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Continuous Glucose Monitoring Devices Market: Growth Drivers and Challenges

 

Continuous Glucose Monitoring Devices Industry Overview

 

The global continuous glucose monitoring devices market size was estimated to be valued at USD 4.60 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.19% from 2024 to 2030. The increase in the prevalence of diabetes due to aging, obesity, and unhealthy lifestyle is one of the factors contributing to the growth of the continuous glucose monitoring (CGM) devices market. Obesity is a major factor leading to diabetes.


According to WHO, in 2022, the number of obese individuals worldwide exceeded 1 billion, including 650 million adults, 340 million adolescents, and 39 million children. This number continues to grow. If things continue as they are, WHO predicts that by 2025, around 167 million people, both adults and children, will experience worsening health problems due to their weight issues. In addition to obesity, diabetes is becoming increasingly prevalent globally.

 

The International Diabetes Federation (IDF) estimates that there were 537 million adults (aged 20–79) living with diabetes in 2021, and this number is expected to increase to 642 million by 2040. The IDF also reports that the prevalence of diabetes is growing globally, with the highest increase witnessed in low- and middle-income countries.

 

Gather more insights about the market drivers, restrains and growth of the Continuous Glucose Monitoring Devices Market

 

CGM devices are minimally invasive and offer an easy and effective way to manage diabetes. They can also detect drastic changes in blood glucose levels, thereby preventing hypoglycemic conditions. The CGM devices facilitate the analysis of blood glucose levels at different time intervals with the help of a sensor. Respective readings fed into the diabetes management software through a wireless network allow patients to understand the disease better, thereby helping them to manage it in a more effective way. Smoking, obesity, physical inactivity, high blood pressure, and high cholesterol are the common risk factors associated with diabetes complications.


The increasing incidence of prediabetes is also fueling the market growth. Prediabetes is a condition in which sugar levels in blood are higher than normal but not high enough to be classified as type 2 diabetes. It is a serious health condition that can increase the risk of developing type 2 diabetes, heart disease, and stroke. Unfortunately, the number of people diagnosed with prediabetes is rapidly growing. The main reason for the increase in prediabetes cases is the rise in obesity rates. Obesity is a major risk factor for developing prediabetes and type 2 diabetes. As more and more people adopt a sedentary lifestyle and consume unhealthy diet, the prevalence of obesity increases, which in turn leads to a rise in prediabetes cases. According to the CDC and the U.S. Department of Health & Human Services, it is estimated that 97.6 million adults in the U.S. 18 years or above had prediabetes in 2021.


As the geriatric population continues to grow, the demand for CGM devices is also increasing. CGM devices are vital for people with diabetes, especially elderly individuals who may not be able to monitor their blood glucose levels as frequently as required. These devices provide real-time glucose readings and help patients and healthcare professionals manage their diabetes more effectively. As a result, the market is expected to significantly grow in the coming years due to the increasing prevalence of diabetes and the growing need for better disease management tools. According to WHO, chronic conditions, such as diabetes, are highly prevalent in people aged 65 and above.

 

Browse through Grand View Research's Category Medical Devices Industry Research Reports.

 

• The global continuous peripheral nerve block catheters market size was estimated at USD 302.03 million in 2023 and is projected to grow at a CAGR of 4.2% from 2024 to 2030. The growth is driven by the rising number of surgical procedures and a growing geriatric population, which is more prone to health conditions. As the Department of Economic and Social Affairs reported, the global population aged 65 and over is expected to more than double, increasing from 761 million in 2021 to 1.6 billion by 2050.


• The global cardiac rehabilitation market size was valued at USD 2.2 billion in 2023 and is projected to grow at a CAGR of 6.0% from 2024 to 2030. The growth is driven by increasing prevalence of cardiovascular diseases (CVDs) along with an increase in obesity and unhealthy lifestyle. The increasing awareness among people to emphasize the importance of cardiac care and heart disease is fueling the growth. Various rehabilitation programs are organized by several healthcare institutes and the government to reduce the burden of cardiovascular disease.

 

Continuous Glucose Monitoring Devices Market Segmentation

 

Grand View Research has segmented continuous glucose monitoring devices market based on component, connectivity, end use, and region.


  • Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Transmitters

  • Sensors

  • Receivers


  • Connectivity Outlook (Revenue, USD Million, 2018 - 2030)

    • Bluetooth

    • 4G


  • End-use Outlook (Revenue, USD Million, 2018 - 2030)

    • Hospitals

    • Homecare Settings

    • Others


  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • Italy

      • France

      • Spain

      • Sweden

      • Denmark

      • Norway

    • Asia Pacific

      • India

      • China

      • Japan

      • Thailand

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

      • Kuwait


Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

 

Key Companies profiled:

 

• Dexcom, Inc.

• Abbott

• Medtronic

• Ypsomed AG

• Senseonics Holdings, Inc.

• A. Menarini Diagnostics S.r.l.

• Signos, Inc.

 

Recent Developments

 

• In January 2024, Medtronic plc declared that their MiniMed 780G system with Simplera Sync received the CE Mark approval. Simplera Sync is a technology that enhances the user experience through a simplified two-step insertion process. IN addition, this new sensor is half the size of its precursors. The MiniMed 780G system with Simplera Sync sensor is anticipated to be launched in Europe through a limited release in the spring of 2024, followed by a phased commercial launch in the summer of the same year


• In December 2023, Dexcom, Inc. announced the integration of Dexcom G7 CGM with tslim X2 insulin pump by Tandem Diabetes Care


• In October 2023, Dexcom, Inc. expanded its presence in Canada by launching Dexcom G7.


• In September 2023, Senseonics Holdings, Inc. announced the completion of the ENHANCE Pivotal Clinical Study. It demonstrated the accurate and safe performance of Eversense to facilitate effective and lasting diabetes management.


• In April 2023, Medtronic Inc. announced the U.S. FDA approval for its MiniMed 780G system with the Guardian 4 sensor

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