NEWARK, Del, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The global continuous glucose monitoring systems market is predicted to reach a value of US$ 3.0 Bn by 2032, with sales growing at a robust CAGR of 10.8% from 2022 to 2032. Scaling up from an estimated US$ 1.1 Bn in 2022, the demand for the target market is expected to be propelled by increasing incidences of diabetes and other related medical conditions. Lifestyle diseases like obesity also lead to diabetes which, in turn, drives the market growth for continuous glucose monitoring systems market during the forecast period.
Rising incidences of diabetes has become a common occurrence all over the world. In the past two decades, the condition has emerged as a serious health issue. As per WHO, that diabetes-related mortality rates by age has increased by 3% between 2000 and 2019.
The growing awareness about the severity of the illness has led more and more people to begin monitoring their blood glucose level on a regular basis. In addition to this, the increasing health consciousness of people worldwide has resulted in constant glucose monitoring. These considerations has resulted in soaring demand for continuous glucose monitoring systems in the global market space.
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Continuous glucose monitoring systems has arisen as a strong player for diabetes management and works effectively just by inserting a bio sensor that transmits the data of glucose levels to the receiver/monitor. Consequently, the primary goal of several glucose monitoring device manufacturers is the development of novel and technologically evolved CGM. This, too, has bolstered the growth of the continuous glucose monitoring systems market.
The constant progress in technology on continuous blood glucose monitoring systems ensure easy, round-the-clock monitoring of the glucose levels for diabetic as well as health conscious people. These devices also display glucose direction and other additional information on monitors, empowering the users with vital information to further assist with diabetes management.
This has led to many collaborations between endocrinologists, credentialed diabetes educators, and stakeholder organisations for diabetes prevention in established as well as emerging markets. Again, a rising geriatric population that suffers from diabetes also supplements the overall growth of the continuous glucose monitoring systems market during the projected period.
“Increasing cases of insulin dependent diabetes will propel the global growth of the continuous glucose monitoring systems market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High cost of the device will likely hamper the market prospects of continuous glucose monitoring systems.
- The continuous glucose monitoring systems market in China will hold 11.2% of the global market share.
- India’s continuous glucose monitoring systems market will account for 6.7% of the total market share.
- Accounting for 48.5% in 2021, the sensor component segment is slated to grow at 9.4% CAGR during the assessment period.
- By end-user, home care diagnostics will dominate the market with a 9.6% CAGR.
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Competitive Landscape
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, and Natural Health Concept among others are some of the major players in the continuous glucose monitoring systems market profiled in the full version of the report.
Leading market players are focusing on product development and launches to meet the growing demand. These businesses are adopting tactics like mergers, acquisitions, partnerships, and collaborations to expand their consumer base.
More Insights into Continuous Glucose Monitoring Systems Market Report
In its latest report, FMI offers an unbiased analysis of the global continuous glucose monitoring systems market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032.
To understand the global market potential, growth, and scope, the market is segmented on the basis of components (transmitters and monitors, sensors, insulin pump), end user (home care diagnostics, hospitals, ICU/ critical care), and region.
According to the latest FMI reports, based on segmentation, the sensor component segment is expected to register a prolific 9.4% CAGR due to their use of advanced technology and user-friendliness. In terms of end-user, the home care diagnostics category will observe a surge in demand and grow at a stellar 9.6% CAGR during the assessment period.
Based on region, China and India in the Asia Pacific region are predicted to exhibit impressive growth in the continuous glucose monitoring systems market. China is expected to account for 11.2% of the global market share owing to a rise in insulin-dependent patients which, in turn, has led to many market players increasing their investment in this country.
India’s continuous glucose monitoring systems market will account for 6.7% of the global market share. Rising diabetic population coupled with economic growth will lead to more lucrative opportunities for the market in this country during 2022-2032. Apart from China and India, the United States will also experience substantial market growth during the forecast period.
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Key Market Segments Covered in Continuous Glucose Monitoring Systems Industry Research
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)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Components Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption, by Region
4.2. Product Features/ USP’s Analysis
4.3. Regulatory Landscape
4.4. Key Promotional Strategies
4.5. PESTEL Analysis
4.6. Porter’s Analysis
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