Continuous Glucose Monitoring Devices Industry Overview
The global continuous glucose monitoring devices market size was estimated to be valued at USD 4.60 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.19% from 2024 to 2030.
The increase in the prevalence of diabetes due to aging, obesity, and unhealthy lifestyle is one of the factors contributing to the growth of the continuous glucose monitoring (CGM) devices market. Obesity is a major factor leading to diabetes. According to WHO, in 2022, the number of obese individuals worldwide exceeded 1 billion, including 650 million adults, 340 million adolescents, and 39 million children. This number continues to grow. If things continue as they are, WHO predicts that by 2025, around 167 million people, both adults and children, will experience worsening health problems due to their weight issues. In addition to obesity, diabetes is becoming increasingly prevalent globally. The International Diabetes Federation (IDF) estimates that there were 537 million adults (aged 20–79) living with diabetes in 2021, and this number is expected to increase to 642 million by 2040. The IDF also reports that the prevalence of diabetes is growing globally, with the highest increase witnessed in low- and middle-income countries.
CGM devices are minimally invasive and offer an easy and effective way to manage diabetes. They can also detect drastic changes in blood glucose levels, thereby preventing hypoglycemic conditions. The CGM devices facilitate the analysis of blood glucose levels at different time intervals with the help of a sensor. Respective readings fed into the diabetes management software through a wireless network allow patients to understand the disease better, thereby helping them to manage it in a more effective way. Smoking, obesity, physical inactivity, high blood pressure, and high cholesterol are the common risk factors associated with diabetes complications.
Gather more insights about the market drivers, restrains and growth of the Continuous Glucose Monitoring Devices Market
The increasing incidence of prediabetes is also fueling the market growth. Prediabetes is a condition in which sugar levels in blood are higher than normal but not high enough to be classified as type 2 diabetes. It is a serious health condition that can increase the risk of developing type 2 diabetes, heart disease, and stroke. Unfortunately, the number of people diagnosed with prediabetes is rapidly growing. The main reason for the increase in prediabetes cases is the rise in obesity rates. Obesity is a major risk factor for developing prediabetes and type 2 diabetes. As more and more people adopt a sedentary lifestyle and consume unhealthy diet, the prevalence of obesity increases, which in turn leads to a rise in prediabetes cases. According to the CDC and the U.S. Department of Health & Human Services, it is estimated that 97.6 million adults in the U.S. 18 years or above had prediabetes in 2021.
As the geriatric population continues to grow, the demand for CGM devices is also increasing. CGM devices are vital for people with diabetes, especially elderly individuals who may not be able to monitor their blood glucose levels as frequently as required. These devices provide real-time glucose readings and help patients and healthcare professionals manage their diabetes more effectively. As a result, the market is expected to significantly grow in the coming years due to the increasing prevalence of diabetes and the growing need for better disease management tools. According to WHO, chronic conditions, such as diabetes, are highly prevalent in people aged 65 and above.
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Continuous Glucose Monitoring Devices Market Segmentation
Grand View Research has segmented continuous glucose monitoring devices market based on component, connectivity, end use, and region.
Continuous Glucose Monitoring Device Component Outlook (Revenue, USD Million, 2018 - 2030)
- Transmitters
- Sensors
- Receivers
Continuous Glucose Monitoring Device Connectivity Outlook (Revenue, USD Million, 2018 - 2030)
- Bluetooth
- 4G
Continuous Glucose Monitoring Device End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals
- Homecare Settings
- Others
Continuous Glucose Monitoring Device Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- S.
- Canada
- Europe
- UK
- Germany
- Italy
- France
- Spain
- Sweden
- Denmark
- Norway
- Asia Pacific
- India
- China
- Japan
- Thailand
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
Key Companies profiled:
- Dexcom, Inc.
- Abbott
- Medtronic
- Ypsomed AG
- Senseonics Holdings, Inc.
- A. Menarini Diagnostics S.r.l.
- Signos, Inc.
Key Company Insights
- The market is consolidated with the dominance of market players such as of Dexcom, Inc., Abbott, Medtronic, Ypsomed AG, Senseonics Holdings, Inc., A. Menarini Diagnostics S.r.l., and Signos, Inc. Most of these leading companies are involved in strategic collaborations, mergers, and acquisitions, and regional expansions to gain high revenue share in the industry.
- Market players are entering into partnerships & collaborations to grow & innovate and improve their competitiveness by combining the expertise & efforts of different organizations.
Recent Developments
- In January 2024, Medtronic plc declared that their MiniMed 780G system with Simplera Sync received the CE Mark approval. Simplera Sync is a technology that enhances the user experience through a simplified two-step insertion process. IN addition, this new sensor is half the size of its precursors. The MiniMed 780G system with Simplera Sync sensor is anticipated to be launched in Europe through a limited release in the spring of 2024, followed by a phased commercial launch in the summer of the same year
- 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
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