The global continuous glucose monitoring (CGM) market has seen significant growth in recent years, driven by the increasing incidence of diabetes and the growing demand for more accurate and convenient blood glucose monitoring technologies.
The global CGM market was estimated at $3.6 billion in 2020 and is projected to grow at a compound annual growth rate of 12.1% from 2021 to 2028. The market is primarily driven by the growing incidence of diabetes, especially type 1 diabetes, which requires constant monitoring of blood glucose levels.
Furthermore, the development of advanced technologies such as artificial intelligence (AI) and machine learning (ML) are also contributing to the growth of the CGM market. These technologies are being used to improve the accuracy of CGM systems and provide more personalized diabetes therapy.
North America currently dominates the global CGM market, accounting for more than 40% of total revenue in 2020. This is largely due to the high incidence of diabetes in the region coupled with the presence of key market players such as Dexcom, Abbott Laboratories and Medtronic.
Europe is the second largest market for CGM systems, with Germany and the United Kingdom making major contributions to the market expansion. Asia-Pacific is also expected to observe significant growth in the coming years, attributed to increasing healthcare spending and awareness of diabetes treatment.
The global CGM market is projected to continue growing at a steady pace in the coming years, owing to increasing prevalence of diabetes, development of advanced technologies and rising healthcare expenditure. Due to the demand for more accurate and convenient glucose monitoring solutions, the CGM market is poised for further innovation and growth in the future.
MLC Engineering is keeping up with the times and plans to enter the global market soon with its CGM FLY product.
Demand generates supply, CGM systems are necessary - it is an indisputable fact!
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