USD 8 billion
Continuous Glucose Monitoring Devices Market Size, Share, Growth Analysis, By Component(Transmitters, Sensors, Receivers), By End-Use(Hospitals, Home Care, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2568 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
63
|Figures:
75
Continuous Glucose Monitoring Devices Market Insights
Global Continuous Glucose Monitoring Devices Market size was valued at USD 8 billion in 2022 and is poised to grow from USD 8.40 billion in 2023 to USD 12.41 billion by 2031, growing at a CAGR of 5% in the forecast period (2024- 2031).
The escalating occurrence of diabetes, accompanied by the growing acceptance of continuous glucose monitoring (CGM) devices, has been propelling the market forward. According to the International Diabetes Federation, approximately 536.6 million individuals were diagnosed with diabetes in 2022, a number projected to escalate to 642.8 million by 2030 and 783.7 million by 2045.
Furthermore, CGM devices offer insights regarding dietary habits, medication usage, physical activity, and health conditions. The advancement of digital therapeutic solutions has streamlined the connection between CGM device manufacturers and diabetes patients. A multitude of applications available in the market amalgamate CGM data to analyze future trends and suggest lifestyle adjustments for patients. These aspects collectively contribute to a positive impact on the continuous glucose monitoring device market's growth trajectory.
US Continuous Glucose Monitoring Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Home Care
Fastest Growth
Home Care
Growth Rate
5% CAGR
Global Continuous Glucose Monitoring Devices Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Continuous Glucose Monitoring Devices Market Segmental Analysis
The global continuous glucose monitoring devices market is segmented on the basis of component, end - user, and region. By component, the market is segmented transmitters, sensors, receivers. By end - user, the market is segmented into hospitals, home care, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Continuous Glucose Monitoring Devices Market Analysis By Component
In the year 2022, the sensors category dominated the market, representing the largest market share at 39.7%. Anticipated technological enhancements aimed at enhancing the precision of these sensors are projected to be a driving force for the growth of this segment throughout the forecast period. Sensors constitute the most advanced component of continuous glucose monitoring (CGM) devices. They are composed of an exceptionally thin metallic filament, even finer than a typical needle, which is inserted into the subcutaneous fat layer just beneath the skin. The technology employed in these sensors differs slightly from that employed in transmitters and receivers. These elements utilize glucose oxidase to identify levels of glucose in the blood.
Concurrently, the receiver segment is poised to exhibit the highest growth rate during the forecast period. The receiver, also referred to as a reader, encompasses a device or a smartphone application designed to display real-time glucose data retrieved from the sensor. While certain devices offer dedicated apps for visualizing the data, notable CGM manufacturers like Dexcom and Abbott offer distinct portable devices for this purpose. These portable devices prove invaluable for patients who lack access to smartphones.
The sensors' commanding presence and the evolving receiver segment reflect the continuous progression and innovation within the continuous glucose monitoring market. As sensor technologies become more refined and receivers become more accessible through various devices, the landscape of glucose management for diabetes patients is expected to see substantial improvements.
Continuous Glucose Monitoring Devices Market Analysis By End - Use
The foremost position in the global market was held by the homecare settings segment, constituting a substantial 43.8% share in 2022. Notably, this segment is projected to exhibit the most rapid CAGR during the forecast period. These CGM devices furnish patients with the advantage of reduced insulin dosage and the convenience of ongoing blood glucose level monitoring.
Concurrently, the hospital segment seized a 33.4% market share in 2022. This can be attributed to the mounting frequency of hospital visits for diabetes treatment and unforeseen complications stemming from diabetes, such as retinopathy, nephropathy, and neuropathy, necessitating prompt medical intervention and hospital admissions. Consequently, hospital settings are also poised to secure a substantial portion of the market share in the forthcoming period.
Global Continuous Glucose Monitoring Devices Market By End - Use
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Continuous Glucose Monitoring Devices Market Regional Insights
Expected to capture the leading market share of 38.9% in 2022, the North American region is poised to maintain its preeminence throughout the projected period. This region's growth trajectory is propelled by the mounting prevalence of diabetes and proactive endeavors undertaken by national governments to address the challenge on a broader scale.
For example, data from the International Diabetes Federation underscores the significance of the issue in 2021, a total of 32.2 million diabetes cases were diagnosed in the United States alone. Projections from the same source indicate an upward trend, with an expected increase to 34.7 million cases by 2030. In response to this concerning trend, governments are implementing preventative measures to empower individuals with diabetes to gain a better understanding of their condition and effectively manage it before it progresses to more serious complications. The region's anticipated growth is underpinned by a confluence of factors, including advancements in technology, robust research initiatives, and innovative approaches to diabetes care.
Shifting focus to the Asia Pacific, this region is projected to experience the highest CAGR of 5.8% during the forecast period. The impetus behind this growth is the elevated prevalence of diabetes in developing nations such as India and China. Illustratively, the International Diabetes Federation's data for 2021 reveals that China accounted for a staggering 1,079.9 million diabetes cases, while India accounted for 893.9 million cases of diabetes.
Furthermore, the escalating healthcare expenditure, heightened investments from key market players, and favorable regulatory frameworks within the Asia Pacific region are poised to exert a positive influence on market growth throughout the forecast period. As these factors converge, the region's potential for advancements in diabetes care and management becomes increasingly evident, establishing it as a pivotal contributor to the global trajectory of diabetes-related medical technologies and solutions.
Global Continuous Glucose Monitoring Devices Market By Geography
- Largest
- Fastest
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Continuous Glucose Monitoring Devices Market Dynamics
Continuous Glucose Monitoring Devices Market Drivers
Rising Prevalence of Diabetes
- The increasing global prevalence of diabetes is a significant driver, necessitating effective monitoring and management solutions like continuous glucose monitoring devices.
Government Initiatives
- Governments and healthcare authorities are recognizing the importance of diabetes management and implementing policies that encourage the adoption of continuous glucose monitoring devices, including reimbursement policies and awareness campaigns.
Remote Patient Monitoring
- The trend towards remote patient monitoring, especially in the wake of the COVID-19 pandemic, has led to an increased preference for continuous glucose monitoring devices that allow real-time data sharing between patients and healthcare professionals.
Continuous Glucose Monitoring Devices Market Restraints
Accuracy Concerns
- While continuous glucose monitoring devices have improved accuracy, they may still exhibit occasional discrepancies when compared to traditional blood glucose testing methods, causing concerns for some users.
Device Complexity
- Some users, particularly elderly individuals or those less familiar with technology, might find the setup and operation of continuous glucose monitoring devices complex or overwhelming.
Skin Irritation
- Prolonged sensor use can lead to skin irritation or discomfort, impacting user adherence and satisfaction with the device.
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Continuous Glucose Monitoring Devices Market Competitive Landscape
The competitive landscape of the global continuous glucose monitoring devices market is characterized by intense rivalry among key players aiming to capture a significant share. Industry leaders like Abbott, Dexcom, and Medtronic maintain dominant positions owing to their extensive product portfolios, technological innovation, and established market presence. These companies continuously invest in research and development to enhance device accuracy, user-friendliness, and connectivity.
Numerous entrants and startups are also making waves by introducing disruptive technologies, such as non-invasive monitoring solutions and AI-powered data analysis, which challenge traditional market dynamics. Collaborations between technology giants, healthcare providers, and diabetes care specialists are reshaping the landscape, enabling holistic solutions that encompass devices, software, and personalized patient support.
Continuous Glucose Monitoring Devices Market Top Player’s Company Profiles
- Abbott (USA)
- Dexcom (USA)
- Medtronic (Ireland)
- Roche Diagnostics (Switzerland)
- Senseonics Holdings (USA)
- Lifespan (South Korea)
- Ascensia Diabetes Care (Switzerland)
- Nemaura Medical (UK)
- Ypsomed (Switzerland)
- Glysens (USA)
- Tandem Diabetes Care (USA)
- MedAngel (Belgium)
- Bigfoot Biomedical (USA)
- Novo Nordisk (Denmark)
- Sensionics (USA)
- MicroPort (China)
- Insulet Corporation (USA)
- GluSense (Israel)
- DarioHealth (USA)
- Admetsys (USA)
Continuous Glucose Monitoring Devices Market Recent Developments
-
In March 2024, the FDA granted clearance to the Dexcom Stelo Glucose Biosensor System, stamping it as the main over-the-counter (OTC) continuous glucose monitor (CGM) to get such an endorsement. This incorporated CGM is intended for grown-ups aged 18 years and more seasoned who don't utilize insulin or for people without diabetes trying to acquire experiences into what diet and exercise mean for blood glucose levels.
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In January 2024, the National Research Foundation, Singapore (NRF), granted a S$20 million fund to Nanyang Mechanical University, Singapore, and Imperial College London. The grant plans to help the advancement of strategies to upgrade the security of health information and wearable gadgets.
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In January 2024, Kakao Healthcare CEO Hwang Hee declared the launch of PASTA, another portable blood sugar management service, at the J.P. Morgan Healthcare Conference 2024 Created in a joint effort with Dexcom, Novo Nordisk, and I-SENS, PASTA offers highlights like AI-based food acknowledgment, real-time blood sugar measurement, direction, analytical reports, and a local area stage for sharing information.
Continuous Glucose Monitoring Devices Key Market Trends
- Integration with Digital Health Platforms: Continuous glucose monitoring devices are increasingly being integrated with digital health platforms, allowing users to track and manage their data seamlessly alongside other health metrics.
- Non-Invasive Monitoring: The development of non-invasive or minimally invasive continuous glucose monitoring technologies is an emerging trend that aims to reduce discomfort and enhance user convenience.
- Partnerships and Collaborations: Companies are forming partnerships with healthcare providers, pharmaceutical companies, and technology firms to create comprehensive solutions for diabetes management that combine continuous glucose monitoring with medication and lifestyle interventions.
Continuous Glucose Monitoring Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global continuous glucose monitoring devices market analysis, the global continuous glucose monitoring devices market is undergoing a transformative phase, driven by the escalating prevalence of diabetes, technological advancements, and increased awareness of diabetes management. The market is marked by intense competition among key players, such as Abbott, Dexcom, and Medtronic, who are leveraging their expertise to offer accurate, user-friendly, and connected devices. The market's landscape is witnessing dynamic shifts, including partnerships, mergers, and acquisitions, as companies strive to expand their capabilities and cater to evolving consumer demands. The integration of AI-driven insights, non-invasive monitoring, and data sharing with healthcare providers is reshaping how individuals manage their diabetes.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8 billion |
| Market size value in 2031 | USD 12.41 billion |
| Growth Rate | 5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Continuous Glucose Monitoring Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Continuous Glucose Monitoring Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Continuous Glucose Monitoring Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Continuous Glucose Monitoring Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Continuous Glucose Monitoring Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Continuous Glucose Monitoring Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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