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

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.