WASHINGTON, March 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Continuous Glucose Monitoring Devices Market finds that rising incidence of diabetes is expediting market growth. The market growth is attributed to, increasing geriatric population prone to diabetes, as well as increasing government investments. Total Global Continuous Glucose Monitoring Devices Market is estimated to reach USD 13.24 Billion by 2028.
The market stood at a revenue of USD 5.13 Billion in the year 2021, and is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.8%.
Furthermore, increasing global population along with growing awareness about diabetes preventive care, is projected to augment growth of the Global Continuous Glucose Monitoring Devices Market, states Vantage Market Research, in a report, titled “Continuous Glucose Monitoring Devices Market by Component (Sensors, Durables), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Rising Incidence of Diabetes across the Globe
Globally, more than 537 million adults (20-79 years) are suffering from type 1 and type 2 diabetes. In which, as Type 1 diabetes patients are needed to inject insulin on daily basis to regulate the blood sugar level and to avoid further complications. Thus, with injecting insulin, it is important to monitor the glucose level. As of 2020, more than 10% of the diabetic population is affected by Type 1 diabetes and the number is expanding rapidly with each passing year. Diabetes can affect all age groups population; however, prevalence is relatively higher among elderly people. In fact, people having Type 2 diabetes for more than 20 years are also emerged as the consumer of insulin on regular basis. Thus, to check blood glucose level continuous glucose monitoring device is used. Continuous glucose monitor helps to monitor glucose levels at all times, thus, providing patient blood glucose count all the time. As a consequence of rising incidence of diabetes across the globe the demand for continuous glucose monitoring device is increasing, further propelling the market growth over the forecast period.
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Increasing Geriatric Population Prone to Diabetes as well as Increased Demand for Continuous Glucose Monitoring Devices amid Covid-19 Pandemic
Since past decade, the population across the globe has increased explosively and increasing with every passing year. As a consequence, the geriatric population across the globe is also increasing. Geriatric population is prone to diabetes, thus, increasing the diabetic population. Thus, is increasing the demand for continuous glucose monitoring device which is further driving continuous glucose monitoring device market growth. Additionally, owing to COVID-19 pandemic, the demand for continuous glucose monitoring device have increased explosively making huge supply and demand for glucose monitoring devices in first few months of COVID outbreak. Thus, to meet the untapped demand, several players and government is investing their money heavily for production as well as in R&D which is likely to boost the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic, thus led to loss of revenue. Owing to COVID-19 outbreak large number of populations was hospitalized and under treatment. This scenario has boosted the demand for glucose monstering devices. Manufacturers have suffered significant dent on growth owing to shut down. However, things will improve in the second half of 2022 as more supplies will come online with increased production to meet the untapped demand. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Continuous Glucose Monitoring Devices Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Continuous Glucose Monitoring Devices Market
North America has dominated the Global Continuous Glucose Monitoring Devices Market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to factors such as, presence of a well-established healthcare sector in the region. Additionally, increasing prevalence of obesity as well as growing awareness about advanced technologies in diabetes management further fuelling the market growth over the forecast period.
Asia Pacific is likely to witness fastest growth in the Continuous Glucose Monitoring Devices Market during the forecast period. The market growth in the region is attributed to factors such as, presence of emerging economies, and availability of large base of population. According to International Diabetes Federation (IDF), India and China account for the largest number of diabetic patients in the world. Thus, propelling the demand for continuous glucose monitoring device, further propelling the market growth over the forecast period.
List of Prominent Players in the Continuous Glucose Monitoring Devices Market:
- Medtronic (US)
- Dexcom Inc. (US)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Abbott (US)
- Novo Nordisk A/S (Denmark)
- Ypsomed (Switzerland)
- Gly Sens Inc (US)
Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on "Continuous Glucose Monitoring Devices Market by Component (Sensors, Durables), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/continuous-glucose-monitoring-devices-market-110241
Recent Developments:
March 2020: Dex Com collaborated with Well doc, a leading digital health company. The collaboration is expected to enable Well doc's BlueStar, a digital health product for individuals living with type 1 and type 2 diabetes to provide insights to Dexcom G6 CGM system users.
February 2020: Senseonics Holdings signed an agreement with Companion Medical. The former company is expected to integrate its Ever sense CGM System real-time glucose data with the latter company's In Pen smart system for insulin delivery.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Continuous Glucose Monitoring Devices Market?
- How will the Continuous Glucose Monitoring Devices Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Continuous Glucose Monitoring Devices Market?
- What is the Continuous Glucose Monitoring Devices market drivers and restrictions?
- What will be the CAGR and size of the Continuous Glucose Monitoring Devices Market throughout the forecast period?
This market titled “Continuous Glucose Monitoring Devices Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 5.13 Billion |
| Projected Market Size in 2028 | USD 13.24 Billion |
| CAGR Growth Rate | CAGR of 10.8% From 2022 – 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Component • Sensors • Durables |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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