February 25, 2024
Continuous Glucose Monitoring Devices Market

Continuous Glucose Monitoring Devices Market Poised to Grow Owing to Rising Prevalence of Diabetes

The Continuous Glucose Monitoring (CGM) devices market has been gaining significant prominence in recent years. CGM devices continuously monitor glucose levels in interstitial fluid or blood and help determine trends and patterns that can assist diabetes management. It works by inserting a tiny sensor just under the skin to check glucose levels without pricking the finger. Early detection of high or low blood sugar levels helps take timely action and prevent diabetes complications. Rapid technological advancements have led to development of painless, accurate and user-friendly CGM devices which can be worn for days without needing calibration by finger prick tests. The convenience and effectiveness of CGMs in managing diabetes has increased their demand worldwide.

The Global Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 3.35 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2024 to 2030.

Key Takeaways

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.

The rising prevalence of diabetes along with growing awareness about advanced diabetes management devices present significant growth opportunities in the CGM devices market. Technological advancements are leading to development of minimally invasive, accurate and easy-to-use CGM devices that can improve patient compliance and monitor diabetes remotely.

With ongoing digitalization of healthcare, there is a growing trend of diabetes management via mobile apps connected to CGM devices. This allows remote monitoring of glucose levels and timely medical intervention. Major players are focusing on expanding into emerging markets of Asia Pacific, Latin America, Middle East and Africa to tap the high growth potential in these regions.

Market drivers

The increasing risk of diabetes owing to sedentary lifestyles and changing dietary patterns have led to a significant rise in the number of cases globally. According to the International Diabetes Federation, around 463 million adults aged 20-79 years suffered from diabetes in 2019 and the numbers are expected to rise to 700 million by 2045. This growing prevalence of diabetes is a major market driver as it increases the need for glucose monitoring devices to track blood sugar levels regularly and prevent complications.

PEST Analysis

Political: Government policies around healthcare and medical devices regulation can impact the continuous glucose monitoring devices market. Regulations need to balance innovation and patient safety.

Economic: Rising healthcare costs and growing prevalence of diabetes drive demand for continuous glucose monitoring devices which help manage the condition. However, device costs need to remain affordable for patients.

Social: Increasing public awareness about diabetes self-management and technologies helps reduce healthcare costs long-term. Social acceptance of wearing medical devices impacts market potential.

Technological: Advancements in miniaturization, sensor technology and data analytics enable innovative continuous glucose monitoring systems. Integrating devices with digital platforms and smartphone apps enhances user experience and analytical insights for better diabetes management.

Geographical regions of concentration

North America currently accounts for the largest share of the Continuous Glucose Monitoring Devices Market Demand in terms of value. This is due to the region’s advanced healthcare infrastructure and growing diabetes population. Countries like the US have seen high adoption of novel diabetes management technologies among patients and healthcare providers aiming to lower hospitalization rates and costs.

Fastest growing region

The Asia Pacific region is poised to grow the fastest in the continuous glucose monitoring devices market during the forecast period. This is because of rising health awareness, increasing healthcare spending, growing diabetic population in nations like China and India and expanding medical coverage in several APAC countries. Many global market players are also focusing on the Asia Pacific region presenting opportunities for faster market penetration and growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it