Continuous glucose monitoring (CGM) devices are a step forward in diabetes care since they continuously monitor blood glucose levels. The emergence of CGM systems that were integrated with insulin pumps and used transmitters, receivers, and glucose sensors enhanced their acceptance owing to the greater convenience. The practice of collecting data through CGM has aided individuals in keeping track of their daily glucose levels.
A Comprehensive Market Analysis
In recent years, the global continuous glucose monitoring market has witnessed a series of product launches and approvals that have contributed to its growth. DataM Intelligence's in-depth market analysis reveals the major continuous glucose monitoring market drivers, challenges, trends, and opportunities.
Our market intelligence report evaluates the continuous glucose monitoring market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the continuous glucose monitoring market.
Market Drivers and Restraints
Increasing Adoption of Continuous Glucose Monitoring (CGM) Devices Will Drive the Market Growth
Continuous glucose monitoring (CGM) establishes itself as an indispensable tool in the improvement of glycemic balance without raising the threat of fatal hypoglycemia in patients who rely on insulin pumps or daily insulin injections. Several clinical investigations have indicated that diabetic individuals with Type 1 diabetes mellitus (T1DM) who utilize continuous glucose monitoring have better glycemic control than when a glucometer is used for regular self-monitoring blood glucose.
The same pattern may be seen in youngsters and people who utilize continuous glucose monitoring (CGM) on a regular basis. The findings in these youngsters demonstrate higher levels of glycosylated hemoglobin (HbA1c) without an increased incidence of hypoglycemia.
Lack of Adequate Reimbursement for Devices Will Hamper the Market Growth
However, a lack of proper compensation for devices is the primary obstacle to device adoption. The absence of this feature is most likely owing to the devices' FDA clearance as a supplementary treatment to regular home blood glucose monitors.
In the case of payment in a country such as the United States, only particular patient groups get compensation if they meet certain criteria. This is rather unexpected given the accumulating evidence for the advantages of CGM use from clinical studies.
Market Opportunities
The increasing usage of technologically improved devices is likely to generate considerable potential prospects for participants in the global market for continuous glucose monitoring devices. For example, with the development of technologies such as artificial intelligence (AI) in the healthcare industry, CGMs are transforming diabetes treatment.
In May 2023, AI introduced a new generative AI-enabled software to evaluate and anticipate people's glycemic responses to over 32 billion food items. The technology only needs users to wear a continuous glucose monitor (CGM) once, and it can operate even if members do not use a CGM.
Competitive Landscape
The key players operating in the continuous glucose monitoring market include Abbott Laboratories, Dexcom, Inc., A. Menarini Diagnostics s.r.l, and Echo Therapeutics, Inc.
The continuous glucose monitoring market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
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