Flash Glucose Monitoring Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

Flash glucose monitoring is a cutting-edge system used by people with diabetes in order to manage monitor their blood glucose levels continuously. It is unlike traditional methods which involves frequent finger pricks, it offers a more convenient and less invasive alternative method. This system consists of a small sensor worn on a skin usually on the back of the upper arm which continuously measures glucose levels in the interstitial fluids. The users obtain their glucose readings by simply scanning the sensor with the handheld reader or a smartphone.

MARKET OVERVIEW

The market valuation of flash glucose monitoring market was valued at approximately USD 12.9 billion in 2023 and is projected to reach USD 31.6 billion in 2034 exhibiting a CAGR of 8.0% during the forecast period of 2024-2034. Flash glucose monitoring provides a convenient and non–invasive way to track the glucose levels over the time. The market is aligned with healthcare sector, which makes it a sustainable and growing market.

GROWTH DRIVERS

The rise in frequency of diabetics worldwide drives the demand for advanced glucose monitoring systems like flash glucose monitor. The International Diabetes Federation (IDF) Diabetes Atlas is a resource that provides statistics on the global impact of diabetes. The 2021 edition of the atlas reported that 10.5% of adults aged 20–79 have diabetes, which is equivalent to 537.0 million people. This number is projected to increase to 643.0 million by 2030 and 783.0 million by 2045. The advancements in sensor technology improves the accuracy, reliability and ease of use in flash glucose monitoring system.

According to NIH, there is a remarkable progress being witnessed in recent years in the development of sensors. These advances in sensor technology provide unprecedented opportunities for the early diagnosis and prevention of human diseases by detecting critical biomarkers. Health assessments by monitoring and analyzing human physiological signals in healthcare and biomedical applications and the efficient evaluation of human-health-relevant environmental factors by monitoring and measuring. The integration of flash glucose monitoring with mobile apps provides the user with real time data tracking analysis and more. This connectivity improves the patient engagement, and facilities facilitates healthcare provider access to glucose data for timely intervention. This leads to significant market adoption and growth.

According to the National Institute of Diabetes and Digestive and Kidney Diseases, the glucose monitoring on mobile app allows to see what your blood glucose level is at any time. You can also review how your blood glucose level changes over a few hours or days and spot trends. Seeing your blood glucose levels in real time can help you make more informed decisions about the food and beverages you consume, the physical activity you do, and the medicines you take. Keeping your blood glucose level in your target range can help prevent other health problems caused by diabetes. The utilization of glucose monitoring solutions including flash glucose monitoring significantly reduces the healthcare expenditures, which increase the adoption of the market.

According to American Diabetes Association, the flash glucose monitoring (FGM) can reduce healthcare costs for people with diabetes. It helps people manage their diabetes better and avoid or delay complications, which can lead to fewer hospital visits, shorter hospital stays, and lower healthcare costs overall. It also helps to avoid or delay serious, short- and long-term diabetes complications. For instance, one study found that people with type 2 diabetes who used a Dexcom CGM spent hundreds of dollars less per person on healthcare, and another study found that people who used real-time CGMs spent an average of USD 4,200 less per year on healthcare. 

MARKET SEGMENTATION:

·         By Modality Type- Wearable and Implantable 

·         By Component Type- Hardware (sensor, transmitter, others), Software and Services

·         By Application- Type 1 diabetes, Type 2 diabetes and others

·         By Sales Channel- direct Sales, distributors & retailers and online Sales

·         By End-User- Hospitals, clinics, academic and research institute and others

·         By Region- North America, Europe, Asia Pacific, Middle East and Africa, South America

Flash Glucose Monitoring Market Segment By Modality Type Review:

The wearable glucose monitoring devices are non-invasive systems designed for continually monitor glucose levels in individuals with diabetes. This device typically consists of a small sensor that is worn on the skin usually on the back of the upper arm. The variable voices are favoured for their convenience which allows users to monitor glucose levels without the need for frequent finger pricks. They are suitable for growth both Type 1 and Type 2 diabetes patients who require continuous glucose monitoring in order to manage their condition effectively.

The non-invasive nature and easy to use makes it widely accepted among diabetes patients. The implantable flash glucose monitoring devices are a more invasive alternative to wearable systems. These devices involve surgically implanting a sensor under the skin, typically in the abdomen or upper arm. The sensor continuously measures glucose levels in the interstitial fluid and transmits the data wirelessly to an external receiver or smartphone app for real time monitoring. These devices are designed for patients requiring long term or continuous glucose monitoring like unstable diabetes or individuals who find wearing external sensors inconvenient.

Flash Glucose Monitoring Market Segment By Component Type Review:

The hardware segment of the component market segmentation includes sensor which is critical for continuously measuring glucose levels in the interstitial fluids. Every few minutes, the sensor measures glucose levels and converts them into an electrical signal. The sensor is then connected to a transmitter that wirelessly sends the data to a device, such as a smartphone, insulin pump, or receiver, where it can be viewed the advances in sensor technology improves the accuracy durability and availability. The software and services segment includes data analysis software, mobile apps and cloud-based platforms for storing, analyzing and presenting glucose data to patients and healthcare providers. The services including training, customer support and maintenance services.

Flash Glucose Monitoring Market Segment By Application Review:

Type 1 diabetes, once known as juvenile diabetes or insulin-dependent diabetes, is a chronic condition. In this condition, the pancreas makes little or no insulin. Insulin is a hormone the body uses to allow sugar (glucose) to enter cells to produce energy. The type 1 diabetes patients constitute a significant portion of the market due to the need for continuous glucose monitoring in order to manage insulin dosing and blood sugar levels.

