Continuous glucose monitoring devices are embedded with tiny sensors that are inserted under the skin to constantly monitor glucose levels. These devices help monitor glucose level changes at five-minute intervals and provide real-time glucose readings without the need for finger-pricking. These devices have become increasingly popular among people with diabetes as they provide comprehensive information about fluctuations in glucose levels over time.
The global continuous glucose monitoring devices market is estimated to be valued at US$ 2.09 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global continuous glucose monitoring devices market is driven by the rising prevalence of diabetes across the globe. As per the International Diabetes Federation (IDF), around 463 million adults were living with diabetes in 2019 and this number is expected to rise to 700 million by 2045. The increasing diabetic population has augmented the demand for continuous glucose monitoring devices as these devices help manage diabetes effectively by providing consistent glucose level readings. Another driver for this market is the growing health awareness among people and increasing adoption of remote patient monitoring technologies. Continuous glucose monitoring devices are convenient to use and provide real-time data to patients as well as healthcare providers, thereby improving diabetes management. This is expected to fuel the demand for continuous glucose monitoring devices over the forecast period.
Market Dynamics:
Rise in prevalence of diabetes as mentioned in the heading is one of the key drivers for this market. The global burden of diabetes has risen primarily due to unhealthy diet, lack of physical activity, and rising levels of obesity. As per the IDF, India currently has the second largest diabetes population in the world. Such high incidence of diabetes has increased the demand for continuous glucose monitoring devices for effective diabetes management.
Another driver for this market is the growing popularity of remote patient monitoring technologies. Continuous glucose monitoring devices offer the convenience of wireless transmission of glucose readings to monitoring devices such as smartphones. This enables patients to conveniently monitor their glucose levels in real-time without the need for frequent clinic or hospital visits. Healthcare providers are also able to remotely track patients’ glucose trends and stay updated about their health, thereby improving patient care. The remote monitoring abilities of these devices are expected to propel the market growth over the forecast period.
Segment Analysis
The global Continuous Glucose Monitoring Devices market is segmented on the basis of devices type, end user, and geography. Based on devices, the market is divided into wearable devices and non-wearable devices. Wearable continuous glucose monitoring devices segment holds the highest revenue share in the market currently. Wearable continuous glucose monitoring devices are dominating the segment as they provide real-time continuous glucose level monitoring along with easy to wear convenience for patients.
PEST Analysis
Political: Government policies play a big role in standardizing processes and regulating the continuous glucose monitoring devices industry. Regulations ensure effective compliance on product safety, efficacy and quality.
Economic: Factors such as rising healthcare expenditure, increasing diabetic population and income levels are driving the demand for advanced continuous glucose monitoring devices in both developed and developing countries.
Social: Growing awareness about diabetes self-management and importance of glucose monitoring is positively influencing the adoption of continuous glucose monitoring systems.
Technological: Advances in sensor technology, miniaturization and data connectivity has enabled development of advanced wearable and non-invasive glucose monitoring devices with improved accuracy and ease of use.
Key Takeaways
Global Continuous Glucose Monitoring Devices Market Growth is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The North America region currently dominates the market due to supportive reimbursement policies and strong presence of leading players in the region. The Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising healthcare expenditures, growing diabetes patient pool and increasing awareness in developing countries.
Key players operating in the Continuous Glucose Monitoring Devices market are 3M , BSN Medical, Sigvaris AG, Cardinal Health,Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. Key players are focusing on product innovations, collaborations and geographical expansions to strengthen their market presence. For instance, 3M launched next generation continuous glucose monitoring device with advanced features in 2022 to solidify its leadership position in the wearable CGM devices segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.