Continuous Glucose Monitoring (CGM) Devices Market -Dynamics and Forecast
However, these devices also aid in diabetes management by lowering individual insulin dosages. These gadgets' integrated software provides users with information about food consumption, medication, physical activity, and ailments. As a result, an increasing number of diabetic patients are relying on these devices to control and treat their condition, propelling market growth. A growing number of continuous glucose monitoring devices are being integrated with apps and software to treat people with diabetes mellitus, thanks to the development of digital medicines.The rising prevalence of diabetes mellitus has boosted the market for
continuous glucose monitoring (CGM) devices.
The Continuous Glucose Monitoring (CGM) Market is estimated to develop at a CAGR of 14% over the forecast period. High blood glucose levels occur before the age of 70, according to WHO data, and contribute for over half of all deaths. According to the World Health Organization, diabetes will be the sixth leading cause of death by 2030.The CGM is a significant tool for patients who use insulin pumps or daily insulin injections since it helps to improve glycemic balance while reducing the risk of dangerous hypoglycemia. In several clinical studies, diabetics with Type 1 diabetes mellitus (T1DM) who used continuous glucose monitoring had better glycemic control than those who used a glucometer for the same purpose. The same tendency can be seen in children and people who use a CGM on a regular basis. The results demonstrate that these children have lower levels of glycosylated haemoglobin (HbA1c) and a lower frequency of hypoglycemia.Electrochemical subcutaneous glucose oxidase sensors are used in the current CGM models to monitor glucose levels in the interstitial fluid. CGM systems can download data to demonstrate historical trends in blood glucose levels or provide a real-time visual of glucose levels via receiver displays.During current or upcoming glycemic visits, most real-time CGMs can transmit an alert to patients, parents, or carers to assist with blood glucose management.
Regional Insights
Because of its well-established healthcare sector, North America led the market with a share of 39.1 percent in 2020. Obesity's rising prevalence, expensive treatment costs, technical improvements, and new product launches are all projected to propel the regional market forward. Due to an increase in the geriatric population, Europe is likely to gain a considerable market share throughout the projection period. Furthermore, the region's demand for BGM is being boosted by advancements in its healthcare sector and the introduction of new medical items.
In the future years, Asia Pacific is expected to be a profitable regional market. The expansion of the regional market is aided by improvements in healthcare facilities and reimbursement policies in developing economies. Due to its large diabetes population and strong economic growth, China will lead the APAC area in 2020. Furthermore, an increase in awareness regarding diabetes preventive care is further augmenting market growth.
Industry Dynamics
Growth Drivers: The introduction of favorable regulatory initiatives targeted at encouraging continuous glucose monitoring devices over other kinds of glucose monitoring is likely to contribute significantly to continuous glucose monitoring device market growth.
The approval of CLIA (clinical laboratory improvement amendments) in the United States, for example, is likely to boost demand for continuous monitoring devices during the next six years. These are the tests that have been approved for use in non-traditional settings such as emergency rooms, physician offices, pharmacy clinics, and health department clinics, among others.
Over the projected period, the continuous monitoring device industry is expected to be driven by the rising prevalence of diabetes. Diabetes is one of the most dangerous diseases, and it is the main cause of death in many regions of the world.
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