Continuous Glucose Monitoring Market Size - By Component (Transmitters, Sensors, Receivers), By End-use (Hospitals, Home Care Setting, Diagnostic Centers & Clinics) – Global Forecast to 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationContinuous Glucose Monitoring Market Size
Continuous Glucose Monitoring Market size was valued at USD 6.8 billion in 2023 and is projected to reach at USD 20.2 billion by 2032. Continuous glucose monitoring (CGM) is a technology used to monitor blood glucose levels in real time throughout the day and night. It is primarily used by individuals with diabetes to track their glucose levels more frequently and accurately than traditional fingerstick tests.
Further, CGM systems comprise of glucose biosensors, transmitters, and receivers and are programmed to provide alerts and alarms when glucose levels are too high or too low, helping individuals take prompt action to prevent dangerous fluctuations. Moreover, the growing number of people suffering from type 1 and type 2 diabetes across the globe is the primary factor driving the industry expansion. For instance, according to the International Diabetes Federation, in 2021, approximately 537 million people were diagnosed with diabetes, and it is estimated to reach about 783 million by 2045.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Continuous Glucose Monitoring Market Size in 2023 | USD 6.8 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 12.6% |
| 2032 Value Projection | USD 20.2 Billion |
| Historical Data for | 2018 to 2023 |
| No. of Pages | 200 |
| Tables, Charts & Figures | 209 |
| Segments covered | Component, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Moreover, the growing geriatric population base suffering from age-onset diabetes is further propelling the market development. As per data provided by the World Health Organization (WHO), by 2050, the global population of individuals aged 60 years and above will double to approximately 1.2 billion. Additionally, the increasing patient awareness regarding diabetes management and control.
COVID-19 Impact
The COVID-19 pandemic significantly impacted the continuous glucose monitoring market progression. Initially, the market suffered a setback due to commencement of lockdown and stringent regulations imposed by authorities during the lockdown. During this pandemic, continuous glucose monitoring (CGM) gained popularity for the self-management of diabetes, effectively assisting in the treatment of diabetes.
Furthermore, post-lockdown the product costs rapidly declined due to high demand, making them highly affordable to the people, thereby increasing the sales of continuous glucose monitoring devices. Moreover, as diabetic patients are more prone to COVID-19, the demand for diabetes care devices including self-monitoring blood glucose devices and CGM spiked during the pandemic.
Continuous Glucose Monitoring Market Trends
Diabetes is a serious health issue that's on the rise around the world, and it's largely driven by the growing problem of obesity. In fact, obese people are six times more likely to develop diabetes than those who are a healthy weight. There are many factors that can contribute to obesity, includingNot getting enough exercise Eating unhealthy foods Drinking too much alcohol Smoking Having poor gut health Being under a lot of stress Having a family history of obesity All of these things can lead to diabetes, which can be a very serious condition. The good news is that there are many things that can be done to manage diabetes, includingLosing weight Eating healthy foods Getting regular exercise Taking medication Using diabetes devices These things can help people with diabetes live long, healthy lives.
Continuous Glucose Monitoring Market Analysis
The continuous glucose monitoring (CGM) market has three main componentstransmitters, sensors, and receivers. Out of these, the sensor segment is the biggest earner, with sales of $2.8 billion in 2022. The sensor is a small, bendy device that gets put under the skin, usually on your belly or arm. It checks the sugar levels in the fluid around your body's cells. Not only do CGM sensors show you your current sugar levels, but they also use arrows to tell you if your sugar is going up or down and how fast. This info is handy for spotting patterns, like sudden drops or spikes in sugar levels, and helps you do what you need to keep your sugar in check.
Additionally, with the increasing number of patients suffering from type 1 diabetes, the demand for continuous glucose monitoring devices is growing due to several advantages such as it helps in early detection of hypoglycaemia, offers real-time data regarding one’s glucose levels, multiple pricking is not required, and improves the quality of glycaemic control in a person.
The market for devices that track blood sugar levels is split up into different groups, like hospitals, home care setups, and labs. The home care group is set to make a lot of money, with estimates of $8.1 billion by 2032. More and more people with diabetes are using these devices, especially after the COVID-19 pandemic. People had a hard time finding doctors, making appointments at labs, and other things because there weren't enough healthcare workers. As a result, they turned to wearable medical devices to keep track of their blood sugar levels. Also, more people in both developed and developing countries are hiring qualified nurses and using home health care services, which is helping the home care setup group grow.
U.S. continuous glucose monitoring market accounted for USD 2 billion in 2022. The affordability of continuous glucose monitoring devices among the target population base and ongoing technological developments are primarily responsible for the progress of the U.S. continuous glucose monitoring business size. Further, the region's high healthcare spending on health care management and rising disposable income will propel the expansion of the North America market. Also, the substantial presence of well-established market participants and the favourable regulatory environment result in a number of product approvals and launches, particularly in the U.S.
Continuous Glucose Monitoring Market Share
Some of the notable key industry players operating in the continuous glucose monitoring market include
- Lifescan, Inc.
- Ascensia Diabetes Care Holdings AG. (Senseonics, Inc.)
- Nova Biomedical
- Universal Biosensors
- Taidoc Technology Corporation
- Med Trust
- Roche AG
- Dexcom
- Abbott
- i-SENS, Inc.
- Trividia Health
- Medtronic
- Pinnacle technology
Continuous Glucose Monitoring Industry News
- In March 2022, Dexcom announced received CE Mark approval for its Dexcom G7, a continuous glucose monitoring system in Europe for people suffering from diabetes. This new device offers compact design and enhanced alert settings, a 30-minute sensor warm-up process. The company also aims to launch the product in Europe market with a modified CGM algorithm and innovative CGM sensor. Such product advancements offered competitive edge in the significant market.
- In February 2021, Roche launched new Accu-Chek Instant System. This new blood glucose monitoring (BGM) system is "connected," and it also supports Roche's integrated, personalized diabetes management technology (iPDM). Accu-Chek Instant can wirelessly communicate blood glucose data to the mySugr app via Bluetooth connectivity. This strategy increased the company's overall market position while strengthening its portfolio of diabetes products.
Continuous glucose monitoring market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Component (USD Million)
- Sensors
- Transmitters
- Receivers
By End-use (USD Million)
- Hospitals
- Home care setting
- Diagnostic centers & clinics
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Russia
- Poland
- Switzerland
- Norway
- Finland
- Sweden
- Denmark
- The Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Taiwan
- Indonesia
- Vietnam
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Israel
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