Continuous Glucose Monitoring Device Market Size and Forecasts 2020 - 2030, Global and Regional Share, Trend, and Growth Opportunity Analysis By Product, Application, Testing Site, End User, and Geography

The Continuous Glucose Monitoring Devices (CGMD) market size is expected to grow from US$ 9.8 billion in 2022 to US$ 28.5 billion by 2030. The Continuous Glucose Monitoring Device market report emphasizes key factors driving the Continuous Glucose Monitoring Device market growth and developments by prominent players in the market.

High Importance of Continuous Monitoring for Diabetes Management Bolsters Continuous Glucose Monitoring Device Market Size

Currently, diabetes management is extremely complex, as the disease results in people creating new lifestyle habits, medications, and so on. Moreover, people suffering from diabetes require careful monitoring of blood glucose levels. The demand for Continuous Glucose Monitoring Devices is high among diabetic people owing to the high glucose levels that are difficult to maintain. These devices are the most advanced technology devices that have reshaped manual diabetes management with their components, such as sensors, transmitters, and monitors. With their smart features, Continuous Glucose Monitoring Devices provide people with diabetes real-time updates regarding blood sugar levels, which helps them modify dietary patterns or insulin doses as directed by the healthcare physician. Such real-time updates reduce the risk of hypoglycemia or hyperglycemia among people living with diabetes. Further, significant expansion of the medical device industry in recent years, primarily during the COVID-19 pandemic, has positively impacted the Continuous Glucose Monitoring Device market size. Advancements in Continuous Glucose Monitoring Device technologies have made life easier for people with diabetes. For example, insulin administration and blood glucose monitoring have transformed from multiple finger pricks daily to a few swipes on a cell phone.

Technological Trends

Technology plays a vital role in diabetes care, as a wide range of devices and tools are enabled with modern technologies. Continuous Glucose Monitoring Device manufacturers target low- and middle-income (LMIC) markets rather than high-income markets, as they anticipate that diabetic people from these countries would switch to Continuous Glucose Monitoring Device products, particularly if they are reimbursed well for these devices. Moreover, continuous monitoring instead of repetitive self-monitoring aids in additional relief. Continuous Glucose Monitoring Devices integrated with automated treatment delivery systems (e.g., insulin pumps) can offer benefits to individuals who don't have to manually adjust insulin dosages based on Continuous Glucose Monitoring Device readings. Thus, advancements in Continuous Glucose Monitoring Devices are likely to bring new Continuous Glucose Monitoring Device market trends in the coming years.

Continuous Glucose Monitoring Devices Market, by Product:

By product, the market is segmented into sensors, transmitters, and receivers. The sensors segment held the largest Continuous Glucose Monitoring Device market share in 2022. The same segment is anticipated to register the highest CAGR of 14.6% during the forecast period. In January 2024, Dexcom announced the submission of approval for a new glucose sensor named "Stelo Glucose Sensor" to the Food and Drug Administration (FDA). The new sensor is indicated particularly for devices designed for people suffering from type 2 diabetes to help them monitor health through maintaining diet, exercise, sleep, and stress. According to the "Self-Monitoring Devices in LMICs" report, the revenue for major Continuous Glucose Monitoring Device suppliers (Abbott, Dexcom, and Medtronic) is driven primarily by sensors. Also, patients prefer sensors frequently (every 10-14 days on average). Thus, sensors account for 60-90% of the total sales revenue in the Continuous Glucose Monitoring Device market.

Regional Analysis

The global Continuous Glucose Monitoring Device market report is geographically segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest Continuous Glucose Monitoring Device market share. The market growth in this region is driven by the increasing number of product launches by top companies and the presence of key market players.

Industry Developments and Future Opportunities:

A few strategic developments by leading players operating in the Continuous Glucose Monitoring Device market are listed below:

• In October 2023, Philips-Medisize announced a partnership with GlucoModicm to commercialize a proprietary noninvasive and wearable device. The partnership is aimed to create a solution that is needle-free, accurate, and more affordable for diabetic people seeking ways to monitor blood glucose levels better.

Competitive Landscape and Key Companies:

B. Braun SE, F. Hoffmann-La-Roche Ltd, LifeScan Inc, Medtronic, Abbott Laboratories, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp are the prominent companies in the Continuous Glucose Monitoring Device market report. These companies focus on new technologies, upgrading existing products, and geographic expansions to meet the growing consumer demand worldwide.