In the evolving landscape of healthcare, the continuous glucose monitoring systems market share is set to witness an extraordinary surge, projected to reach an impressive valuation of US$ 11.1 billion in 2023 and a staggering US$ 103.5 billion by 2033. Fueling this meteoric rise is a projected compound annual growth rate (CAGR) of 25.1% for the global market during the forecast period.
Diabetes, a pervasive chronic condition affecting millions globally, has spurred a transformative shift from traditional fingerstick tests to the dynamic realm of continuous glucose monitoring (CGM) systems. Unlike static snapshots provided by conventional methods, CGM systems offer a holistic and continuous stream of data, empowering both patients and healthcare professionals with real-time insights for informed decision-making in diabetes management.
The unprecedented growth of the CGM market finds its roots in several factors. Foremost is the escalating global prevalence of diabetes, propelling the demand for innovative solutions to effectively navigate the complexities of the disease. Additionally, a rising awareness regarding the manifold benefits of CGM systems, encompassing improved glycemic control, reduced risk of complications, and an overall enhancement in the quality of life, has been a driving force behind the widespread adoption of these advanced monitoring solutions. As we look ahead, the continuous glucose monitoring systems market stands poised to redefine the paradigm of diabetes care on a global scale.
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Technological advancements have played a crucial role in shaping the continuous glucose monitoring systems market. Modern CGM devices are more accurate, user-friendly, and convenient compared to earlier versions. They offer features like wireless connectivity, smartphone integration, and customizable alerts, making diabetes management more seamless for users.
The global market for continuous glucose monitoring systems is anticipated to reach a value of US$ 1.1 billion in 2022 and grow at a CAGR of 10.8% to US$ 3.0 billion by the end of 2032. In 2021, the global continuous glucose monitoring systems market will be dominated by sensors, with a share of around 48.5%, according to a recent analysis by Future Market Insights.
The market has also witnessed a surge in the development of minimally invasive and implantable CGM devices, which have further improved patient comfort and adherence. These innovations cater to various patient segments, including children, adults, and the elderly, enhancing the overall accessibility of CGM technology.
Key features of CGM systems include Continuous Glucose Monitoring Systems Market:
- Real-time monitoring: CGM devices provide continuous updates on blood glucose levels, allowing users to proactively manage their condition and take necessary actions to control blood sugar levels.
- Data analysis and insights: Many CGM systems come with accompanying software and apps that analyze the data collected over time, helping users and healthcare professionals to identify patterns, trends, and make more informed treatment decisions.
- Alerts and alarms: CGM systems can be set to notify users when their glucose levels are too high or too low, providing a safety net and reducing the risk of severe hypoglycemic or hyperglycemic episodes.
- Improved patient outcomes: The use of CGM systems has been associated with improved diabetes management, reduced HbA1c levels, and decreased risk of diabetes-related complications.
- Non-invasive options: Traditional CGM systems require the insertion of a small sensor under the skin to measure glucose levels. However, there has been ongoing research and development of non-invasive or minimally invasive CGM devices.
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Top Companies Profiled:
- Herbalife Nutrition
- GNC Holdings
- NOW Health
- Nutramax Laboratories
- Nature’s Bounty
- Banyan Botanicals
- Source Naturals
- Nutramarks Inc
- Nature’s Way Products
- Abbott
- Natural Immunogenics
- Solaray Inc.
- Sambucol USA
- Quantum Health, Inc.
- Vitabiotics Ltd.
- Rainbow Light
- AdvoCare
- Pure Encapsulations, LLC.
- Country Life, LLC
- Natural Health Concept
Key Segments :
By Components:
- Transmitters and Monitors
- Sensors
- Insulin Pump
By End Users:
- Home Care Diagnostics
- Hospitals
- ICU/Critical Care
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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