The Increasing Prevalence Of Diabetes To Propel The Continuous Glucose Monitoring (CGM) Devices Market Growth

 

Continuous Glucose Monitoring (CGM) Devices Market

Continuous Glucose Monitoring (CGM) Devices Market, by Component (Transmitters, Receivers, Insulin Pumps, and Sensors) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global continuous glucose monitoring (CGM) devices market is estimated to be valued at US$ 8,865.65 million in 2022 and is expected to exhibit a CAGR of 24.8% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Continuous Glucose Monitoring (CGM) Devices assists one to manage the type 1 mellitus and type 2 mellitus with lesser fingerstick trials, a sensor in the skin measures the glucose levels in the whole day. A transmitter sends outcome to a wearable appliances or the smartphone. It is difficult to and it needs some time for a person to learn how to utilize the Continuous Glucose Monitoring (CGM) Devices, however, it can assist one more easily to regulate the well-being.

Competitive Landscape:

Key players involved in the global Continuous Glucose Monitoring (CGM) Devices Market are Taiwan Semiconductor Manufacturing Company Limited, Texas Instruments Inc, Insulet Corporation, and Nemaura Medical, Inc., NXP Semiconductors, Senseonics, Medtronic, Dexcom, Inc., STMicroelectronics, Abbott Laboratories, Microchip Technology Inc.,Medtrum Technologies, Inc., Tandem Diabetes Care, Glycens, Qualcomm, GE Healthcare, and Micron Technology Inc.

Market Key Drivers:

The increasing prevalence of diabetes is expected to augment the growth of global continuous glucose monitoring (CGM) devices market. For instance, as per IDF, it is estimated that above 700 million individuals would be suffering from diabetes.

The increasing geriatric population is anticipated to propel the growth of global continuous glucose monitoring (CGM) devices market. For instance, as per UN Report, around 727 million people aged 65 years or above in 2020.

Covid-19 Impact Analysis:

The Covid-19 outbreak has had a positive impact on the growth of global Continuous Glucose Monitoring (CGM) Devices Market. The spread of virus has increased need for the requirement of remote monitoring of COVID-19 individuals, the CGM had shown instant demand growth in COVID-19. 

Key Takeaways:

The global continuous glucose monitoring (CGM) devices market is anticipated to exhibit a CAGR of 24.8 % during the forecast period owing to the increasing prevalence of obesity as obesity also leads to diabetes. For instance, as per WHO, above 1 billion people are obese globally out of 650 million are adults.

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in the global Continuous Glucose Monitoring (CGM) Devices Market due to increasing prevalence of diabetes, rising awareness of healthcare expenditure, rising geriatric population and increasing R&D. For instance, as per ADA, around 37.3 million people suffer diabetes.