Continuous glucose monitoring is an excellent technology for estimating blood glucose levels throughout the day and night. It consists of three components: a small sensor, a sticky patch, and an implanted sensor. These sensors measure the glucose stage in the fluid between cells, which closely matches the glucose stage in the blood. The CGM machine also consists of three components: a sensor, a transmitter, and a software program. The transmitter wirelessly transfers the info to smartphone. The CGM also provides alarms and displays a picture that indicates the glucose level. Importantly, CGM helps to keep glucose levels in a healthy range, which is critical in preventing diabetes complications.
Global Continuous Glucose Monitoring Market Driving Factors and Challenges
Driving Factors- The global market is expected to develop during the projected period due to a rise in the incidence and prevalence of type 1 and type 2 diabetes around the world. Furthermore, it has been noted that ongoing glucose monitoring greatly aids in the treatment of diabetes, particularly in type I diabetics, and helps to prevent long-term consequences related to the disease. Key factors anticipated to drive the growth of the global market during the projected period include an increase in the number of diabetic patients, technological improvements, and a rise in awareness in both developed and developing countries.
Challenges- The high cost of these devices is a hindrance to the global market for continuous glucose monitoring devices. Even though they have a lot to offer in terms of continuous glucose monitoring, their cost may prevent some people from using them, particularly in areas with inadequate healthcare facilities or for those without sufficient insurance. The cost barrier could prevent these gadgets from being widely adopted and accessible, which would have an effect on market penetration and future growth in particular areas and populations.
Impact of COVID-19 on Global Continuous Glucose Monitoring Market
The COVID-19 epidemic had a huge impact on the continuous glucose monitoring market. Initially, the market suffered a setback due to the start of lockdown and the severe regulations enforced by authorities during the lockdown. During the pandemic, continuous glucose monitoring (CGM) became popular for diabetes self-management and treatment. Furthermore, due to overwhelming demand, product costs fell dramatically after the lockout, making continuous glucose monitoring devices more affordable to the general public, increasing sales. Furthermore, because diabetic persons are more susceptible to COVID-19, the demand for diabetes care products like as self-monitoring blood glucose meters and CGM increased during the pandemic.
Global Continuous Glucose Monitoring Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Abbott, Dexcom Inc, A. Menarini Diagnostics S.r.l, Ypsomed AG, F. Hoffmann-La Roche Ltd, Medtronic, Senseonics Holdings Inc, Medtrum Technologies, Nemaura Medical Inc.
Global Continuous Glucose Monitoring Market Segmentation:
By Component: Based on the Component, Global Continuous Glucose Monitoring Market is segmented as; Sensors, Durables (Receivers and Transmitter).
By End User: Based on the End User, Global Continuous Glucose Monitoring Market is segmented as; Hospital/Clinics, Home/Personal.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.