Newly-released Continuous Glucose Monitoring Device Market industry analysis report by Future Market Insights reveals that global sales of Continuous Glucose Monitoring Device Market in 2022 was held at USD 4.9 Billion. With a CAGR of 11.9% from 2023 to 2033, the market is projected to reach a USD 16.8 billion valuation by 2033.
The Sensor component is expected to be the highest revenue-generating segment, accounting for a CAGR of nearly 11.6% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Continuous Glucose Monitoring Device Market (2023) | USD 5.5 Billion |
| Global Continuous Glucose Monitoring Device Market (2033) | USD 16.8 Billion |
| Global Continuous Glucose Monitoring Device Market CAGR (2023 to 2033) | 11.9% |
| USA Continuous Glucose Monitoring Device Market CAGR (2023 to 2033) | 12.5% |
| Key Companies Profiled | A. Menarini Diagnostics; Echo Therapeutics, Inc.; Abbott Laboratories; Bayer AG; Dexcom, Inc.; F. Hoffmann-La Roche Ltd.; GE Healthcare; GlySens Incorporated; Insulet Corporation; Johnson & Johnson; LifeScan; Medtronic plc; Medtrum Technologies, Inc.; Microchip Technology Inc.; Micron Technology Inc.; Nemaura Medical, Inc.; Novo Nordisk; NXP Semiconductors; Qualcomm; Roche Diagnostics; Senseonics Holdings, Inc.; STMicroelectronics; Tandem Diabetes Care? |
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As per the Continuous Glucose Monitoring Device Market industry research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value increased at around 11.1% CAGR, wherein, countries such as the USA, UK, China, Japan and South Korea held a significant share in the global market.
The growth of the continuous blood glucose monitoring device market is being fuelled by rising diabetes awareness and the rising prevalence of diabetes among the population. By 2045, the International Diabetes Federation estimates that 700 million individuals worldwide would have diabetes.
Since obesity and the overweight population are the leading causes of diabetes, the worrisome growth in the number of overweight and obese people around the world is predicted to boost demand for continuous glucose monitoring devices.
According to the World Health Organization, over 1.9 billion people worldwide were overweight in 2016, with 650 million adults being obese. The expanding diabetic population is largely due to bad eating habits, a lack of sufficient nutrition, people's busy and demanding schedules, and a lack of physical activity.
Furthermore, the growing senior population is a crucial factor driving the continuous glucose monitoring device market forward. High blood glucose levels and diabetes are common in the elderly population.
A spike in the senior population, as well as a high prevalence of diabetes, are likely to drive market expansion. By 2040, the global diabetic population is predicted to reach 642 Million, according to the International Diabetes Federation.
As a result, by 2040, one out of every 10 persons is anticipated to have diabetes, demonstrating the seriousness of the pandemic. As a result, diabetes treatment and management are projected to be a top priority for healthcare administrations and stakeholders around the world.
Increased diabetes cases are predicted to drive market growth and opportunities for continuous glucose monitoring systems, which will attract and compel several market participants to produce innovative products or product line extensions.
According to the National Centre for Biotechnology Information, continuous glucose monitoring devices outperform self-monitoring blood glucose (SMBG) devices in clinical investigations including gestational diabetes mellitus. Furthermore, the advent of technologically improved gadgets for the control of diabetes mellitus will boost product acceptance even further.
During the forecast period, Asia Pacific is expected to be the most lucrative market. Asia Pacific has a large population characterized by increased diabetic awareness, increasing awareness of the availability of continuous glucose monitoring devices, and expanding consumer healthcare spending. Moreover, throughout the projection period, increased diagnostic lab penetration in the region is likely to boost demand for continuous glucose monitoring devices.
Due to favorable government policies, countries such as China, India, South Korea, and Indonesia are drawing FDIs in the healthcare sector, which is projected to drive the growth of the continuous glucose monitoring device market in the region.
The market for continuous glucose monitoring devices in Asia Pacific is likely to develop at a significant rate over the forecast period, owing to the rising prevalence of diabetes in the region, which is expected to drive the demand for these devices. Furthermore, the tendency is projected to be aided by expanding economies, rising healthcare expenditures, and the entry of major corporations.
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Due to the rising number of diabetic patients in the region, North America is likely to dominate the global market throughout the forecast period. According to the Centres for Disease Control and Prevention, 34.2 million individuals in the United States, or 10.5% of the population, had diabetes in 2020. Furthermore, over the projection period, poor diet, rising obesity rates, and government measures are projected to have a beneficial impact on these continuous monitoring products.
The market in the United kingdom is expected to reach a valuation of USD 16.7 Billion by 2033. Growing with a CAGR of 11.9% in the forecast period, the market in the country is projected to garner an absolute dollar opportunity of USD 11.2 Billion.
In Japan, the market is expected to grow at a CAGR of 10.6% from 2023 to 2033, reaching USD 549 Million by 2033. The market in the country is expected to gross an absolute dollar opportunity of USD 351 Million during the forecast period.
Continuous glucose monitoring devices are divided into three groups based on their components: sensors, transmitters, and receivers. In 2020, the sensors sector dominated the market, accounting for nearly 39% of total sales. From 2023 to 2033, the segment is predicted to grow at the fastest rate of 11.6%.
Sensors are the most advanced component of continuous glucose monitoring devices, consisting of a metallic filament that is injected into the fatty layer immediately beneath the skin and is thinner than a needle. The technology utilized in sensors differs slightly from that in transmitters and receivers. Glucose oxidase is used to monitor blood sugar levels in these components.
Due to increased knowledge, convenience, and ease of use, as well as rising disposable income, homecare diagnostics continues to be a market with significant opportunities. Furthermore, due to the risk of virus transmission in hospitals, COVID-19 has spurred demand for these devices in homecare diagnostics. The hospital category is predicted to grow at a high rate throughout the forecast period, owing to increased government investments in improving healthcare facilities in both developing and developed countries.
The Continuous Glucose Monitoring Device Market is highly competitive, with a handful of companies holding a significant share.
The key players in the market include A. Menarini Diagnostics, Echo Therapeutics, Inc., Abbott Laboratories, Bayer AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, GlySens Incorporated, Insulet Corporation, Johnson & Johnson, LifeScan, Medtronic plc, Medtrum Technologies, Inc., Microchip Technology Inc., Micron Technology Inc., Nemaura Medical, Inc., Novo Nordisk, NXP Semiconductors, Qualcomm, Roche Diagnostics, Senseonics Holdings, Inc., STMicroelectronics, and Tandem Diabetes Care.
Some of the recent developments of key players in the Continuous Glucose Monitoring Device Market are as follows:
Similarly, recent developments related to companies offering Continuous Glucose Monitoring Device Market have been tracked by the team at Future Market Insights, which are available in the full report.
The market is valued at USD 5.5 billion in 2023.
The market growth rate from 2023 to 2033 is expected to be 11.9%.
Abbott Laboratories, Bayer AG, and Dexcom, Inc. are key market players.
Increasing prevalence of diabetes to boost the market prospects.
From 2018 to 2022, the market registered a CAGR of 11.1%.
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