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Continuous Glucose Monitoring Market Growth Forecast Report 2024-2032

Continuous Glucose Monitoring Market Size

The Continuous Glucose Monitoring Market was worth US$ 3.23 billion in 2023 and is projected to reach US$ 12.87 billion by 2032, with a Compound Annual Growth Rate of 8.23% from 2024 to 2032.

Continuous glucose monitoring (CGM) is an effective tool that mechanically estimates blood glucose levels during the day and night. It consists of three components: a tiny sensor, a sticky patch, and an implantable sensor. These sensors estimate the glucose level in the fluid between cells, which closely mirrors the glucose level in the blood. The CGM system also includes three parts: a sensor, a transmitter, and a software program. The transmitter wirelessly sends the data to a smartphone. The CGM also provides alerts and displays an image indicating the glucose level. Importantly, by helping to maintain glucose levels in a healthy range, CGM plays an essential role in preventing diabetes complications. The CGM is used once a day, or nearly every day.

 

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Growth Driver of CGM Market

Diabetes is a serious health condition that impacts millions of people worldwide.

Diabetes is a serious health condition affecting millions of people worldwide, characterized by the body’s inability to regulate blood sugar levels. There are two main types: Type 1, where the body fails to produce insulin, and Type 2, where it doesn’t use insulin effectively. This chronic illness can lead to severe complications, including heart disease, kidney failure, nerve damage, and vision loss. Managing diabetes requires careful monitoring of blood sugar, a healthy diet, regular exercise, and often medication or insulin therapy. Increasing global prevalence highlights the urgent need for improved awareness, prevention strategies, and advancements in treatment and management. Currently, there are 537 million adults living with diabetes, and this number is expected to increase to 643 million by 2030 and 783 million by 2045.

 

Technological Advancements:

Innovations in CGM technology, such as improved sensor accuracy, longer sensor life, and integration with smartphones and insulin pumps, significantly enhance user experience and adherence. These advancements provide more reliable and precise glucose readings, reducing the need for frequent calibrations and replacements. Seamless integration with smartphones and insulin pumps allows for real-time data access and automated insulin delivery, simplifying diabetes management. These improvements not only make CGMs more convenient and user-friendly but also increase their adoption among patients and healthcare providers, thereby driving market growth and improving overall diabetes care outcomes.

Increased Awareness and Adoption: Greater awareness of the benefits of Continuous Glucose Monitors (CGMs) among healthcare providers and patients, coupled with endorsements from medical associations, has led to higher adoption rates. These endorsements validate CGMs’ effectiveness in managing diabetes, encouraging their use. Educational campaigns highlight CGMs’ advantages, such as real-time glucose monitoring and better control, further promoting their adoption. Additionally, improved insurance coverage makes CGMs more accessible to a broader population. Together, these factors create a supportive environment for CGMs, driving their integration into diabetes care and contributing to market growth.

Shift Towards Personalized Medicine: The trend towards personalized healthcare emphasizes tailored treatment plans and real-time health data. Continuous Glucose Monitors (CGMs) play a crucial role by providing valuable insights into individual glucose patterns, allowing for customized diabetes management. This real-time data enables more precise adjustments to therapy, improving overall patient outcomes. As healthcare increasingly focuses on personalization, the demand for CGMs grows, supporting market expansion. Patients and healthcare providers can leverage these detailed insights to optimize treatment plans, enhance compliance, and better manage diabetes, reinforcing the importance of CGMs in contemporary diabetes care and contributing to their widespread adoption.

 

China CGM Market 

Diabetes has rapidly spread over the past decade due to changes in lifestyle and an aging population. By 2045, it is expected to affect 629 million people globally. China currently has the largest number of diabetes sufferers (114.4 million) and is projected to reach 48%. According to The Lancet Regional Health, the costs of diabetes in China will increase from $250.2 billion to $460.4 billion during 2020–2030, with an annual growth rate of 6.32%.

In April 2023, Abbott Laboratories introduced a device called FreeStyle Libre 3. This handheld device displays real-time glucose readings from a sensor worn on the upper arm. This allows diabetes patients to manage their condition by viewing their glucose readings on a large, bright screen.

 

Continuous Glucose Monitoring Company Analysis

 

Continuous monitoring industry consists of several key players, consisting of Dexcom Inc., Ypsomed AG, Abbott Laboratories, Senseonics Holdings, Inc., Nemaura Medical, Inc., Medtronic, Inc., Tandem Diabetes Care, and Nova Biomedical.

 

Continuous Glucose Monitoring Company News

 

  • The Dexcom Stelo Glucose Biosensor System has been approved by the FDA for OTC sale, making it the first OTC continuous glucose monitor in 2024.

 

  • In January 2024, Medtronic’s MiniMed 780G system now features Simplera Sync, a disposable continuous glucose monitor that eliminates the need for fingerstick. It offers a simple two-step insertion process and is half the size of previous Medtronic sensors, providing an improved user experience.

 

  • In 2023, Abbott Labs reported that FreeStyle Libre, its flagship CGM.

 

  • In June 2023, I-SENS launched CareSens Air, a compact glucose monitoring device approved by the South Korean Ministry. It functions for 15 days and has a calibration mechanism for accurate readings.

 

  • In March 2023- the Eversense E3 CGM System offers real-time glucose values and trends via a mobile app.

 

 

 

Component – Market breakup in 3 viewpoints:

 

  1. Sensors
  2. Transmitters
  3. Receivers

 

End-User – Market breakup in 3 viewpoints:

 

  1. Hospitals
  2. Homecare Settings
  3. Others

 

Countries – Market breakup in 25 viewpoints:

 

  1. North America

1.1     United States

1.2     Canada

 

  1. Europe

 

2.1     France

2.2     Germany

2.3     Italy

2.4     Spain

2.5     United Kingdom

2.6     Belgium

2.7     Netherlands

2.8     Turkey

 

  1. Asia Pacific

 

3.1     China

3.2     Japan

3.3     India

3.4     Australia

3.5     South Korea

3.6     Thailand

3.7     Malaysia

3.8     Indonesia

3.9     New Zealand

 

  1. Latin America

 

4.1     Brazil

4.2     Mexico

4.3     Argentina

 

  1. Middle East & Africa

 

5.1     South Africa

5.2     Saudi Arabia

5.3     United Arab Emirates

 

All the Key players have been covered from 3 Viewpoints:

 

  • Overview
  • Recent Developments
  • Revenue Analysis

 

Company Analysis:

 

  1. Dexcom Inc.
  2. Ypsomed AG,
  3. Abbott Laboratories
  4. Senseonics Holdings, Inc.
  5. Nemaura Medical, Inc.
  6. Medtronic, Inc.
  7. Tandem Diabetes Care
  8. Nova Biomedical

 

 

 

 

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Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

 

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