According to Future Market Insights’ newly released Continuous Glucose Monitoring Device Market industry analysis report, global sales of Continuous Glucose Monitoring Device Market in 2022 will be US$ 4.9 Billion. The market is expected to reach a valuation of US$ 16.8 billion by 2033, with a CAGR of 11.9% from 2023 to 2033. The Sensor component is expected to generate the most revenue, with a CAGR of nearly 11.6% from 2023 to 2033.
A spike in the senior population, as well as a high prevalence of diabetes, are likely to drive market expansion. By 2040, the global diabetic population is predicted to reach 642 Million, according to the International Diabetes Federation. As a result, by 2040, one out of every 10 persons is anticipated to have diabetes, demonstrating the seriousness of the pandemic. As a result, diabetes treatment and management are projected to be a top priority for healthcare administrations and stakeholders around the world.
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Increased diabetes cases are predicted to drive market growth and opportunities for continuous glucose monitoring systems, which will attract and compel several market participants to produce innovative products or product line extensions.
During the forecast period, Asia Pacific is expected to be the most lucrative market. Asia Pacific has a large population characterized by increased diabetic awareness, increasing awareness of the availability of continuous glucose monitoring devices, and expanding consumer healthcare spending. Moreover, throughout the projection period, increased diagnostic lab penetration in the region is likely to boost demand for continuous glucose monitoring devices.
Due to favorable government policies, countries such as China, India, South Korea, and Indonesia are drawing FDIs in the healthcare sector, which is projected to drive the growth of the continuous glucose monitoring device market in the region.
Competitive Landscape
The Continuous Glucose Monitoring Device Market is highly competitive, with a handful of companies holding a significant share. The key players in the market include A. Menarini Diagnostics, Echo Therapeutics, Inc., Abbott Laboratories, Bayer AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, GlySens Incorporated, Insulet Corporation, Johnson & Johnson, LifeScan, Medtronic plc, Medtrum Technologies, Inc., Microchip Technology Inc., Micron Technology Inc., Nemaura Medical, Inc., Novo Nordisk, NXP Semiconductors, Qualcomm, Roche Diagnostics, Senseonics Holdings, Inc., STMicroelectronics, and Tandem Diabetes Care.
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Some of the recent developments of key players in the Continuous Glucose Monitoring Device Market are as follows:
In June 2020, Menarini Diagnostics released GlucoMen Day CGM, a unique digital patch that monitors blood glucose and displays findings immediately on a smartphone. It may be worn for fourteen days continuously.
In February 2020, for seamless diabetes management, Abbott and Insulet collaborated to integrate next-generation glucose sensors and automated insulin delivery technology. The continuous glucose monitoring (CGM) technology of Abbott will be combined with Insulet’s OMillionipod Horizon Automated Insulin Delivery System to create an accurate, user-friendly, and integrated digital health platform.
In January 2020, Tandem Diabetes Care announced the launch of the t:slim X2 Insulin Pump with Control-IQ Technology. Dexcom G6 continuous glucose monitoring is built into the system.
Market Segments Covered in Continuous Glucose Monitoring Device Industry Analysis
By Component:
- Transmitters
- Sensors
- Receivers
By End-Use:
- Hospitals
- Home Care
- Other End-uses
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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