by Continuous glucose monitoring (CGM) utilizes a small sensor inserted under the skin to check glucose levels in interstitial fluid every few minutes. The sensors transmit data to a transmitter or monitor allowing patients to monitor trends and receive alerts. CGM aids in making diabetes treatment decisions, manage insulin dosing, and prevent hypoglycemia. The Global United States of America Continuous Glucose Monitoring Market is estimated to be valued at US$ 599.47 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the United States of America Continuous Glucose Monitoring Market are Abbott, Dexcom, Inc., Medtronic, Senseonics, Inc., F. Hoffmann-La Roche Ltd., GLUCOVATION, INC., Nemaura Medical Inc., GlySens, GlucoModicum, and Signos, Inc. The key players are focusing on product launches and approvals to expand their product portfolio and increase their market share. For instance, in January 2022, Senseonics received the FDA approval for its Eversense CGM System with smartphone connectivity.
The growth in prevalence of diabetes and advantages of CGM devices over conventional self-monitoring blood glucose devices are expected to drive the market growth. According to the International Diabetes Federation, 37.3 million Americans had diabetes in 2019. CGM provides real-time glucose readings & insights, improved glycemic control, and reduced overall healthcare costs associated with diabetes.
North America dominates the global CGM market due to the growing diabetic population, increasing awareness regarding diabetes management, favorable reimbursement policies for CGM devices, and high adoption of advanced diabetes management devices. However, Asia Pacific is expected to exhibit the highest CAGR during the forecast period with increasing healthcare expenditure and economic growth in emerging countries.
Market Key Trends
Personalisation of diabetes management is the key trend gaining traction in the United States of America Continuous Glucose Monitoring Market. With developments in Internet of Things and AI, CGM systems are becoming more personalised by integrating lifestyle and behavioural data to predict future glucose trends. For instance, Dexcom has integrated its CGM with insulin pump systems to deliver automatic insulin dosing based on glucose readings and mealtimes. Such closed-loop systems monitor glucose 24/7 and adjust insulin delivery automatically eliminating the need for manual bolus doses. The increase in personalized diabetes management solutions is expected to boost the demand for advanced CGM devices during the forecast period.
Porter’s Analysis
Threat of new entrants: The CGMs market in the USA requires high R&D expenditure and regulatory approvals which pose significant entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established manufacturers who sell CGMs at competitive prices.
Bargaining power of suppliers: The specialty components used in CGMs have few substitutes which gives moderate bargaining power to suppliers.
Threat of new substitutes: There are limited substitutes for CGMs currently available which provide real-time glucose monitoring.
Competitive rivalry: The CGMs market in the USA is highly competitive with the presence of major players like Abbott, Dexcom dominating the market.
Geographical Regions
The United States represents the most valuable geographical region for the continuous glucose monitoring market currently. This can be attributed to factors such as growing prevalence of diabetes, increasing awareness, favorable reimbursements and presence of major players in the country.
Asia Pacific region is poised to be the fastest growing geographical region for the CGMs market during the forecast period. This is owing to large patient pools, improving healthcare infrastructure and rapidly growing medical devices industry in economies like China and India. Increasing disposable incomes will further support market growth in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
What Are The Key Data Covered In This United States of America Continuous Glucose Monitoring Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the United States of America Continuous Glucose Monitoring’s growth between 2024 and 2031.
:- Accurate calculation of the size of the United States of America Continuous Glucose Monitoring and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- United States of America Continuous Glucose Monitoring Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of United States of America Continuous Glucose Monitoring vendors
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About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
