Global Flash Glucose Monitoring Market Size, Forecast, and Trend Highlights Over 2023 - 2033
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
~ USD 13 Million |
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Forecast Year Market Size (2033) |
~ USD 26 Million |
The global flash glucose monitoring market is estimated to garner a revenue of ~USD 26 Million by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 13 Million in the year 2022. The growth of the market is primarily attributed to the rising adoption of wearable healthcare devices across the globe. For instance, in 2022, approximately 335 million consumer wearable health and wellness devices are expected to ship globally; by 2024, that number is expected to rise to almost 450 million units.
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Flash glucose monitoring system consists of two major components; a sensor which is wore just underneath the skin and a reader which is when waved over the sensor, it displays glucose level of the body. This continuous glucose monitoring (CGM) system is able to store data of individual’s blood sugar or blood glucose level and individuals are able to see and check any time just by scanning the scanner with reader device. Further, this flash glucose monitoring is a very efficient tool to maintain proper blood sugar level on a daily basis. Furthermore, flash glucose monitoring is very helpful to maintain glucose level of the body of those individuals who are suffering from diabetic disease. Therefore, the significantly growing prevalence of diabetes is fueling up the growth of the flash glucose monitoring market. As per the data provided by the World Health Organization (WHO), presently, there are approximately 422 million diabetics worldwide, and diabetes is one of the leading cause of 1.5 million yearly fatalities.
Global Flash Glucose Monitoring Market: Growth Drivers and Challenges
Growth Drivers
- Worldwide Rising Incidences of Chronic Diseases - Chronic diseases are medical terms that occur themselves over time. It is regarded as the costliest and widespread health-care problem around the world. Currently, people are suffering from several chronic diseases which have been affecting the physical condition and a wellness level of life of the millions of people. Diabetes, chronic obstructive pulmonary disease, cardiac diseases are all comes under the chronic diseases, thus, increasing stances of chronic diseases throughout the world is leading the growth of the flash glucose monitoring market. For instance, chronic disease occurrence had increased globally around 60% by the end of 2020.
- Growing Improvement in Glycemia in Higher Risk Patients with the Use of Flash Glucose Monitoring – For instance, it was observed in a research, the use of a flash glucose monitoring device for the first 15 days and over 6 months revealed that the improvement in dysglycemia occurred primarily in the first month of device usages. When the first and last 14 study days were compared, high-hyperglycemic-risk individuals reduced their time >240 mg/dL (meanSEM) from 6.070.06 to 5.730.09 hours/day (p0.0001). High-frequency scanners displayed a reduced hyperglycemia by 0.82 hours per day (p0.0001).
- Rising Trend of Using IoT for Monitoring Patients Health - For instance, around 82% of healthcare facilities and 65% of patients want to utilize remote patient monitoring systems as a part of their medical treatment.
- Worldwide Increase in Long-Term Care for Geriatric Population - For instance, seniors over the age of 66 in the United States have a nearly 73% chance of eventually needing long-term care services.
- Upsurge in Virtual Connectivity - For instance, presently there are around 6 billion internet users worldwide.
Challenges
- Overloaded Data Issue with Flash Glucose Monitoring
- Skin Irritation Caused by Flash Glucose Monitoring Systems
- Lack of Sufficient Reimbursement for Flash Glucose Monitoring Systems
The global flash glucose monitoring market is segmented and analyzed for demand and supply by end-user into hospitals, clinics, academic & research institutes, and others. Amongst these, the hospitals segment is anticipated to capture the largest market size over the forecast period owing to the growing healthcare infrastructure, rising number of diabetic patient’s visits to hospitals, and escalating healthcare expenditure. According to data from the World Bank, worldwide healthcare spending increased by 9.83% in 2019.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Flash Glucose Monitoring Market Regional Synopsis
Regionally, the global flash glucose monitoring market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the changing lifestyle, rising prevalence of obesity, rising healthcare expenditure, and increasing cases of diabetes in the region. As per the Centers for Disease Control and Prevention (CDC), the total number of people in United States who have been suffering from diabetes has reached 37.3 million by the January 2022.
The global flash glucose monitoring market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global flash glucose monitoring market includes the following segments:
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By Modality |
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By Application |
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By Technology |
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By End-User |
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Top Featured Companies Dominating the Global Flash Glucose Monitoring Market
- Novo Nordisk A/S
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- DexCom, Inc.
- GlySens Incorporated
- Medtronic plc
- Insulet Corporation
- Ypsomed Holding AG
- F. Hoffmann-La Roche Ltd
- Abbott Laboratories
- Tandem Diabetes Care, Inc.
- ForaCare, Inc.
