The global sales of Continuous Glucose Monitoring Device Market in 2023 are anticipated to be US$ 5.5 Billion, according to Future Market Insights’ recently published Global Continuous Glucose Monitoring Device Market analysis report. The market is expected to be valued US$ 16.8 billion by 2033, with a CAGR of 11.9% from 2023 to 2033.
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Market growth is predicted to be driven by an increase in the older population as well as a high prevalence of diabetes. The International Diabetes Federation predicts that the global diabetic population will reach 642 million by 2040. As a result, by 2040, one out of every 10 people would have diabetes, demonstrating the seriousness of the epidemic. Diabetes treatment and management are consequently projected to be a top priority for healthcare administrations and stakeholders around the world.
Increased diabetes cases are predicted to promote market growth and the potential for continuous glucose monitoring systems, attracting and forcing various industry actors to develop new products or expand their product lines.
During the projection period, Asia Pacific is expected to be the most profitable market. The Asia Pacific region has a large population, which is marked by increased diabetic awareness, increased awareness of the availability of continuous glucose monitoring devices, and rising consumer healthcare spending. In addition, increased diagnostic lab penetration in the region is likely to fuel demand for continuous glucose monitoring devices over the projection period.
Countries such as China, India, South Korea, and Indonesia are attracting FDIs in the healthcare sector as a result of favourable government policies, which is expected to boost the expansion of the region’s continuous glucose monitoring device market.
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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.
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.
More insights available:
North America is the largest market for CGM due to the high prevalence of diabetes in the region. The United States is the largest market in North America due to the high adoption rate of Continuous Glucose Monitoring market, favorable reimbursement policies, and the presence of major players in the region.
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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, Inc. (ESOMAR certified, Stevie Award – recipient 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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