Beijing, Aug. 23, 2022 (GLOBE NEWSWIRE) — The global flash glucose monitoring market size was valued at USD 12,905 million in 2021 and is estimated to achieve a market size of USD 24,765 million by 2030, growing at a CAGR of 7.6% during the forecast period from 2022 to 2030.
Flash Glucose Monitoring Market Report Highlights:
- Global flash glucose monitoring market size in 2021 accounted for USD 12,905 million and projected to grow at a CAGR of 7.6% from 2022-2030
- North America flash glucose monitoring market led the global market with around 35% market share
- By end user, hospitals segment accounted for the largest share in 2021 in the flash glucose monitoring market
- Growing demand for point of care testing and technological advancements in glucose monitoring sensors are likely to create numerous growth opportunities
- Type 2 diabetes sub-segment will dominate the market with more than 2/3rd of flash glucose monitoring market share
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Flash Glucose Monitoring Market Report Coverage:
|Parameter||Flash Glucose Monitoring (FGM) Market|
|Flash Glucose Monitoring Market Size 2021||USD 12,905 Million|
|Flash Glucose Monitoring Market Forecast 2030||USD 24,765 Million|
|Flash Glucose Monitoring Market CAGR During 2022 – 2030||7.6%|
|Flash Glucose Monitoring Market Analysis Period||2018 – 2030|
|Flash Glucose Monitoring (FGM) Market Base Year||2021|
|Flash Glucose Monitoring Market Forecast Data||2022 – 2030|
|Segments Covered||By Application, By End-User, And By Region|
|Flash Glucose Monitoring (FGM) Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott laboratories, OMRON Healthcare India Pvt Ltd, Roche, Dexcom, Glysens, Johnson & Johnson Services, Medtronic, Omnipod Senseonics, and Ypsomed.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Flash glucose monitors (Flash GM or FGM) allow patients to check their blood glucose levels without having pricked their fingers. The growing preference of patients toward minimally invasive and non-invasive medical procedures is the leading aspect driving the flash glucose monitoring market growth. FGM, sometimes known as FreeStyle Libre, is a sensor-based glucose monitoring device that includes a reader and a sensor. The flash glucose monitoring sensor frees a user from the inconveniences of routine fingerprick testing. These sensors are approved for a wide range of patient populations, including type 1 diabetes, type 2 diabetes, pregnant women, and children and young adults.
The growing popularity of wearables and data tracking devices across a diverse population is one of the key trends in the flash glucose monitoring industry. FGM can assist a user to understand how insulin and other medications, diet, physical activity, and illness affect their glucose levels. As a result of the multiple advantages provided by this technology, the global flash glucose monitoring market revenue is increasing.
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COVID-19 Impact on Flash Glucose Monitoring Market Share
Hyperglycemia and ketoacidosis are more common in diabetic patients who have COVID-19. Frequent glucose monitoring in these individuals puts healthcare professionals in danger and necessitates the use of limited quantities of personal protective equipment. During the pandemic, the U.S. Food and Drug Administration (FDA) announced in April 2020 that it would not oppose the use of flash or continuous glucose monitoring sensors in the inpatient context. Glucose monitoring allows for real-time glucose monitoring and reduces the need for regular finger-stick tests, allowing for the introduction of a new approach to diabetes care in the inpatient setting.
The FDA acknowledges that patients with diabetes who are hospitalized due to COVID-19 or those who reside in particularly long care facilities (nursing homes, assisted living facilities, and skilled nursing facilities) may use home-use blood glucose meters to check their blood glucose levels and receive the readings to the health care personnel caring for them. As part of its efforts to safeguard health care personnel and patients from COVID-19 exposure as much as possible during this pandemic, the FDA has now issued guidelines for home-use blood glucose meters. As a result, the demand for flash glucose monitoring devices was high and the market was positively impacted during the coronavirus outbreak.
Flash Glucose Monitoring Market Dynamics
The ease of use and comfort of these sensors is driving the flash glucose monitoring market growth. Our flash glucose monitoring industry analysis suggests that these sensors give the freedom to monitor glucose while running, exercising, swimming, bathing, and doing other day-to-day activities. As a result, increased convergence of flash glucose monitoring with a daily routine is likely to accelerate the growth of the worldwide flash glucose monitoring market over the projected timeframe from 2022 to 2030.
However, the high cost of these devices and overburdened data generated in a day that could confuse new users are some of the aspects that are restricting the flash glucose monitoring market size. Furthermore, rising demand for point of care testing and increasing technological advancements in glucose monitoring sensors are some aspects that are likely to generate numerous growth opportunities for the market in the coming years.
Growing Diabetic Population Boosts Flash Glucose Monitoring Market Revenue
Diabetes is a chronic metabolic condition characterized by high levels of blood sugar (or blood glucose), which causes catastrophic damage to the heart, kidneys, eyes, blood vessels, and nerves over time. Type 2 diabetes is the most common, usually affecting adults, and occurs when the body develops insulin resistance or fails to produce enough insulin. According to the newest edition of the International Diabetes Federation (IDF), more than 535 million persons have diabetes. Furthermore, by 2045, this figure is predicted to exceed 780 million. A total of 541 million persons are at a higher risk of getting type 2 diabetes. Besides that, type 1 diabetes affects around 1.2 million children and adolescents aged 0 to 19. Diabetes is one of the top ten causes of death worldwide. Overall, the worldwide burden of diabetes has risen dramatically in recent decades and is expected to rise more in the next decades. As a result, the growing number of diabetic patients will drive the market for flash glucose monitoring devices.
Flash Glucose Monitoring Market Segmentation
The global market is divided into three segments: application, end-user, and region. The application segment is further categorized into type 1 diabetes and types 2 diabetes. According to our flash glucose monitoring market forecast, the type 2 diabetes sub-segment will dominate the market with more than 2/3rd of the shares and will continue to dominate from 2022 to 2030.
Based on end-user, the market comprises hospitals, clinics, academic & research institutes, and others. According to our flash glucose monitoring industry analysis, the hospitals sub-segment will achieve a noteworthy market share throughout the forecasted years from 2022 to 2030.
Flash Glucose Monitoring Market Regional Outlook
The global flash glucose monitoring market is divided into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. According to our flash glucose monitoring regional study, the North American area will hold the largest market share between 2022 and 2030. The growing diabetes patient pool in the United States and Canada is the key driver of the North American flash glucose monitoring market share. Furthermore, the rising need for quick monitoring devices, technical developments, new product releases, and high obesity cases all help the regional market to grow rapidly.
On the other hand, the Asia-Pacific area is expected to grow at the fastest rate in the next years. The rising prevalence of chronic diseases, a large diabetic population, increased awareness of glucose monitoring meters, and favorable government initiatives to combat diabetes are some of the major drivers driving the Asia-Pacific flash glucose monitoring market value.
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Flash Glucose Monitoring Market Players
Some prominent flash glucose monitoring companies covered in the industry are Abbott Laboratories, OMRON Healthcare India Pvt Ltd, Roche, Dexcom, Glysens, Johnson & Johnson Services, Medtronic, Omnipod Senseonics, and Ypsomed.
Questions Answered By This Report:
- What was the market size of flash glucose monitoring market in 2021?
- What will be the CAGR of flash glucose monitoring market during the forecast period from 2022 to 2030?
- Who are the major players in global flash glucose monitoring market?
- Which region held the largest share in flash glucose monitoring market in 2021?
- What are the key market drivers of flash glucose monitoring market?
- Who is the largest end user of flash glucose monitoring market?
- What is the projected flash glucose monitoring market value in 2030?
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