The FGM systems provides real-time glucose readings which reduces the need for frequent checks, offering better control over glucose fluctuations. Type 2 diabetes is a condition that happens because of a problem in the way the body regulates and uses sugar as a fuel. That sugar also is called glucose. This long-term condition results in too much sugar circulating in the blood. Eventually, high blood sugar levels can lead to disorders of the circulatory, nervous and immune systems. The FGM helps Type 2 diabetes patients to monitor glucose trends, helping to make informed decisions and prevent complications.

Flash Glucose Monitoring Market Segment By Sales Channel Review:

The direct sales channel involves the manufacturers selling the product to healthcare facilities, hospitals, clinics or end users. It allows manufacturers to maintain control over pricing, product distribution and customer relationships. The distributor sells products to hospitals, clinics and health providers. They stock products form different manufacturers and brands in order to server a wider audience. Their extensive distribution network enhances the market reachability and product availability. The online sales allows the customer to purchase the product directly from the ecommerce website or manufacturer’s website, allowing the convenience to order from anyplace at any time.

Flash Glucose Monitoring Market Segment By End-Users Review:

The hospital represents the major market share for the end users as they cater to broader patients and integrate flash glucose monitoring systems for inpatient and outpatient diabetes management. They provide continuous glucose monitor for critical patients those undergoing surgeries, optimizing the glycemic control. The clinics utilizes FGM systems for routine diabetes care, diagnostics and specialized treatments. The academic institutions and research centres uses FGM systems for diabetics research, clinical trials and studying glucose dynamics. They facilitate innovative research on diabetes treatments, technology advancement, and healthcare interventions. It drives technological innovation, validation studies and evidence-based practice in diabetes management.

Flash Glucose Monitoring Market Regional Analysis:

North America is a significant market driven by the robust and well-established healthcare sector with numerous key market players. According to the Diabetes Research and Clinical Practice, the North America and Caribbean (NAC) region has a high burden of diabetes. The age-adjusted prevalence of diabetes in adults in the NAC region was 9.6%, with estimates for specific countries including 9.2% for the United States, 7.9% for Canada, 12.6% for Mexico, and 9.6% for the Caribbean islands. The article also noted that diabetes-related deaths in the NAC region are not limited to older age groups, with 37.6% of deaths occurring in people under 60. This high prevalence of diabetes leads to wider adoption of the market in this region.

Europe is a valuable market driven by the factors like well-established healthcare systems. The initiatives in Europe that aim to improve diabetes management, including the European Parliament's Diabetes Resolution, the MedTech Europe Diabetes Group and more drives the market towards growth. Asia Pacific is a rapidly growing market driven by the factor like rapid infrastructure development including healthcare and rising diabetes incidence. The Asia-Pacific region is at the forefront of the current epidemic of diabetes. There are currently more than 30 million people with diabetes in the Western Pacific region alone.

The World Health Organization predicts that this number will rise dramatically by the year 2025, by which time India and China may each face the problem of dealing with 50 million affected individuals. The problem in the region results from a combination of large population size with rapidly rising prevalence rates, particularly of type 2 diabetes mellitus. The Middle East and Africa is a promising market driven by the factors like investments in infrastructure development including healthcare. South America is a growing market driven by the expanding healthcare sector and urbanization coupled with lifestyle changes leading to rise in diabetes. The incidence of type 1 diabetes in Latin America ranges from 0.4 to 8.3 cases per 100000 children under 15 years of age, and the prevalence of type 2 diabetes ranges from 1.2% to 8%, with higher prevalence rates in urban areas.

Key Challenges:

The FGM systems may be expensive which may limit the access for some patients mainly in regions with lower healthcare budgets or limited insurance coverage. For instance, the start-up kit can cost around USD 1,000, and some CGM systems can cost thousands of dollars per year. The cost of a CGM can range from USD100–300 per month, depending on the brand and pharmacy. This cost typically covers sensors and transmitters, which are parts of the CGM that are inserted into the body and visible on the body, respectively. Most at-home CGM sensors last 10–14 days, so you usually need to buy replacement sensors two or three times a month, according to Forbes.

Competitive Landscape:

In the highly competitive flash glucose monitoring market, companies are investing heavily in research and development to innovate and improve the product and services. They are also collaborating, forming strategi partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share.  The recent news and development include - In January 2024, Medtronic plc received the CE Mark approval for MiniMed 780G system with Simplera Sync . Simplera Sync is a technology that enhances the user experience through a simplified two-step insertion process. In December 2023, Dexcom, Inc. announced the integration of Dexcom G7 CGM with tslim X2 insulin pump by Tandem Diabetes Care. In October 2023, Dexcom, Inc. expanded its presence in Canada by launching Dexcom G7. In September 2023, Senseonics Holdings, Inc. announced the completion of the ENHANCE Pivotal Clinical Study. It demonstrated the accurate and safe performance of Eversense to facilitate effective and lasting diabetes management. In April 2023, Medtronic Inc. announced the U.S. FDA approval for its MiniMed 780G system with the Guardian 4 sensor.

Global Key Players:

·         Novo Nordisk A/S

·         DexCom

·         Glysens Incorporated

·         Medtronic

·         Insulet

·         Ypsomed Holding

·         Abbott

·         ForaCare

·         Roche

·         Other Players