Habrovich/iStock via Getty Images
market for continuous glucose monitoring systems, with companies such as Abbott Laboratories (ABT) and DexCom (Nasdaq: DXCM), is expected to reach $31.7 billion by 2031, Allied Market Research reported in a recent industry report.
to rise Diabetes prevalence, technological advances and advantages of blood glucose monitors over point-of-care (POC) glucose meters are expected to support this trend which, according to the research firm, indicates a compound annual growth rate of 17% from 2022 to 2031.
The attractiveness of the market fueled competition. In February, shares of DexCom (DXCM) and Abbott (ABT) subsequently fell bloomberg Reported that Apple (AAPL) has made significant breakthroughs in a secret CGM launch project.
Continuous glucose monitoring allows people with diabetes to tightly control their blood sugar levels, reducing the risk of hyperglycemia as well as hypoglycemia and associated clinical effects such as eye and nerve diseases.
Commonly used single-point finger stick devices, which require patients to prick a fingertip, is a painful and difficult method of causing discomfort. In contrast, a continuous glucose monitor can measure glucose levels through a small sensor placed under the skin, usually on the abdomen or arm.
Then, the transmitter sends this data to a portable device or monitor, which can be part of insulin pumps manufactured by companies such as Medtronic (MDT), Tandem Diabetes (TNDM), and Insulet (PODD).
In addition to Abbott (ABT) and DexCom (DXCM), Medtronic (MDT), Roche (OTCQX: RHHBY), and Senseonics (SENS) also operate in the CGM market.
According to the Heavy report The use of CGMs in home healthcare and ICU settings, along with increased awareness of the product, is expected to create multiple tailwinds for key market players. However, strict regulatory measures and negative systemic effects are expected to hamper growth to a certain extent.
Demographically, the main driver behind the market growth is the adult population which in 20221 made up more than 90% of the global continuous glucose monitoring revenues. This segment is expected to register the fastest CAGR of 17.1% during the forecast period due to the high prevalence of diabetes and the general increase in the elderly population worldwide.
For end users, the Hospitals & Clinics segment could register the fastest CAGR of 17.4% from 2022 to 2031, while geographically, Asia Pacific should register the highest CAGR of 17.9%.
The prevalence of diabetes in India, increasing healthcare awareness, and increasing focus on R&D work to develop continuous diabetes monitoring devices could be some of the driving factors behind this growth.
However, driven by higher adoption of advanced CGMs, advances in healthcare infrastructure, and other factors, North America generated approximately 50% of the total global CGM market revenue in 2021.
Alfa analyst Jonathan Wheeler researches that type 2 basal insulin patients, who are expected to receive Medicare coverage for continuous diabetes monitoring devices this year, “should be a rising tide to lift all boats for CGM providers in the space.”