Continuous glucose monitors (CGMs) are expected to have substantial growth in the global market due to rising diabetes prevalence and technological improvements in medicine. By 2030, there will be 643 million diabetics worldwide, according to the International Diabetes Federation (IDF), with North America experiencing the fastest growth. According to GlobalData, this increase highlights the importance of the US as a major market for diabetes care equipment.
Market Projections and Growth Drivers
Over the next ten years, GlobalData projects a 3.6% compound annual growth rate for Continuous Glucose Monitors (CGMs). Innovations like the release of over-the-counter (OTC) CGMs, which improve accessibility to vital monitoring tools for a larger demographic, are driving this growth.
OTC Continuous Glucose Monitors (CGMs): Innovative Advances
The FDA accepted DexCom’s Stelo Glucose Biosensor System in March 2024, making it the first over-the-counter CGM. It incorporates a wearable sensor and smartphone app for continuous glucose monitoring and is intended for persons over 18 who do not need insulin. With readings every few minutes and a wear time of 15 days per sensor, it helps people take oral drugs or modify their lifestyle to manage type 2 diabetes (T2D) or prediabetes.
Growth of the Market: Abbott’s Role
After DexCom, Abbott’s Lingo and Libre Rio over-the-counter CGM devices were approved by the FDA in June 2024. It is anticipated that these approvals will greatly expand the market, especially among uninsured people who do not have insurance for prescription Continuous Glucose Monitors or CGMs.
Effects on Wellness and Health
OTC continuous glucose monitors (CGMs) are revolutionary tools that facilitate efficient diabetes control and encourage wider monitoring of health and well-being. These gadgets enable people to take charge of their health by offering easily accessible and intuitive solutions. Globally, the growing CGM industry, particularly in the US, is expected to result in better health and fewer complications associated to diabetes.
In Summary
The continuous growth of the CGM industry is a significant breakthrough in using technology to address the problems associated with diabetes. With ongoing advancements in accessibility and usability, CGMs have the potential to significantly impact health outcomes and quality of life for people all over the world.
Explore More Continuous Glucose Monitors And Associated Side Effects Or Risks
FAQs
What prospects do continuous glucose monitors (CGMs) have going forward in the world?
With anticipated global growth fueled by rising diabetes prevalence and continuing technological developments, the future of CGMs appears bright. Since CGMs provide real-time data insights and continuous glucose monitoring, they are anticipated to be essential tools in the management of diabetes.
In the global market for continuous glucose monitors, where does the United States stand?
Due to its strong healthcare system and high rates of diabetes prevalence, the United States is a major player in the worldwide CGM industry. Because of the substantial research, technical innovation, and widespread adoption of medical innovations, it is a leading market for diabetes care devices, including Continuous Glucose Monitors (CGMs).
What elements play a part in the CGM market’s expansion in the US?
Favorable reimbursement policies from health insurers, growing public awareness and education on diabetes care, and the acceptance of novel CGM technologies are some of the drivers driving the CGM market in the United States. Higher adoption rates and accessibility for people with diabetes are facilitated by these variables.
What is the influence of CGM technology breakthroughs on the growth of the future market?
Future market growth is anticipated to be driven by ongoing improvements in CGM technology, including greater data analytics, better sensor accuracy, and integration with digital health platforms. These developments are intended to improve the user experience, boost convenience, and further customize diabetes care.
What part do approvals from regulatory bodies play in the global spread of CGMs?
Obtaining regulatory approvals is essential to increasing market accessibility and reach internationally, especially for over-the-counter (OTC) CGMs. Approvals improve market penetration and usability by streamlining the procedure for people to obtain CGM devices without a prescription.
In what ways might CGMs lower healthcare expenditures and improve health outcomes?
By offering timely glucose monitoring data and facilitating proactive blood sugar management, CGMs help to improve health outcomes. By taking a preventive strategy, the likelihood of complications and hospitalizations due to diabetes can be decreased, which will ultimately result in lower healthcare expenses for diabetes care.
What possible obstacles exist for the widespread use of CGMs?
Affordability and accessibility issues are obstacles to the widespread use of CGMs, particularly in low-income areas. Furthermore, in particular areas, limited healthcare infrastructure and low technology literacy may impede the general adoption and use of CGM devices.
What developments are influencing CGM use both domestically and internationally?
The development of closed-loop systems (artificial pancreas), wearable sensor technology developments, and the integration of artificial intelligence (AI) for predictive analytics are three major themes that will impact CGMs in the future. These developments are meant to further boost user satisfaction and improve the results of glucose management.
In what ways might people profit from the developments in CGM technology?
The development of CGM technology can help people manage their diabetes more precisely, which can enhance their quality of life and lower their risk of developing long-term health issues. People are empowered to take proactive measures towards efficiently managing their health when they have access to and utilization of CGM solutions that are easy to use.
