WASHINGTON, Aug. 22, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, The Global Continuous Glucose Monitoring Devices Market is projected to reach a value of USD 12.39 Billion by 2030 and is expected to exhibit a CAGR of 10.60% from 2023 to 2030. The global Continuous Glucose Monitoring Devices Industry is valued at USD 5.53 Billion in 2022.
The Continuous Glucose Monitoring Devices market is experiencing a significant upsurge owing to the increasing prevalence of diabetes and the expanding elderly population vulnerable to this condition. This trend is being propelled by a growing awareness of preventive diabetes care, the introduction of innovative products, and the implementation of supportive government initiatives. Moreover, the market for Continuous Glucose Monitoring Devices is being positively influenced by recent adjustments made by federal agencies, which have eased restrictions and issued guidelines for the utilization of home-use glucose meters and CGMs within hospital settings. This regulatory flexibility has spurred a heightened demand for Continuous Glucose Monitoring Devices, especially in the context of the COVID-19 pandemic.
Diving deeper, among the notable players in this sector are Dexcom G6 and Abbott FreeStyle Libre, both of which have garnered certification for deployment within hospital environments.
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Key Highlights:
- The North America region is the largest market for CGM, followed by Europe and Asia Pacific.
- The Asia Pacific region is the fastest-growing market for CGM, due to the increasing prevalence of diabetes and the growing demand for minimally invasive monitoring devices.
- The implantable CGM segment is the fastest-growing segment, due to the increasing demand for devices that are more discreet and comfortable to wear.
- The ambulatory CGM segment is the largest segment, due to its lower cost and ease of use.
Top Companies in Global Continuous Glucose Monitoring Devices Market
- Medtronic (US)
- Dexcom Inc. (US)
- Novo Nordisk A/S (Denmark)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Abbott (US)
- Ypsomed (Switzerland)
- GlySens Inc (US)
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Market Dynamics: Continuous Glucose Monitoring Devices Market
The global continuous glucose monitoring devices market is poised for substantial growth in the foreseeable future, primarily fueled by a rising global demand for continuous glucose monitors (CGM). An illustrative example of this trend is Dexcom, Inc's recent announcement in February 2023. The company introduced its Dexcom G6 CGM System in Singapore, targeting individuals with diabetes aged 2 years and above, including pregnant women. This strategic move highlights the evolving landscape of diabetes care.
The growth trajectory of the global continuous glucose monitoring devices market is further accelerated by the escalating prevalence of diabetes on a global scale. Diabetes, characterized as a chronic condition, bears the potential for prevention, and its ramifications encompass cardiovascular disease, kidney failure, visual impairment, limb amputation, and mortality. The International Diabetes Federation (IDF) has reported a staggering statistic, revealing that approximately 537 million individuals aged 20 to 79 are currently grappling with diabetes worldwide. The anticipation is that this number will surge to over 643 million by the year 2030 and surpass 783 million by 2045.
Top Trends in Continuous Glucose Monitoring Devices Market
Continuous glucose monitoring sensors rely on the enzyme glucose oxidase to discern blood sugar levels. Through a chemical process, glucose oxidase transforms glucose into hydrogen peroxide, which subsequently interacts with the platinum catalyst within the sensor. This interaction leads to the generation of an electrical signal, which is then transmitted to the device's transmitter. The sensors constitute a pivotal component of continuous glucose monitoring devices, serving as the linchpin in facilitating accurate glucose level tracking. Notably, the evolution of sensor technology, aimed at enhancing precision, is anticipated to propel the growth of this segment during the projected period 2023-2030.
The COVID-19 pandemic has underscored the critical significance of maintaining optimal glycemic control in individuals grappling with diabetes. This holds particular importance given that multiple observational studies have consistently indicated that poorly managed diabetes heightens the susceptibility to hospitalization and mortality associated with the viral infection. A noteworthy research study conducted by Joost van der Linden et al. and featured in the Diabetes Technology & Therapeutics Journal in March 2021 merits attention. This study embraced real-time continuous glucose monitoring (rtCGM) at the population level, thereby enabling the monitoring of glycemic control fluctuations with temporal and geographical precision.
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Global Continuous Glucose Monitoring Devices Market Segmentation
By Component
- Transmitters and Receivers
- Sensors
By Demography
- Child Population
- Adult Population
By End User
- Home healthcare
- Others
- Hospital and Clinics
Challenges: Continuous Glucose Monitoring Devices Industry
While glucose monitoring devices offer critical insights for diabetes management, certain challenges have arisen that influence the market landscape. These challenges encompass aspects like cost, discomfort, accuracy concerns, and insurance coverage issues. As a result, the growth of the market is hampered by these multifaceted factors.
