November 11, 2024
Continuous Glucose Monitoring (CGM) Devices Markte

Continuous Glucose Monitoring Devices Market: Rising Prevalence of Diabetes to Drive Market Growth

The global Continuous Glucose Monitoring Devices Market is estimated to be valued at US$5.89 Bn in 2022 and is expected to exhibit a CAGR of 9.9% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Continuous glucose monitoring (CGM) devices are used for monitoring and managing diabetes. These devices provide continuous real-time glucose readings, helping patients make informed decisions regarding their insulin dosage and diet. They offer several advantages over traditional blood glucose meters, such as reducing the need for finger-prick blood sampling and providing more accurate and timely results. With the increasing prevalence of diabetes worldwide, there is a growing need for effective glucose monitoring devices to improve diabetes management.

Market Key Trends:

One key trend in the continuous glucose monitoring devices market is the integration of CGM systems with insulin pumps. This integration allows for automated insulin delivery based on real-time glucose readings, providing more precise insulin dosing and improving patient outcomes. This trend is driven by the growing demand for personalized and automated diabetes management solutions. Companies such as Medtronic, Dexcom, Inc., and Abbott have been at the forefront of developing and commercializing integrated CGM systems, and this trend is expected to continue in the future.

Porter’s Analysis

Threat of New Entrants: The threat of new entrants in the continuous glucose monitoring devices market is low. This can be attributed to high entry barriers such as the need for significant investment in research and development, regulatory approvals, and the establishment of distribution networks. Additionally, established players in the market already have a strong brand presence and customer loyalty, further deterring new entrants.

Bargaining Power of Buyers: The bargaining power of buyers in the continuous glucose monitoring devices market is moderate. While there are options available for buyers to choose from, the market is dominated by a few key players who have significant control over pricing. However, as buyers become more educated and demanding, they may exert pressure on the prices and quality of the devices.

Bargaining Power of Suppliers: The bargaining power of suppliers in the continuous glucose monitoring devices market is moderate. Suppliers of key components and technologies have some leverage over manufacturers, as there are limited alternative sources available. However, manufacturers can also choose to switch suppliers if they find better alternatives, reducing the supplier’s bargaining power.

Threat of New Substitutes: The threat of new substitutes in the continuous glucose monitoring devices market is low. Currently, there are no effective substitutes for continuous glucose monitoring devices in managing diabetes. Traditional methods like fingerstick testing are less accurate and less convenient, making the demand for continuous glucose monitoring devices high.

Competitive Rivalry: The competitive rivalry in the continuous glucose monitoring devices market is high. The market is dominated by a few major players who compete fiercely to gain market share. These companies invest heavily in research and development to innovate and improve their products. Price competition and product differentiation strategies are common in this market.

Key Takeaways

The Global Continuous Glucose Monitoring Devices Market Demand 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, the growing awareness about the benefits of continuous glucose monitoring, and technological advancements in the devices.

Regionally, North America is the fastest-growing and dominating region in the continuous glucose monitoring devices market. This can be attributed to the high prevalence of diabetes, favorable reimbursement policies, and the presence of key market players in this region. The Asia Pacific region is also expected to have significant growth potential due to the increasing adoption of advanced medical technologies and a large diabetic population.

Key players operating in the continuous glucose monitoring devices market include Medtronic, Dexcom, Inc., Abbott, Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd., among others. These companies have a strong market presence and strategic initiatives such as collaborations, partnerships, and new product launches to maintain their competitive edge in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →