Continuous Glucose Monitoring Devices Market Size Expected a Growth of USD 13.24 Billion by 2028, According to Vantage Market Research
Global Continuous Glucose Monitoring Devices Market is valued at USD 5.13 Billion in 2021 and is projected to attain a value of USD 13.24 Billion by 2028 at a CAGR of 10.8% during the forecast period, 2022–2028. The rising incidence of diabetes, as well as the growing senior population prone to diabetes, are driving Continuous Glucose Monitoring Devices market. Growing awareness about diabetes preventative care, new product introductions, and supportive government programmes are all driving the market for Continuous Glucose Monitoring Devices. The federal agencies have reduced restrictions and provided guidelines for the use of home-use glucose metres or CGMs in hospital settings, which has resulted in an increase in demand for Continuous Glucose Monitoring Devices during the COVID-19 pandemic. The Dexcom G6 and Abbott FreeStyle Libre are two CGMs that have been certified for usage in hospitals.
Across the globe, the covid-19 pandemic caused substantial obstacles to the health-care system. Due to the imposition of lockdown, which resulted in trade restrictions and supply chain disruptions, it had a negative impact on the growth of the Continuous Glucose Monitoring Devices market for a short period of time.
Increase in Case of Obesity
One of the factors driving the market's growth is an increase in the incidence of diabetes due to age, obesity, and an unhealthy lifestyle. Obesity is a significant contributor to diabetes. According to the World Health Organization, approximately 1.9 billion adults were overweight in 2016, with around 650 million being obese. These devices use a sensor to monitor blood glucose levels at various time intervals, and the results are relayed through a wireless network. Respective readings are entered into diabetes management software so that the patient can gain a better understanding of the disease and, as a result, better manage it.
Strict Regulatory Requirements and Unstable Raw Material Cost
The cost of various raw materials is rising due to market conditions, and purchasers are currently being inundated with price hikes across multiple categories. The cost of raw materials is rising, posing issues for enterprises throughout their supply chains. Manufacturers are still grappling with the two supply chain bottlenecks that plagued the industry throughout the pandemic: sluggish supplier deliveries and labour availability, while costs continue to rise. Stringent regulatory compliance for home monitoring devices, on the other hand, would stymie worldwide Continuous Glucose Monitoring Devices demand.
The Global Continuous Glucose Monitoring Devices Market has been segmented by Component into Sensors and Durables. Based on Region, the Continuous Glucose Monitoring Devices Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Key players in the Continuous Glucose Monitoring Devices market is Medtronic (US), Dexcom Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Abbott (US), Novo Nordisk A/S (Denmark), Ypsomed (Switzerland), GlySens Inc (US).
The Continuous Glucose Monitoring Devices market is segmented as follows:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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