The cost associated with glucose monitoring devices can be prohibitive for many individuals. This financial barrier may restrict access to these essential tools for effective diabetes management, potentially limiting their reach to those who need them the most. Additionally, the discomfort associated with certain glucose monitoring methods, particularly the invasive ones requiring finger pricks, can lead to reluctance among patients to consistently monitor their glucose levels.
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Exploring Opportunities
The global continuous glucose monitoring devices market holds promising growth prospects as a result of the increasing adoption of cutting-edge technological innovations. Notably, the introduction of advanced technology, including Artificial Intelligence (AI), within the healthcare landscape is fundamentally reshaping diabetes treatment paradigms. Continuous Glucose Monitoring systems (CGMs) stand at the forefront of this revolution.
Illustrating this transformative trend is the groundbreaking step taken by January AI in May 2023. The company unveiled a pioneering generative AI-enabled application designed to estimate and predict the glucose response of individuals to over 32 billion distinct food items. This remarkable tool harnesses the potential of AI to provide personalized insights into glucose reactions, thereby enabling individuals to make informed dietary choices.
Recent Development
- In May 2022: Abbott launched the FreeStyle Libre 3 in the United States. The FreeStyle Libre 3 is a small, discreet CGM sensor that can be worn for up to 14 days. It does not require fingerstick calibration and has a real-time glucose display.
- In June 2022: Dexcom launched the Dexcom G7 in Europe. The Dexcom G7 is a CGM sensor that can be worn for up to 10 days. It has a smaller sensor and transmitter than previous Dexcom models, and it also has a real-time glucose display.
- In June 2022: Senseonics received CE Mark approval for the Eversense E3 CGM System. The Eversense E3 is an implantable CGM sensor that can be worn for up to 365 days. It does not require fingerstick calibration and has a real-time glucose display.
Browse market data Tables and Figures spread through 140 Pages and in-depth TOC on Continuous Glucose Monitoring Devices Market Forecast Report (2023-2030).
Key Questions Answered in Continuous Glucose Monitoring Devices Market Report
- What is the current market size and growth rate of the Continuous Glucose Monitoring (CGM) Devices market?
- What are the major factors driving the growth of the CGM Devices market?
- What are the different types of CGM Devices available in the market and how do they compare in terms of features and benefits?
- Who are the key players in the CGM Devices market and what is their market share?
- What are the key trends and developments in the CGM Devices market?
- What are the challenges and opportunities in the CGM Devices market?
- How is the market segmented based on product type, application, and geography?
- What is the adoption rate of CGM Devices in different regions?
Regional Analysis
North America is poised to command a significant share of this market during the forecast period, driven by several key factors. The region is witnessing an alarming rise in diabetes cases, coupled with a burgeoning elderly population. This demographic shift underscores the urgency for effective diabetes management tools such as continuous glucose monitoring devices. Furthermore, the escalating demand for these devices is driven by the region's penchant for embracing innovative solutions. A case in point is the groundbreaking approval of Senseonics' Eversense E3 System by the Food and Drug Administration (FDA) in February 2022. This system introduces a novel approach to continuous glucose monitoring, with a sensor that boasts an impressive lifespan of up to 6 months – a milestone in the realm of CGMs. This landmark achievement not only exemplifies the region's propensity for embracing technological advancements but also positions North America as a frontrunner in driving the evolution of diabetes care.
The Asia Pacific region is projected to experience robust growth in the global continuous glucose monitoring devices market. The region, characterized by a mounting prevalence of diabetes and an expanding geriatric population, presents a fertile ground for the adoption of these devices. Furthermore, the heightened awareness about diabetes management and the significance of continuous glucose monitoring among the population augments the demand for these cutting-edge tools. Notably, India, a key player in the Asia Pacific landscape, grapples with a significant diabetes burden. The World Health Organization's findings underscore the gravity of the situation, with over 77 million individuals above 18 years of age affected by type 2 diabetes, and approximately 25 million categorized as prediabetic.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.53 Billion |
| Revenue Forecast by 2030 | USD 12.39 Billion |
| CAGR | 10.60% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Medtronic, Dexcom Inc., F. Hoffmann-La Roche Ltd. (Switzerland), Abbott, Novo Nordisk A/S, Ypsomed |
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