CONTINUOUS GLUCOSE MONITORING DEVICES MARKET ANALYSIS

The global continuous glucose monitoring devices market was valued at US$ 5.89 Bn in 2022 and is forecast to reach a value of US$ 12.51 Bn by 2030 at a CAGR of 9.9% between 2023 and 2030. The global continuous glucose monitoring devices market is experiencing strong growth due to the increasing demand for continuous glucose monitors (CGM) and rise in burden of diabetes around the world. Moreover, increasing adoption of technologically advanced devices and growing geriatric population across the globe is expected to propel growth of the market. However, factors such as high cost of continuous glucose monitors and poor reimbursement policies are expected to hamper growth of the global continuous glucose monitoring devices market.

Global Continuous Glucose Monitoring Devices Market: Regional Insights

Based on geography, the global continuous glucose monitoring devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the increasing cases of diabetes, growing geriatric population, increasing demand for continuous glucose monitoring devices, and increasing adoption of alternate and novel devices in the region. For instance, in February 2022, the Food and Drug Administration (FDA) approved Senseonics’ new continuous glucose monitor (CGM), called the Eversense E3 System, for diabetes with a sensor that can last for up to 6 months. According to the company, the device is the longest lasting CGM approved in the United States and the world.

Asia Pacific is also expected to witness robust growth in the global continuous glucose monitoring devices market owing to the increasing prevalence of diabetes, growing geriatric population, high demand for continuous glucose monitoring devices, and increasing awareness among people in the region. For instance, according to the World Health Organization (WHO), in India, more than 77 Billion people above the age of 18 years are suffering from diabetes (type 2) and nearly 25 Billion are prediabetes (at a higher risk of developing diabetes in near future). While. 50% are unaware of their diabetic status which leads to health complications if not detected and treated early.

Figure 1. Global Continuous Glucose Monitoring Devices Market Share (%), by Region, 2023

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Global Continuous Glucose Monitoring Devices Market Drivers:

High demand for continuous glucose monitors to drive market growth

One of the key factors expected to augment the growth of the global continuous glucose monitoring devices market over the forecast period is the increasing demand for continuous glucose monitors (CGM) across the globe. For instance, in February 2023, Dexcom, Inc announced the launch of its Dexcom G6 CGM System in Singapore for people with diabetes ages 2 years and older, including pregnant women. The Dexcom G6 uses a small, wearable sensor and transmitter to measures and send glucose levels wirelessly to a receiver or compatible smart device, enabling patients to receive real-time glucose data without the need to prick their finger.

Rise in burden of diabetes to propel market growth

Another factor which is augment the growth of the global continuous glucose monitoring devices market is the increasing prevalence of diabetes around the world. Diabetes is a chronic, and largely preventable, disease that can lead to cardiovascular disease, kidney failure, blindness, loss of limb, and loss of life. According to the International Diabetes Federation (IDF), about 537 Billion people (aged 20 to 79 year) worldwide are living with diabetes, and the number is expected to reach over 643 Billion by 2030 and over 783 Billion by 2045. This in turn is expected to increase the adoption of continuous glucose monitoring devices worldwide.

Global Continuous Glucose Monitoring Devices Market Opportunities:

Increasing adoption of technologically advanced devices is expected to provide significant growth opportunities for players in the global continuous glucose monitoring devices market. For instance, CGMs are revolutionizing diabetes treatment with the introduction of technology such as Artificial intelligence (AI) in the healthcare industry. In May 2023, January AI launched a new generative AI-enabled app to estimate and predict the glucose response of individuals to more than 32 Billion food items. The tool requires users to wear a continuous glucose monitor (CGM) only once and it can function even if members are not using a CGM.

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global continuous glucose monitoring devices market. For instance, according to the WHO, the world's population of people aged 60 years and older will double (2.1 billion) by 2050. Diabetes is common in older adults, affecting an estimated 33% of people aged 65 and older. The geriatric population is more at risk of developing diabetes-related complications than younger once. The potential benefits of CGM in older adults are widespread; reduce hyper-glycaemia and hypo-glycaemia, improve quality of life, and prevent diabetes-related complications.

Global Continuous Glucose Monitoring Devices Market Trends:

Increasing awareness among people is a recent trend

Growing awareness among people about the benefits of CGM device, such as minimally invasive, speedy and accurate results, and pain free, among others. This in turn leads to increasing demand for these devices. According to the American Diabetes Association, around 133 Billion Americans live with diabetes or prediabetes. More than 10 Billion Americans (or 31%) are treated with insulin and stand to benefit from a continuous glucose monitors. This trend is expected to continue during the forecast period, driving the market growth.

