A continuous glucose monitoring system is a form of glucose monitoring device that works by introducing a biosensor through the skin, either transcutaneously or subcutaneously. The embedded sensor detects the glucose levels in interstitial fluid or blood and sends the data to a monitor/receiver, which displays the results. Due to their numerous benefits over conventional glucose monitoring devices, these systems play an important role in diabetes care. These systems, unlike traditional glucose monitors, allow for regular follow-up of glucose levels, which is critical for averting diabetic complications.
The global continuous glucose monitoring market is projected to exceed US$ 2 Bn by 2028, advancing at a CAGR of 9.5% from 2021 to 2028 (forecast period).
Type 1 and type 2 diabetes affects around 547 million individuals aged 20 to 79 worldwide. In such cases, Type 1 diabetes patients must take insulin on a regular basis in order to maintain their blood sugar levels and prevent further issues. As a result, it is critical to monitor the glucose level when administering insulin. Type 1 diabetes impacted over 10% of the diabetic population in 2020, and the number is growing fast with each passing year.
Diabetes can affect persons of all ages; nevertheless, the incidence is higher among the elderly. Individuals with Type 2 diabetes for over 20 years have become regular insulin users. As a result, a continuous glucose monitoring device is utilized to assess blood glucose levels. Continuous glucose monitors aid in the constant monitoring of glucose levels, giving a patient blood glucose count at all times. As the prevalence of diabetes rises around the world, the need for continuous glucose monitoring devices grows, pushing the global continuous glucose monitoring market growth over the anticipated period.
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Moreover, as a result of the COVID-19 outbreak, the need for continuous glucose monitoring devices has skyrocketed, resulting in a massive supply and demand for glucose monitoring devices in the first several months of the COVID outbreak. To fulfill the unmet demand, various manufacturers and the government are investing extensively in manufacturing and R&D, which is expected to increase sales of continuous glucose monitoring market throughout the projection period.
Growing Geriatric Population to Provide Significant Growth Prospects
Over the last decade, the global population has grown rapidly and continues to expand with each passing year. As a result, the geriatric population is growing all across the world. Diabetes is more common in the elderly population, which increases the diabetic population. As a result, the demand for continuous glucose monitoring devices is increasing, propelling the continuous glucose monitoring market forward.
Moreover, growing diabetes awareness, the accessibility of continuous glucose monitoring devices, higher disposable income, and escalating healthcare expenditure are all key factors expected to boost the worldwide continuous glucose monitoring market in the near future.
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North America to Spearhead Global Market
North America is expected to witness a massive growth in the worldwide continuous glucose monitoring market during the forecast period. Due to the presence of a well-established healthcare sector in the region, the regional market will increase at a consistent CAGR during the forecast period. Moreover, the rising incidence of obesity, the presence of effective reimbursement policies, and increased awareness of improved diabetes treatment technologies are also projected to drive the regional market.
Asia Pacific is anticipated to contribute to the worldwide continuous glucose monitoring market during the forecast period. Compared to other regions, the number of diabetic patients in the Asia Pacific region is increasing. China and India are expected to provide revenue-generation opportunities in continuous glucose monitoring market in Asia Pacific. As per the International Diabetes Federation, China and India have the world’s highest number of diabetic patients. Moreover, the rise in obesity cases, combined with expanding socioeconomic changes, has spurred the emergence of Type 1 and Type 2 diabetes.