Continuous Glucose Monitoring Devices Market Size, Share, & Trends Analysis Report By Component (Transmitters, Sensors, Receivers), By End-use (Hospitals, Homecare), By Connectivity, By Region and Segment Forecasts, 2024 - 2030

Continuous Glucose Monitoring Devices Market Size, Share, & Trends Analysis Report By Component (Transmitters, Sensors, Receivers), By End-use (Hospitals, Homecare), By Connectivity, By Region and Segment Forecasts, 2024 - 2030

Continuous Glucose Monitoring Devices Market Growth & Trends

The global continuous glucose monitoring devices market size is anticipated to reach USD 7.51 billion by 2030 and it is projected to grow at a CAGR of 7.19% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing cases of diabetes and introduction of novel and advanced diabetes care and management devices are the major factors driving the market growth. Continuous glucose monitoring (CGM) devices provide an efficient method to measure body glucose levels in real time. Data recorded by these devices is transmitted through a wireless network to receivers; this helps keep track of glucose levels over a designated period.

With the advent of digital therapeutics, a rising number of continuous glucose monitoring devices are being incorporated with apps and software to help patients with diabetes mellitus. Apps such as Glucose buddy, Diabetes Connect, MySugar, and others are available under paid subscription. Further, the rise in the number of diabetes mellitus has contributed significantly toward the global market growth. The device allows real time biofeedback and behavioral change support, allowing effective management of diabetes by the patient. Additionally, the government is spending a huge amount on diabetic care tools to closely monitor diabetes in patient. For instance, according to American Diabetes Association, the overall cost of diagnosed diabetes in the United States for the year 2022 is estimated to be USD 412.9 billion. This amount encompasses direct medical costs of USD 306.6 billion and indirect costs of USD 106.3 billion associated with diabetes.

Diabetes management demands intensive efforts to maintain normal glucose levels and reduce complications, decrease healthcare expenditures, & prevent premature death. This involves monitoring blood sugar levels, taking insulin, following a proper diet, and regular exercising. However, the current sensor technology used to monitor glucose levels only works with a “one-size-fits-all” approach, which does not cater to the special needs of subpopulations such as senior citizens, ethnic minorities, children, adolescents, and people with limited resources. To rectify this, future diabetes technology must be adaptable to diverse users. The ideal devices should be customizable, user-friendly, and affordable. These devices can also be combined with behavioral interventions to promote patient- & family-centered care and provide decision-support tools for clinicians. Although there have been significant advancements in CGM technology, its widespread use is still limited by biological, pharmacological, and socioeconomic factors. Aforementioned factors suggests continuous glucose monitoring devices market growth in the near future.

Continuous Glucose Monitoring Device Market Report Highlights

• Based on the component, the sensors segment led the market in 2023 with the largest revenue share of 40.66%, owing to technological advancements in the sensor technology such as development of smaller, more accurate, and longer-lasting sensors, which has made them more comfortable and convenient for users
• Based on the connectivity, the Bluetooth segments led the market with the largest revenue share of 59.6% in 2023. Bluetooth chip-enabled sensors are growing rapidly in the CGM market due to their ability to seamlessly transmit data to a connected device
• Based on the end-use, the homecare segment is expected to grow at a fastest CAGR of 7.73% and projected to maintain its dominance over the forecast period
• North America dominated the market with a revenue share in 2023, attributed to wide adoption of CGM devices along with the increasing prevalence of diabetes disorder in the region
• The Europe continuous glucose monitoring devices market holds the second largest market share in 2023 and expected to grow at a significant CAGR in the forecast period. The increasing awareness about the benefits of CGM devices, such as real-time monitoring of glucose levels, early detection of hypoglycemia and hyperglycemia, and reduction in HbA1c levels, is driving the demand for CGM devices in the region

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