Continuous glucose monitoring (CGM) devices provide information on the diabetic patient’s daily glucose levels. People with type 1 & type 2 diabetes typically utilize CGM for better glucose control to enhance their health and quality of life. The essential characteristics of the current crop of CGM devices, which include smartphone connectivity for simple diabetes management and cloud-based data storage, have also driven the CGM systems’ rapid uptake. The market worth of continuous glucose monitoring devices in 2021 was USD 6.13 billion, and it will be worth USD 16.33 billion by 2030, growing at an 11.5% CAGR during the forecast period. The prevalence of diabetes worldwide is one of the main factors behind the expansion of continuous glucose monitoring devices (CGM). The need for CGM devices has arisen due to the prevalence of diabetes, which is regarded as one of the life-threatening diseases and the leading cause of mortality in many areas of the world. This has led to an increase in market demand and income for CGM devices. Market Dynamics Drivers Rising cases of diabetes due to unhealthy eating habits are the major factor driving the market for continuous glucose monitoring devices. Per the international diabetes federation, in 2021, nearly 537 million people between 20 and 79 years had diabetes, and by 2045, this number will rise to 783 million. The increased awareness of diabetes control and treatment is driving the global population’s desire for continuous glucose monitoring devices. Global market expansion has been made possible by the wide range of glucose monitoring devices that are readily available. Restraints The prevalence of a substantial population with undiagnosed diabetes is one of the primary reasons for the lower acceptance of continuous glucose monitoring systems, particularly in emerging nations. Growth is also hampered by public or private organizations not using contemporary, sophisticated methods and by people who only have limited access to modern healthcare facilities. Opportunity Due to its capacity to consistently monitor the patient’s blood glucose level, a higher CAGR is estimated for the continuous glucose monitoring system (CGM) segment over the projected period. Both developed and developing countries are seeing an increase in the use of CGMs, resulting in a huge rise in this market sector and the use of this technology across several market segments. Market Segmentation Components Insights In 2020, the sensors segment ruled the market with the largest revenue share of nearly 39%. It will expand at a 10.0% CAGR during 2021-2028. The Sensors are the most complex component of CGM devices and are made of a metallic filament that is thinner than a needle and is injected into the fatty layer immediately beneath the skin. The technology utilized in transmitters and receivers, and sensors is slightly different. These elements measure blood sugar levels using glucose oxidase. End-use Insights The home care segment ruled the market with a maximum share of 43% in 2020. The ease of use of continuous glucose monitoring devices and the rising prevalence of diabetes among the population encourage customers to use them at home. The expansion of this segment is driven by factors such as rising personal disposable income, rising healthcare expenditure, improved health awareness, and an aging population. Regional Insights North America was the largest market regionally, with a revenue share of nearly 39% in 2020 due to a well-established healthcare sector in the region. The regional market is driven by the rising prevalence of obesity, effective reimbursement regulations, and expanding public awareness of cutting-edge technologies for diabetes control. Asia Pacific will experience the quickest rate of growth during the forecast period. The Asia-Pacific region is seeing an increase in the number of diabetic patients. India and China have the most diabetic patients worldwide, according to the International Diabetes Federation. Key Players
- Dexcom, Inc.GlySens IncorporatedSenseonics Holdings, Inc.Abbott LaboratoriesA. Menarini DiagnosticsF. Hoffmann-La Roche Ltd.LifeScan IP Holdings LLCB Braun Melsungen AGEcho Therapeutics, Inc.Medtronic PlcTerumo CorporationJohnson & Johnson
The market worth of continuous glucose monitoring devices in 2021 was USD 6.13 billion, and it will be worth USD 16.33 billion by 2030, growing at an 11.5% CAGR during the forecast period. The market for continuous glucose monitoring devices is driven by the rising prevalence of diabetes and the expanding senior population at risk for the disease. Furthermore, the market is driven by a combination of factors, including rising government funding, new product debuts, and growing awareness of diabetes preventative care.