The Continuous Glucose Monitoring (CGM) market will be worth US$14.4bn by 2024, according to a report published by Coherent Market Insights. The market for the technology used to treat patients with diabetes was valued at $2bn as recently as 2015.
Conventional glucose monitoring involves patient pricking fingers and forearms to draw blood, which can then be tested to determine its glucose content. However, these methods are painful for patients, and only provide a small insight to a patient’s blood glucose levels at a particular time of day.
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CGM treatments involve the placement of a glucose sensor beneath the skin, to measure glucose levels in tissue fluid. The sensor is connected to a transmitter, which sends glucose readings in real time to a monitoring device, removing the need for constant finger-pricking, and providing a regular supply of information that gives a more accurate picture of the change in a patient’s glucose levels over time.
Coherent Marketing Insights commented that “CGM devices allow monitoring of glucose level during bedtime, noon, pre/post lunch, or before/after exercise, which is a major factor propelling growth of the continuous glucose monitoring market.”
News of the market’s projected growth follows years of significant technological breakthroughs in the area. GlySens’s Eclipse GCM system offers continuous blood glucose monitoring for up to a year, and American healthcare company Senseonics has sought to introduce app support to CGM technology with its EverSense product, released in 2017.
Transmitters have historically dominated the CGM market, with a share of 50% in 2015, but Coherent Marketing Insights predicts that the market will be “mainly driven by the sensors segment during the forecast period”, up to 2024.
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By GlobalDataThe publishers of the report explained that: “Demand would be largely driven by increasing awareness among the diabetic patients, especially in emerging markets such as Brazil, India, Indonesia, China, Russia, and South Africa regarding the various benefits of using these systems in order to maintain a healthy life.”
In 2015, North American was the largest market for CGM, accounting for $247.6mn of the total market, yet the International Diabetes Federation reported in 2015 that Asia Pacific was home to over 50% of the world’s diabetic population. As awareness of the condition and advanced treatments spread in and to the latter area, the demand for CGM treatment is forecast to grow at a combined annual growth rate of 14.9% by 2024.
Coherent Market Insights also suggested that the technology will work alongside, rather than replace, other developments: “[The] market is witnessing increasing adoption of CGM devices to be used in conjunction with conventional blood glucose monitoring devices, as a tool for diabetes management rather than a replacement for the same.”
