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DUBLIN--(BUSINESS WIRE)--Sep 4, 2024--
The "Global Continuous Glucose Monitoring Market Report by Component, End-User, Regions and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Continuous Glucose Monitoring (CGM) Market is experiencing a significant upsurge, with projections indicating a growth from $6.32 billion in 2023 to an anticipated $13.06 billion by 2032.
This market expansion is fueled by a Compound Annual Growth Rate (CAGR) of 8.40% during the forecast period 2024 to 2032. CGMs, which are crucial for managing diabetes, are gaining traction due to their effectiveness in providing real-time blood glucose monitoring, thereby offering a superior alternative to traditional finger-prick tests.
Global Diabetes Impact and CGM Adoption
The worldwide prevalence of diabetes is soaring with an estimated 537 million adults currently diagnosed with the condition. This trend is projected to escalate, reaching 643 million by 2030. Unfortunately, nearly half of these cases remain undiagnosed, posing severe health risks and increased healthcare costs which exceeded $966 billion in 2021. The surge in adoption rates of CGM devices across numerous countries underscores the essential role these systems play in managing diabetes, improving patient outcomes, and reducing the burden on healthcare systems.
Regional Market Insights
The United States, the United Kingdom, Germany, China, Japan, and India are among the leaders in CGM utilization. Each region reflects growth attributable to both technological advancements and heightened awareness of diabetes management tools. This increasing acceptance and utilization are demonstrated through several case studies, with significant penetration rates ranging from 6.9% for type 1 diabetes in China to over 50% for the same condition in India.
Technological Innovations by Leading Companies
Prominent players in the CGM field, such as Dexcom Inc., Abbott Laboratories, and Medtronic, Inc., are at the forefront of technological innovation, with recent product releases enhancing usability and patient compliance. Notably, the FDA's approval of the first OTC continuous glucose monitor marks a significant milestone toward access and convenience. The evolution of CGM devices focuses on reduced invasiveness, increased accuracy, patient comfort, and leveraging connectivity for better diabetes management.
Market Segmentation and Highlights
The CGM market comprises various components, including sensors, transmitters, and receivers, with sensors leading the way due to frequent replacement requirements. End-user segments cover hospitals, homecare settings, and others, with homecare settings emerging as a key segment due to the shift towards home-based healthcare. Geographically, the market spans across key regions such as North America, Europe, Asia Pacific, Latin America, the Middle East, Africa, and the Rest of the World.
Corporate Commitments
Major players in the industry are committed to continuous innovation, with a focus on enhancing patient quality of life and reducing the long-term complications of diabetes. Recent developments and revenue analyses reflect these companies' efforts to meet the evolving needs of the healthcare sector and patients worldwide. In conclusion, the CGM market continues to grow exponentially against the backdrop of a global surge in diabetes prevalence. Innovations by key market players and the adoption of these advanced healthcare tools play a pivotal role in shaping a future that promises enhanced diabetes management and improved patient outcomes.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $6.32 Billion |
| Forecasted Market Value (USD) by 2032 | $13.06 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
Companies Featured
For more information about this report visit https://www.researchandmarkets.com/r/hp2gia
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SOURCE: Research and Markets
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PUB: 09/04/2024 09:22 AM/DISC: 09/04/2024 09:22 AM
http://www.businesswire.com/news/home/20240904059544/en