The global market for continuous glucose monitors (CGMs) is set for significant growth, driven by the increasing prevalence of diabetes and advancements in medical technology. According to the International Diabetes Federation (IDF), the global diabetes population is projected to reach 643 million by 2030, with North America experiencing substantial increases. This rise in diabetes rates, along with escalating obesity levels, is expected to fuel the growth of the diabetes device market, with the US leading in diabetes care devices, says GlobalData, a prominent data and analytics company.
GlobalData’s latest market models indicate that the global CGM market will experience a compound annual growth rate (CAGR) of 3.6% from 2023 to 2033. This growth is driven by innovations like the introduction of over-the-counter (OTC) CGMs, making these essential tools more accessible to a wider population. The growing demand for real-time monitoring solutions and the convenience offered by OTC continuous glucose monitors are expected to boost market penetration significantly.
Thomas Fleming, Medical Analyst at GlobalData, comments, “CGMs, which provide real-time monitoring of blood glucose levels, are expected to see substantial growth over the next decade. OTC CGMs are transformative not only for individuals with diabetes but also for those seeking to monitor their glucose levels for overall health and wellness.”
In March 2024, the Food and Drug Administration (FDA) approved the first OTC continuous glucose monitors from Dexcom. The Dexcom Stelo Glucose Biosensor System, designed for individuals aged 18 and older who do not use insulin, provides continuous glucose measurements via a wearable sensor and a smartphone application. This system, which offers blood glucose readings and trends every few minutes, can be worn for up to 15 days before needing replacement. It is particularly beneficial for people with type 2 diabetes or prediabetes who manage their condition with lifestyle changes or oral medications.
Abbott’s FDA Approval for OTC Continuous Glucose Monitors Systems Enhances Accessibility and Market Penetration
Abbott Laboratories received FDA clearance for its Lingo and Libre Rio OTC continuous glucose monitors systems in June 2024. These approvals are expected to significantly enhance market penetration and accessibility, especially for those without health insurance that covers prescription CGMs. The availability of these devices OTC means that a broader segment of the population can now afford and access these critical tools for diabetes management.
Fleming adds, “By providing accessible and user-friendly solutions, CGM devices empower more people to manage their health proactively. The expansion of the continuous glucose monitors market, particularly in the US, is expected to lead to improved health outcomes and a reduction in diabetes-related complications on a global scale. The widespread adoption of CGMs can also facilitate better disease management and potentially reduce healthcare costs associated with emergency room visits and hospitalizations.”
The increasing number of diabetes cases highlights the urgent need for effective monitoring solutions. The advancements in CGM technology, coupled with their growing accessibility, underscore a significant shift towards proactive and preventive healthcare. The introduction of OTC continuous glucose monitors is not only a technological advancement but also a critical step towards making healthcare more inclusive and patient-centric.
Rising Costs and Demand for Continuous Glucose Monitors Drive Growth in Diabetes Device Market
The economic impact of diabetes management cannot be overstated. The rising costs associated with diabetes care have prompted a shift towards more cost-effective solutions. By making CGMs more accessible, pharmaceutical companies and healthcare providers are working together to reduce the financial burden on patients and the healthcare system. This collaborative effort is essential in addressing the growing diabetes epidemic and ensuring that patients receive the best possible care.
The market growth is also fueled by increasing awareness about the benefits of continuous glucose monitoring. Healthcare providers are increasingly recommending CGMs as a standard part of diabetes management, recognizing their role in improving patient compliance and outcomes. As more patients become aware of the benefits of continuous glucose monitors, demand for these devices is expected to rise, further driving market growth.
In conclusion, the rising prevalence of diabetes and advancements in CGM technology are set to drive significant growth in the diabetes device market. The introduction of OTC CGMs by companies like Dexcom and Abbott Laboratories represents a major milestone in making these essential tools more accessible. With the support of healthcare providers, regulatory bodies, and pharmaceutical companies, the future of diabetes management looks promising, with CGMs playing a pivotal role in improving health outcomes and reducing healthcare costs globally. The continued innovation and adoption of continuous glucose monitors will be crucial in addressing the challenges posed by the diabetes epidemic and enhancing the quality of life for millions worldwide.
Resource: GlobalData, July 02, 2024
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