Continuous Glucose Monitoring Devices Market Size, Share & Trends Analysis Report By Component (Transmitters, Sensors, Receivers), By End-use (Hospitals, Home Care), By Connectivity, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global continuous glucose monitoring devices market was estimated to be valued at USD 7,816.8 million in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. Growing cases of diabetes, coupled with the increasing adoption of continuous glucose monitoring (CGM) devices, have been driving the market. CGM devices are minimally invasive and offer an easy and effective way to manage diabetes. They can also detect drastic changes in blood glucose levels, thereby preventing hypoglycemic conditions. The CGM devices facilitate the analysis of blood glucose levels at different time intervals with the help of a sensor. Respective readings fed into diabetes management software through a wireless network allow patients to understand the disease better, thereby helping them to manage it in a more effective way.

Smoking, obesity, physical inactivity, addition to high blood pressure, and high cholesterol are the common risk factors associated with diabetes complications. The International Diabetes Federation claimed that, in 2021, around 536.6 million people were diagnosed with diabetes; this number is expected to increase to 642.8 million by 2030 and 783.7 million by 2045. 

Insights on food consumption, medicine use, physical activity, and illnesses are also provided to patients via CGM devices. The development of digital therapeutics has made it easier for the producers of CGM devices to connect with diabetes patients. There are many apps in the market that combine CGM data for future trend analysis and lifestyle modifications that need to be made for the patient. All these factors are anticipated to favorably affect the market growth for continuous glucose monitoring devices.

Companies like Abbott, Dexcom, Medtronic and many others, experienced an increase in revenue sales of their leading diabetic care products due to the enormous rise in the need for such products during the Covid-19 outbreak. The blood glucose monitoring devices improve glycemic control and may have increased patient self-management, which has had a substantial impact on diabetes care. In most countries, the government introduced reimbursement policies on the usage of blood glucose monitoring devices, during Covid 19. This led to the increased demand and adoption of such devices by the patient and providers.

Component Insights

The sensors segment accounted for the highest market share of 39.7% in 2022. Technological advancements to improve the accuracy of these sensors are expected to drive segment growth during the forecast period. Sensors are the most sophisticated part of CGM devices and consist of a metallic filament, thinner than a needle, which is inserted into the fatty layer just below the skin. The technology used in sensors is slightly different than the one used in transmitters and receivers. These components use glucose oxidase to detect blood sugar levels.

The receiver segment is expected to grow at the fastest rate during the forecast period. The receiver also called a reader is a device or a smartphone app that displays real-time glucose data from the sensor. Some devices offer apps for viewing data, while the CGMs offered by Dexcom and Abbott provide separate portable devices. These portable devices are useful for patients having no access to smartphone devices.

End-use Insights

Based on end-use, the CGM devices market is fragmented into hospitals, homecare settings, diagnostics centers, and clinical laboratories. The homecare settings segment led the global market with a share of 43.8% in 2022 and is anticipated to witness the highest CAGR during the forecast period. These devices offer patients with reduced intake of insulin doses and facilitate continuous monitoring of blood glucose levels.

Homecare settings are expected to fuel the demand for CGM devices because of efficient and easy monitoring of blood glucose. Additionally, the fear of the virus spread, the increased vulnerability of diabetic patients during COVID-19, and the need to strictly monitor blood glucose levels during the pandemic period led to its increased adoption among patients.

The hospital segment accounted for the market share of 33.4% in 2022, due to the rising number of hospital visits for diabetes treatment and sudden complications arising due to diabetes, such as retinopathy, nephropathy, and neuropathic, requiring immediate attention and hospital admissions. Thus, hospital settings are also anticipated to capture a significant market share in the near future.

Connectivity Insights

Based on connectivity, the industry is fragmented into Bluetooth and 4G. The Bluetooth segment accounted for the largest market share of 56.5% in 2022. CGM sensors are equipped with Bluetooth chips within them. As the patient hovers over the recording device over the sensor, detailed information on the blood glucose levels is transferred via Bluetooth into the device. Further, the information is displayed on the reading device. The data may or may not be shared via the 4G network, which is to be saved in the monitor center database. These chips are mainly outsourced by CGM manufacturers to provide precise and accurate data capture from the sensor.

The 4G segment is expected to grow at the fastest rate during the forecast period. The 4G network includes data transfer from receiving unit to the central monitoring database to the providers' systems and storage of numerous data points within specific CGM mobile applications. Such data transfer is said to be of utmost crucial, in determining fair treatment regimes, enabling monitoring alerts, and triggering insulin release. Numerous apps are available in the market that stores patient data and allow them to understand glucose fluctuation easily.

Regional Insights

The North America region was expected to attain the largest market share of 38.9% in 2022 and is estimated to continue its dominance during the forecast period. The major regions considered in the report are North America, Europe, Asia Pacific, Latin America, and MEA. Increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level are expected to drive the region’s growth.

For instance, according to the International Diabetes Federation, in 2021, 32.2 million cases of diabetes were diagnosed in the U.S. The same source stated that by 2030, the cases are expected to reach 34.7 million. Preventive measures are initiated by the government to help diabetic individuals understand and manage the disease better, before any serious consequences may occur. The region is expected to flourish owing to technological advancements and substantial research in addition to innovation in diabetes care.

Asia Pacific is anticipated to witness the highest CAGR of 5.8% during the forecast period. The high prevalence of the disease in developing countries such as India and China has been propelling market growth in the region. For instance, according to the International Diabetes Federation, in 2021, China accounted for 1,079.9 million diabetes cases whereas India accounted for 893.9 million diabetes cases.

Moreover, the rise in healthcare expenditure, increasing investment by the market players, and favorable regulatory policies in the region are expected to positively affect the market growth during the forecast period.

Key Companies & Market Share Insights

The key players are undertaking various strategic initiatives such as collaborations, mergers, and acquisitions, and regional expansions to gain a high revenue share in the industry. For instance, in June 2022, Ascensia Diabetes Care announced that the EVERSENSE E3 continuous glucose monitoring system has received a CE marking for use in the European Union. Some prominent players in the global continuous glucose monitoring devices market include:

• F. Hoffmann-La Roche Ltd.

• Dexcom Inc.

• Abbott Laboratories

• Medtronic Inc.

• Ypsomed AG

• GlySens Incorporated

• Ascensia Diabetes Care

Continuous Glucose Monitoring Devices Market Report Scope

Global Continuous Glucose Monitoring Devices Market Segmentation

This report forecasts revenue growth at global, regional, & country levels as well as provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global continuous glucose monitoring devices market report based on the component, end-use, connectivity, and region:

• Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Sensors

  • Transmitters

  • Receivers

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Home Care

  • Others

• Connectivity Outlook (Revenue, USD Million, 2018 - 2030)

  • Bluetooth

  • 4G

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Thailand

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait