 |
| Global Continuous Glucose Monitoring Devices Market Growth |
Continuous glucose monitoring (CGM) devices provide real-time glucose level
monitoring in interstitial fluid or blood. It helps in diabetes patient
management and prevent chances of hypoglycemia or hyperglycemia. CGM devices
provide advantages of remote monitoring over conventional self-monitoring blood
glucose devices.
The global
continuous glucose monitoring market is estimated to be valued at US$ 2.09
billion 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 Opportunity:
The increase in diabetic patient pool globally presents a major opportunity for
continuous glucose monitoring devices market. As per International Diabetes
Federation, nearly 537 million adults aged 20-79 years were living with
diabetes in 2021 globally, and the number is expected to rise to 643 million by
2030 and 783 million by 2045. Continuous glucose monitoring helps in effective
diabetes management and maintains optimum blood glucose levels in patients.
Real-time glucose monitoring prevents long term health complications in
diabetes patients like eye, kidney disease, amputations, stroke, heart diseases
etc. Thus, growing diabetic population worldwide requiring patient management
presents lucrative growth opportunity for continuous glucose monitoring devices
market over the forecast period.
Porter's Analysis
Threat of new entrants: The continuous glucose monitoring devices market has a
moderate threat of new entrants due to the presence of stringent regulatory
frameworks which new companies need to comply with.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
exist numerous companies offering continuous glucose monitoring devices with
differentiated offerings to cater the diverse needs of patients.
Bargaining power of suppliers: The bargaining power of suppliers in terms of
raw materials and components is low owing to the availability of substitute
suppliers in the market.
Threat of new substitutes: Threat from new substitutes is moderate as
continuous glucose monitoring devices don't have close substitutes and target a
niche patient segment with specific needs.
Competitive rivalry: The competitive rivalry in the continuous glucose
monitoring devices market is high due to the presence of numerous international
and regional players offering similar products.
SWOT Analysis
Strength: Continuous glucose monitoring devices offer real-time glucose
monitoring to better manage diabetes without frequent finger pricking. They
provide alerts for hypo and hyperglycemic events via smartphones.
Weakness: The cost of continuous glucose monitoring devices remains a
constraint for some patients. Technical issues related to device accuracy and
connectivity could impact user experience.
Opportunity: Growing diabetic population globally presents an opportunity for
device manufacturers. Emergence of integrated insulin delivery devices enhances
opportunities.
Threats: Reimbursement policies vary across countries posing challenges. Data
security and privacy threats related to connected devices could impact user
uptake.
Key Takeaways
Global
Continuous Glucose Monitoring Devices Market Growth is expected to
witness high growth during the forecast period of 2023-2030.
Key regional
growth factors include increasing adoption of advanced diabetes devices,
supportive regulatory framework for new products, and availability of favorable
reimbursement policies. For instance, Medicare in the US covers CGM devices and
sensors for people with Type 1 diabetes under certain conditions to boost
patient access. Advancements in diabetes treatment technologies also provide
growth opportunities in the region.
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. The market is concentrated
with the top players accounting for a major share. Strategic collaborations,
M&A activities and new product launches are some of the key strategies
adopted by companies to strengthen their market position.
Get
More Insights On This Topic: https://www.newsanalyticspro.com/global-continuous-glucose-monitoring-devices-market-scope/