In North America, the United States accounted for close to 93.3% of the market value in 2019
NEW YORK, May 13, 2020 /PRNewswire/ --
The Continuous Glucose Monitoring (CGM) Market is anticipated to register a CAGR of 14.43% during the forecast period. As per WHO data, approximately half of all mortality can be associated with high blood glucose levels, which occur before the age of 70 years. WHO also expects diabetes to be the seventh-leading cause of mortality by 2030. For patients reliant on insulin pumps or daily insulin injections, the CGM establishes itself to be an instrumental tool, which helps in the enhancement of glycemic balance without increasing the danger of fatal hypoglycemia. As studied in several clinical trials, diabetic patients with Type 1 diabetes mellitus (T1DM) using continuous glucose monitoring have shown to have better glycemic control, in comparison to when glucometer is used for routine self-monitoring blood glucose. The trend follows in children, as well as those who use a CGM on a regular basis. The results in these children show better-glycosylated hemoglobin (HbA1c) levels without an amplified frequency of hypoglycemia. The current CGM models approved administer glucose oxidase-based electrochemical subcutaneous sensors for the detection of glucose levels in the interstitial fluid. CGM devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays. Most of the real-time CGMs can offer an alert to patients, parents, or caregivers during actual or pending glycemic visits, to facilitate timely management of blood glucose.
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Key Market Trends
The market for CGM is on the rise
CGMs are used to provide a further descriptive representation of blood glucose patterns and tendencies than what can be achieved by conventional routine checking of glucose levels at set intervals. The current CGM devices can either retrospectively display the trends in the levels of blood glucose by downloading the data or give a real-time picture of glucose levels through receiver displays. Most of the real-time CGMs have the capability to offer an alert to patients, parents, or caregivers during actual or pending glycemic visits, to facilitate timely management of blood glucose. This factor, along with the fact that CGM devices are becoming cheaper with the advent of new technologies, like cell phone integration, is likely to drive the steady growth of the CGM market during the forecast period.
North America will Maintain Dominance in the Market
In North America, the United States accounted for close to 93.3% of the market value in 2019. By 2025, the continuous glucose monitoring market in the United States is expected to be valued at USD 4.5 billion. The Continuous Glucose Monitoring Market in the US is anticipated to register a CAGR of about 10.8% during the forecast period. It is imperative that the CGM devices be used alongside insulin pumps. As the trends show a higher number of diabetic patients using insulin pumps for diabetes management, it can be predicted that the number of units of CGM devices sold will also follow. As the trend shows a higher number of diabetic patients using insulin pumps for diabetes management, it can be predicted that the number of units of CGM devices sold will also follow a similar trend in the coming years. Abbott and Dexcom received FDA approval to use Continuous Glucose Monitoring in United States hospitals for Coronavirus affected people. Dexcom began shipping CGMs to hospitals in April 2020 and plans to make 100,000 sensors to sell to hospitals at low-cost and planned to donate 10,000 phones and CGM readers to hospitals for scanning those sensors.
Competitive Landscape
A major share of the market is held by CGM manufacturers that are concomitant with strategy-based M&A operations and are constantly entering new markets to generate new revenue streams and to boost existing ones. These measures taken by the market players will ensure a competitive market place, therefore, forcing the companies to experiment with more new technologies, to ensure uniqueness in their products. Also, one of the implications of the competition in the market is that it will ensure a constant decrease in the average selling price of the CGM units produced. The market is consolidated with few players accounting for a major share. Also, companies are collaborating to increase their technological know-how and to fasten the product development cycle. For instance, in February 2020, Abbott and Insulet partnered to integrate next-generation glucose sensing and automated insulin delivery technologies for seamless diabetes care. The collaboration will combine Abbott's continuous glucose monitoring (CGM) technology with Insulet's Omnipod Horizon Automated Insulin Delivery System to offer an accurate, easy-to-use, integrated digital health platform.? Abbott has also priced the new device substantially lower than its competitors, which will help the company to strengthen its position in the CGM market during the forecast period.
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