Continuous Glucose Monitoring Devices Market is expected to reach US$ 28.5 billion by 2030

Product Segment to Contribute Significantly to Continuous Glucose Monitoring Device Market Size During 2022–2030 

According to our latest study on "Continuous Glucose Monitoring Devices (Continuous Glucose Monitoring Device) Market Forecast to 2030 – Global Analysis – Product, Application, Testing Site, and End User," the market is expected to reach US$ 28.5 billion by 2030 from US$ 9.8 billion in 2022 at a CAGR of 14.1%. The report emphasizes the key factors driving the market and prominent players' developments. The rising preference for Continuous Glucose Monitoring Devices over self-glucose monitoring devices among the diabetic population propels the market. However, product recalls impede the Continuous Glucose Monitoring Device market growth. The Continuous Glucose Monitoring Device market analysis has been carried out by considering the following segments: product, application, testing site, and end user.  

Rising Preference for Continuous Glucose Monitoring Device Over SGMDs Among Diabetic People Drives Continuous Glucose Monitoring Device Market Growth

Compared to traditional methods for self-monitoring blood glucose (SMBG), Continuous Glucose Monitoring Device provides much more information to better understand the causes and outcomes of blood glucose levels throughout the day. For example, Continuous Glucose Monitoring Devices utilize a fully automated closed-loop insulin delivery system for retrospective data analysis, which helps physicians make therapeutically beneficial decisions based on standardized reports. Additionally, these devices help measure glucose levels with accuracy and ease. Further, modern Continuous Glucose Monitoring Devices allow direct data transfer to smartphones, replacing traditional blood glucose monitoring devices and SGMDs. Therefore, such advantages in Continuous Glucose Monitoring Devices result in high demand for these devices among the diabetic population.

Surging Popularity of Continuous Glucose Monitoring Devices in the Elderly Population Propels Continuous Glucose Monitoring Device Market Size

The Generations (American Society on Ageing) report reveals that more than 13.3 million people older than 65 years of age have diabetes in the US. The demand for Continuous Glucose Monitoring Devices is rising in elderly people owing to their ability to monitor blood glucose levels and trends at any time. Moreover, the devices can alert patients in case of hypoglycemia and hyperglycemia, which are critical parameters for individuals, particularly for older adults with a long history of diabetes. Clinical evidence reveals that effective use of Continuous Glucose Monitoring Devices results in improvements in hemoglobin A1C levels in older adults. Also, as older adults are at a greater risk of hypoglycemia compared to younger people, they are recommended to seek more routine checks for hypoglycemia and hyperglycemia. Therefore, the adoption of Continuous Glucose Monitoring Devices to manage diabetes among the older population can result in better health outcomes resulting in improving quality of life.

Continuous Glucose Monitoring Device Market, by Product:

Based on product, the Continuous Glucose Monitoring Device market is segmented into sensors, transmitters, and receivers. The sensors segment held the largest Continuous Glucose Monitoring Device market share in 2022 and is anticipated to register the highest CAGR of 14.6% during the forecast period.

Continuous Glucose Monitoring Devices Market, by Application:

By application, the Continuous Glucose Monitoring Device market is bifurcated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment held a larger market share in 2022. The type 1 diabetes segment is anticipated to register a higher CAGR of 14.6% during the forecast period.

Continuous Glucose Monitoring Devices Market, by Testing Site:

By testing site, the Continuous Glucose Monitoring Device market is bifurcated into fingertip testing and alternate site testing. The fingertip testing segment held the larger market share in 2022 and the same segment is anticipated to register a higher CAGR of 14.7% during the forecast period.

Continuous Glucose Monitoring Device Market, by End User:

By end user, the Continuous Glucose Monitoring Device market is classified into hospitals and clinics and self/home care. The self/homecare segment held a larger market share in 2022. The hospitals and clinics segment is anticipated to register a higher CAGR of 14.9% during the forecast period.

Industry Developments As per Company Press Releases and Future Opportunities:

• In July 2021, Terumo Corporation announced the launch of the Dexcom G6 CGM system in Japan. The system allows real-time glucose monitoring. Its innovative technology uses a small, wearable sensor and transmitter to measure glucose values and automatically send those values wirelessly to a smart device or receiver every 5 minutes. The product also generates customizable alerts to proactively warn users about their glucose levels when they go out of range. Furthermore, an Urgent Low-Soon (ULS) Alert can warn users within 20 minutes in advance, indicating a severe hypoglycemic event, giving diabetic patients time to take appropriate action.
• In June 2023, i-SENS announced receiving approval for the first locally-developed Continuous Glucose Monitoring Device named CareSens Air from the South Korean Ministry of Food and Drug Safety. The newly launched product is the smallest and lightest Continuous Glucose Monitoring Device available in South Korea, which can be used for 15 consecutive days. It also features a calibration mechanism to make blood glucose readings more reliable.  
• In September 2023, Medtronic announced CE Mark approval for the Simplera Continuous Glucose Monitoring Device. The new product is incorporated with the company's newest no-fingerstick sensor that does not require tape and is seamlessly integrated with the InPen smart insulin pen, offering real-time and personalized dosing guidance to help simplify diabetes management. Simplera is indicated for people aged 2 and above and is compatible with iOS and Android.

Continuous Glucose Monitoring Device Market, by Geography:

The geographic scope of the Continuous Glucose Monitoring Device market report includes North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). The Continuous Glucose Monitoring Device market forecast can help stakeholders plan their growth strategies. The development of new biologics owing to the growing number of new molecular entities approved by regulatory authorities and several market players offering new products are likely to bring new Continuous Glucose Monitoring Device market trends in the coming years.

Apart from factors driving the market, the Continuous Glucose Monitoring Device market report emphasizes prominent players' developments. B. Braun SE, F. Hoffmann-La-Roche Ltd, LifeScan Inc, Medtronic, Abbott Laboratories, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp are among the prominent players operating in the market.

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