Continuous Glucose Monitoring Devices Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What fueled the previous growth in the continuous glucose monitoring devices market?
The market size for continuous glucose monitoring devices has seen a swift expansion in the past few years. The prediction is that it will escalate from $8.41 billion in 2024 to $9.86 billion in 2025, growing at an impressive compound annual growth rate (CAGR) of 17.22%. This significant growth during the historic period can be traced back to factors such as enhanced patient safety and health outcomes, a surge in demand for devices used in diabetes management, amplified usage of continuous glucose monitoring (CGM) devices, an upsurge in the count of diabetes patients, and a notable rise in the confidence of patients.
What will be the continuous glucose monitoring devices market size in the future?
The market for continuous glucose monitoring devices is anticipated to experience a significant expansion in the coming years. The market is projected to reach $18.45 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.96%. The expected growth during this period is due to factors such as increased healthcare expenditures, raised awareness, a rise in diabetes cases, high prevalence of the condition, and the growing preference for continuous glucose monitoring devices. The forecast period is expected to see trends such as advancements in technology, CGM technology innovations, corporate mergers and acquisitions, regulatory authorizations, and strategic partnerships and collaborations.
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What main drivers are fueling expansion in the continuous glucose monitoring devices market?
The escalating incidence of diabetes is projected to drive the continuous glucose monitoring devices market’s expansion in the coming days. Diabetes, a disease characterized by the body’s inability to effectively manage blood sugar levels due to inadequate insulin production or resistance, is primarily caused by poor diet, inactive lifestyles, obesity, aging populations, and genetic predisposition. Continuous glucose monitoring (CGM) devices play a pivotal role in managing diabetes by offering real-time blood glucose level information, which allows for prompt modifications to treatment and lifestyle. As per the Office for Health Improvement & Disparities, a UK government entity, in March 2024, the proportion of individuals with type 1 diabetes that received all eight suggested care processes surged by 22% between March 2022 and March 2023. For those with type 2 diabetes, this figure rose by 21%, while the percentage reaching the target HbA1c levels increased to 37.9%, the highest value ever recorded by the National Diabetes Audit (NDA). Therefore, the surge in diabetes incidence is fueling the continuous glucose monitoring devices market’s growth.
What key areas define the segmentation of the global continuous glucose monitoring devices market?
The continuous glucose monitoring devices market covered in this report is segmented –
1) By Component: Transmitters, Sensors, Receivers
2) By Connectivity: Bluetooth, 4G
3) By Demography: Child Population, Adult Population
4) By Application: Gestational Diabetes, Type-2 Diabetes, Type-1 Diabetes
5) By End-Use: Hospitals, Homecare Settings, Other End Users
Subsegments:
1) By Transmitters: Bluetooth-Enabled Transmitters, Wireless Transmitters, Integrated Transmitter-Receiver Systems
2) By Sensors: Enzyme-Based Sensors, Electrochemical Sensors, Non-Invasive Sensors
3) By Receivers: Mobile Device Integration (Smartphone Receivers), Standalone Receivers, Cloud-Based Data Sync Receivers
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Who are the dominant players expanding their reach in the continuous glucose monitoring devices market?
Major companies operating in the continuous glucose monitoring devices market are Johnson & Johnson, F. Hoffmann-La Roche AG, Sanofi S.A., Abbott Laboratories, Medtronic Public Limited Company, Novo Nordisk A/S, Becton Dickinson and Company, A. Menarini Diagnostics S.r.l., Dexcom Inc., Bionime Corporation, Insulet Corporation, Ascensia Diabetes Care Holdings AG, Tandem Diabetes Care Inc., i-Sens Inc., Senseonics Holdings Inc., Medtrum Technologies Inc., Biolinq Inc., GlySens Incorporated, Glucotrack Inc., Nemaura Medical Inc.
What key trends are currently impacting the continuous glucose monitoring devices market’s development?
Major companies are operating in the continuous glucose monitoring devices market, focusing on developing innovative technologies, such as over-the-counter continuous glucose monitors, to enhance accessibility, accuracy, and ease of use for users in managing blood glucose levels. An over-the-counter continuous glucose monitor is a device that allows individuals to track their blood glucose levels continuously without needing a prescription. For instance, in September 2024, Abbott Laboratories, a US-based medical device company, launched a Lingo continuous glucose monitoring (CGM) system designed to provide users with real-time glucose data. The device offers real-time, continuous glucose monitoring, providing users with instant feedback on their blood sugar levels throughout the day. It features a sleek, user-friendly design with easy-to-read displays and integrates seamlessly with mobile apps for tracking trends and receiving alerts.
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Which regions are emerging as leaders in the continuous glucose monitoring devices market?
North America was the largest region in the continuous glucose monitoring devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the continuous glucose monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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