Transmitters, Receivers, Insulin Pumps and Sensors) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2027.
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The market players are engaged in product development and innovation to increase the portfolio diversification and to introduce exciting new technologies. The continuous glucose monitoring devices is a part of the artificial pancreas systems that are widely adopted by the patients for diabetes care. In 2017, Medtronic launched the world's first Hybrid Closed Loop system- MiniMed 670G for the people suffering from type 1 diabetes. The system features the most advanced and the only FDA approved insulin pump, SmartGuard technology, and Guardian Sensor 3, to enable personalized and automated delivery of basal insulin. Moreover, the support from National Institute of Diabetes and Digestive and Kidney Disease (NIDDK) to fund several important studies on different types of artificial pancreas devices to help people with type 1 and type 2 diabetes and gestational diabetes manage their disease is a major factor to accelerate the development for the introduction of novel and highly efficacious CGM devices.
Key Takeaways of the Continuous Glucose Monitoring (CGM) Devices Market: