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What Is the Current and Projected Market Size of the Continuous Glucose Monitoring Devices Market Through 2034?
The market size for continuous glucose monitoring devices has seen significant expansion in the past few years. It is anticipated to escalate from $8.41 billion in 2024 to $9.86 billion in 2025, with a compound annual growth rate (CAGR) of 17.22%. The notable growth observed in the previous period can be ascribed to various factors such as enhanced patient safety and health outcomes, amplified demand for devices used in diabetes management, broader use of CGM devices, an increase in the diabetic patient count, and a rise in trust by patients.
The market for continuous glucose monitoring devices is anticipated to experience a swift expansion in the forthcoming years, reaching a size of $18.45 billion by 2029, at a compound annual growth rate (CAGR) of 16.96%. This prospective growth during the forecast period can be linked to factors such as escalated healthcare expenditure, heightened awareness about the disease, a surge in diabetes cases, increasing incidence of diabetes and the growing fame of continuous glucose monitoring devices. Key trends projected during this forecast period comprise technological progress, innovations in CGM technology, business mergers and acquisitions, regulatory sanctions, along with partnerships and collaborations.
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What Are the Primary Drivers Supporting the Market Growth of the Continuous Glucose Monitoring Devices Market?
The continuous glucose monitoring devices market is anticipated to grow due to the escalating prevalence of diabetes. Insufficient insulin production or insulin resistance causing improper regulation of blood sugar levels characterizes diabetes. Factors such as unhealthy eating habits, inactive lifestyles, obesity, aging, and genetic factors contribute significantly to the increase in diabetes. Continuous glucose monitoring (CGM) devices aid in diabetes management by offering instant feedback on glucose levels in the blood, thereby facilitating necessary adjustments to treatment and way of living. For instance, the Office for Health Improvement & Disparities, a UK government department, reported in March 2024 that between March 2022 and March 2023, there was a 22% increase in the number of individuals with type 1 diabetes receiving all eight suggested care processes and a 21% increase for those with type 2 diabetes. Simultaneously, the percentage achieving target HbA1c levels climbed to a record 37.9%, as per the National Diabetes Audit (NDA). Hence, the burgeoning prevalence of diabetes prompts the growth of the continuous glucose monitoring devices market.
Which Primary Segments of the Continuous Glucose Monitoring Devices Market Are Driving Growth and Industry Transformations?
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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Which Regions Are Key Players in the Growth of 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.
What Are the Most Significant Market Trends in the Continuous Glucose Monitoring Devices Market?
Leading companies in the continuous glucose monitoring devices market are underlining their efforts towards the creation of innovative techniques like over-the-counter continuous glucose monitors for improved precision, user-friendliness, and accessibility for users to monitor their blood sugar levels. An over-the-counter continuous glucose monitor is a tool designed to permit individuals to continuously monitor their blood glucose levels without requiring a prescription. For example, in September 2024, Abbott Laboratories, a medical device company based in the US, introduced the Lingo continuous glucose monitoring (CGM) system aimed to give users instantaneous glucose readings. This device offers real-time, continuous tracking of glucose levels, giving users immediate feedback on their blood sugar levels throughout their daily activities. It sports a sleek, user-centric design with clear display features and is fully compatible with mobile applications used for tracking patterns and receiving notifications.
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What Parameters Are Used to Define the Continuous Glucose Monitoring Devices Market?
Continuous glucose monitoring (CGM) devices track blood sugar levels in real time via a sensor under the skin. They provide continuous data, trend insights, and alerts for highs and lows, helping manage diabetes effectively. These devices reduce the need for frequent finger pricks and enhance glucose control.
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