21 Jun 2020
Posted in Medical Devices
Need of better glycemic control during COVID-19 fuels the continuous glucose monitors market, says GlobalData
Following reports that people with diabetes are among the most vulnerable to serious complications caused by COVID-19, the demand of continuous glucose monitors (CGM) is rising. According to GlobalData, the global CGM market was valued at $3.3bn in 2019 prior to the pandemic. The growth of CGM market is expected to reach mid-double digits in 2020.
Tina Deng, MSc, Senior Medical Devices Analyst at GlobalData, comments: “During the COVID-19 pandemic, there has been an emphasis on the use of virtual clinics and telemedicine for diabetic management. For example, the UK’s National Health Service updated its clinical guide to encourage remote contact such as via telephone, email and video conferencing. This has resulted in increasing demand for diabetic care devices that can share data remotely. There are significantly more data available by using CGM devices, which can help patients and healthcare providers improve glycemic control and potentially increase patient self-management.”
The surging demand of CGM is primarily driven by growing awareness of the devices, but also partly due to companies’ quick responses to the COVID-19 pandemic. Both Dexcom and Abbott have received clearance by the FDA to make their CGM systems available for use in hospital settings and other healthcare facilities. Health Canada recently announced that the Dexcom G6 CGM system has been temporarily authorized for expanded use in Canadian hospitals.
Deng continues: “Remote monitoring with CGM devices for patients with diabetes can help reduce exposure for healthcare providers and preserve personal protective equipment. Similar to insulin giants Novo Nordisk and Eli Lilly, CGM companies have initialized new patient assistance programs to support current CGM customers who have lost insurance due to the COVID-19 pandemic in the US. Dexcom reduced its CGM cost to $45 per 90-day supply for its existing, qualified patients.
“The pandemic has raised the demand of establishing electronic blood glucose records for patients with diabetes. COVID-19 has opened new opportunities for the CGM systems to gain more popularity in the diabetic care market.”