Rise in adoption of digital CGM devices is another trend

Digital diabetes management devices, like smart insulin pens, smart insulin pumps, smart glucose meter, and continuous blood glucose monitoring devices, help people with diabetes (type I and II) to both monitor and manage their blood glucose levels. Thus, with the rise in burden of diabetes, increasing awareness among people, and introduction of technologically advanced CGM devices, the adoption of such devices is also increasing rapidly. This trend is also expected to continue over the forecast period, driving the market growth.

Global Continuous Glucose Monitoring Devices Market Restraints:

High cost of CGM devices to hinder market growth

One of the key factors expected to hamper the growth of the global continuous glucose monitoring devices market is the high cost of continuous glucose monitors (CGMs). People with diabetes are more likely to be hospitalized, and therefore, they incur higher healthcare costs compared to those without diabetes. On average, individuals with diabetes have medical expenditures about 2.3 times higher than what expenditures would be in the absence of diabetes. Moreover, the cost of devices, such as CGM, are very high, due to the sophisticated sensors integrated into them, which are also costly when compared to traditional glucose monitoring devices.

Lack of reimbursement policies to hamper market growth

Another factor which is hampering growth of the global continuous glucose monitoring devices market is the poor reimbursement policies. CGM devices have been recently introduced in contrast to traditional continuous glucose monitoring devices. Insurance companies always consider new technology for a while before covering patient costs for the same. CGMs may be easy and efficient than others, but the costs of using these are costly, and not all insurance companies cover this cost. Thus, the reimbursement options provided for these are limited and less in number, which makes it difficult for many people to gain access to these devices.

Figure 2. Global Continuous Glucose Monitoring Devices Market Share (%), by Component 2023

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Global Continuous Glucose Monitoring Devices Market Segmentation:

The global continuous glucose monitoring devices market report is segmented into Component, End User, and Region.

Based on Component, the market is segmented into Sensors, Transmitters, and Receivers. Out of which, Sensors Segment is expected to dominate the continuous glucose monitoring devices market over the forecast period and this is attributed to the increasing demand for CGMs. Sensors are the most important part of CGM devices. Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar (glucose) levels.

Receivers Segment is also expected to witness significant growth in the near future and this is owing to the increasing adoption of digital diabetes care devices.

Based on End User, the market is segmented into Hospitals, Home Care, and Others. Out of which, Hospitals Segment is expected to dominate the market during the forecast period and this is attributed to the rise in burden of diabetes across the globe.

Home Care Segment is also expected to witness significant growth in the near future and this is owing to increasing adoption of portable diabetes care devices.

Global Continuous Glucose Monitoring Devices Market: Key Developments

In February 2023, Dario Health Corp. announced an agreement with Dexcom to integrate its CGM, into Dario's multi-chronic condition platform. This agreement enables the integration of data from Dexcom CGMs directly into Dario's metabolic solution, making it easy for individuals using the wearable device to benefit from Dario's highly personalized support.

In December 2022, Dexcom announced that its G7 continuous glucose monitoring (CGM) system has received FDA clearance. The latest model of its CGM, which can be used by people with all types of diabetes ages 2 and up, is expected to launch in the U.S.

In June 2022, Ascensia Diabetes Care announced that Senseonics Holdings, Inc. has received CE Mark approval for the Eversense E3 Continuous Glucose Monitoring (CGM) System, clearing the way for its use in European Union (EU) member countries.

In January 2019, the Food and Drug Administration (FDA) approved the first implantable CGM (continuous glucose monitoring) device, called the Eversense CGM System, for people with Type 1 and Type 2 diabetes. The Eversense CGM System provides monitoring for up to three months, and it’s approved for people age 18 and older.

Global Continuous Glucose Monitoring Devices Market: Key Companies Insights

The global continuous glucose monitoring devices market is highly competitive. This is attributed to the growing prevalence of diabetes and growing geriatric population, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global continuous glucose monitoring devices market are Abbott, Medtronic, Dexcom, Inc., Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd., among others.

*Definition: Continuous glucose monitor (CGM) is a medical device used by people with diabetes to monitor blood sugar (glucose) on a continual basis, e.g. people with type I, type II diabetes, or other types of diabetes (e.g. gestational diabetes).