Market Trends of Continuous Glucose Monitoring (CGM) Industry
The Sensors Segment is Expected to Hold a Major Market Share Over the Forecast Period
The CGM sensor, a key component in the Glucose Sensor market, is a device that can be implanted beneath the patient's skin, typically on the belly or arm, using an adhesive patch to secure it in place. These sensors are designed for single-use and are referred to as disposable sensors.
Alternatively, there is another type of CGM sensor known as an implantable sensor, which can be inserted inside the patient's body. These sensors measure the glucose level in the fluid surrounding the cells, which closely corresponds to the glucose level in the patient's blood. These implantable devices represent a significant segment of the Implantable Continuous Glucose Monitoring System market. Depending on the specific sensor type, they need to be replaced at regular intervals, such as every few weeks.
New innovations in the Continuous Glucose Monitoring devices market are further driving the market growth. For instance, in March 2024, the Food and Drug Administration (FDA) granted clearance for Dexcom's latest over-the-counter Continuous Glucose Monitor, known as Stelo. This innovative CGM is specifically tailored for individuals with Type 2 diabetes who do not rely on insulin, making it a groundbreaking development in the field. Stelo is the first Glucose Biosensor that can be obtained without a prescription, providing greater accessibility for patients. With the Glucose Biosensor anticipated to hit the market by end of 2024, individuals will have the opportunity to purchase Stelo and benefit from its advanced features, potentially impacting Dexcom market share in the industry.
In February 2024, Dexcom ONE+ system was accessible in Spain, Belgium, and Poland, with plans for a future launch in the Netherlands and other European countries. In certain regions, Dexcom ONE+ will be taking the place of the earlier Dexcom ONE sensor. Dexcom ONE+ utilizes the most precise sensor technology; the company considered input from both users and medical experts during the development of Dexcom ONE+, ensuring a user-friendly and highly efficient CGM solution for individuals managing Type 1 or Type 2 diabetes with insulin. These advancements may enhance Dexcom's CGM market share in the competitive landscape.
Therefore, the launch of such devices using advanced technologies may propel the CGM market growth during the forecast period.
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North America is Expected to Dominate the CGM Device Market
North America possesses a highly sophisticated healthcare infrastructure with an extensive network of advanced hospitals and diabetes care facilities well-equipped with cutting-edge technology, facilitating the widespread adoption of Continuous Glucose Monitoring products.
The region is expected to experience significant CGM market growth over the forecast period, mainly attributed to the rising prevalence of chronic diseases like diabetes. The increase in technological advancements is expected to boost market growth over the forecast period. Market growth is also fueled by the increasing geriatric population and rising focus on non-invasive monitoring. The prevalence of diabetes has increased in the United States dramatically in recent years. For instance, according to a report published by the National Institute of Diabetes and Digestive and Kidney Diseases, in January 2024, in 2022, 38.4 million people of all ages had diabetes (11.6% of the population) in the country. Among these, 38.1 million were adults ages 18 years or older. Moreover, over 29.7 million people of all ages had been diagnosed with diabetes (8.9% of the population).
According to a report published by Diabetes Canada in July 2023, more than 11.9 million people in Canada are living with diabetes or prediabetes. This rising prevalence of diabetes in the country is creating demand for Continuous Glucose Monitoring, thereby propelling the growth of the Continuous Glucose Monitoring market.
Several key players in the Continuous Glucose Monitoring market, such as Dexcom Inc., Abbott, Signos Inc., and Senseonics Holdings Inc., are present in the country. These Continuous Glucose Monitoring companies are constantly working on innovating novel technologies to capture a higher market share. This is expected to increase the demand for Continuous Glucose Monitoring devices, thereby propelling the market growth. For instance, in March 2024, the FDA greenlit marketing for the Dexcom Stelo Glucose Biosensor System, contributing to the growth of the Glucose Biosensor market. This device is one of the first over-the-counter (OTC) CGMs available for purchase, potentially expanding Dexcom's CGM market share. The device will be available in summer 2024.
The increasing prevalence of diabetes in North America is driving significant CGM market growth, fueled by technological advancements, with key Continuous Glucose Monitoring market players continually innovating new technologies.
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