by The global continuous glucose monitoring (CGM) devices market is estimated to be valued at USD 5.89 billion in 2022 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023-2030.
- A) Market Overview:
Continuous glucose monitoring (CGM) devices are medical devices that are used to continuously monitor glucose levels in individuals with diabetes. These devices offer real-time glucose readings and provide valuable insights into glucose patterns, allowing individuals with diabetes to make informed decisions about their treatment and lifestyle choices. CGM devices have become an essential tool in diabetes management, as they eliminate the need for frequent fingerstick tests and provide a more comprehensive picture of glucose control.
- B) Market Key Trends:
One key trend in the global CGM devices market is the increasing adoption of wearable and non-invasive CGM devices. Traditional CGM devices require the insertion of a sensor under the skin, which can be inconvenient and uncomfortable for some individuals. Wearable and non-invasive CGM devices, on the other hand, offer a more user-friendly experience, as they can be worn on the body or applied to the skin without the need for sensor insertion. These devices are gaining popularity among individuals with diabetes, as they offer convenience and ease of use.
For example, Abbott’s FreeStyle Libre system is a wearable and non-invasive CGM device that has been widely adopted by individuals with diabetes. The device consists of a small sensor that is worn on the back of the upper arm and a reader or smartphone app that provides real-time glucose readings. The FreeStyle Libre system eliminates the need for fingerstick tests and allows individuals with diabetes to discreetly monitor their glucose levels.
- C) Porter’s Analysis:
– Threat of new entrants: The Continuous Glucose Monitoring (CGM) Devices Market has high barriers to entry, including stringent regulatory requirements and the need for significant research and development investments. This reduces the threat of new entrants in the market.
– Bargaining power of buyers: The bargaining power of buyers in the CGM devices market is moderate. While there are a few key players dominating the market, buyers have the option to choose from a variety of products and brands.
– Bargaining power of suppliers: The bargaining power of suppliers in the CGM devices market is low. There are several suppliers of components and materials used in CGM devices, which reduces the power of individual suppliers.
– Threat of new substitutes: The threat of new substitutes in the CGM devices market is low. CGM devices are considered the gold standard for glucose monitoring in individuals with diabetes, and there are currently no viable substitutes available.
– Competitive rivalry: The competitive rivalry in the CGM devices market is high. Key players in the market, such as F. Hoffmann-La Roche Ltd., GlySens Incorporated, Ypsomed, Novo Nordisk A/S, Abbott, Dexcom, Inc., and Medtronic, are constantly innovating and launching new products to gain a competitive edge.
- D) Key Takeaways:
– The global continuous glucose monitoring (CGM) devices market is expected to witness high growth, exhibiting a CAGR of 9.9% over the forecast period. This growth can be attributed to the increasing prevalence of diabetes and the growing adoption of CGM devices as a tool for diabetes management.
– In terms of regional analysis, North America is expected to dominate the CGM devices market due to the high prevalence of diabetes in the region and the presence of key market players. However, Asia Pacific is expected to be the fastest-growing region, fueled by the rising awareness about diabetes management and improving healthcare infrastructure.
– Key players operating in the global CGM devices market include F. Hoffmann-La Roche Ltd., GlySens Incorporated, Ypsomed, Novo Nordisk A/S, Abbott, Dexcom, Inc., and Medtronic. These companies are focusing on technological advancements and product innovation to gain a competitive advantage in the market.
The global continuous glucose monitoring (CGM) devices market is poised for significant growth in the coming years.
