Pune, Sept. 16, 2024 (GLOBE NEWSWIRE) -- According to the new market research report “Continuous Glucose Monitoring Market Size, Share & Segment by By Component (Sensors, Transmitters, Receivers), By End-Use Outlook (Hospitals, Home Care, Others), By Connectivity Outlook (Bluetooth, 4G), By Regions & Global Forecast 2024-2032”, Published by SNS Insider, is expected to reach USD 8.82 billion by 2032 from USD 4.62 billion in 2023, at a CAGR of 7.80% during the forecast period.
The factor driving continuous glucose monitoring market growth is the increasing prevalence of prediabetes. Prediabetes is a health condition where blood sugar levels are higher than normal but not high enough to be considered type 2 diabetes. Although it sounds benign, it can be a serious issue that may lead to a higher risk of getting type 2 diabetes and cardiovascular disease, such as heart attack and stroke, if not properly treated. One of the factors causing its increasing prevalence is obesity, a significant risk factor for prediabetes and type 2 diabetes. With people adopting a sedentary lifestyle and consuming an unhealthy diet in increasing numbers, obesity is becoming more prevalent, influencing the increasing number of prediabetes patients. According to the CDC and U.S. Department of Health & Human Services, there were around 97.6 million adults in the U.S. aged 18 and over with prediabetes in 2021. The alarming circumstance should contribute to the CGM market’s growth.
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Lastly, the CGM market’s expansion should be propelled by the growing demand for devices related to the increasing elderly population. As the people in this group are most exposed to diabetes and various age-related diseases but cannot monitor their sugar levels 24/7, the devices should significantly improve diabetes care for them and drive the CGM market’s growth in the upcoming period. According to WHO, with 22% in Brazil and 33% in the United States and Canada, chronic conditions, including diabetes, are high among people aged 65 and over.
Key Continuous Glucose Monitoring Market Players:
- Abbott Laboratories
- Dexcom
- Medtronic
- Tandem Diabetes Care
- Senseonics Holdings
- Nipro Corporation
- Roche Diagnostics
- F. Hoffmann-La Roche Ltd
- Ypsomed
- Insulet Corporation
- Medtrum Technologies
- FreeStyle Libre
- LifeScan
- Ascensia Diabetes Care
- B. Braun
- Terumo Corporation
- Sanofi
- ARKRAY
- Prodigy Diabetes Care
Continuous Glucose Monitoring Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.62 Billion |
| Market Size by 2032 | US$ 8.82 Billion |
| CAGR | CAGR of 7.80% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmental Insights
The hospital segment has a considerable market share that is 35% in 2023 due to increasing hospital visits for patients seeking diabetes treatment and increased risk of sudden diabetes complications such as retinopathy, nephropathy, and neuropathic levels requiring immediate hospital admission. Many hospitals and healthcare centers use the Device with CGM to enable the examination of the glucose levels of patients with diabetes mellitus. The performance of CGM is considerably better in clinical studies of some kind using the National Center for Biotechnology Information compared with Self-monitoring Blood Glucose.
Continuous Glucose Monitoring Market Key Segmentation:
By Component
- Transmitters
- Sensors
- Receivers
By Connectivity
- Bluetooth
- 4G
By End Use
- Hospitals
- Homecare Settings
- Others
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Regional Insights
Asia Pacific is expected to be the most lucrative market during the forecast holding a CAGR of 7.75%. The region has a large population that characterizes high awareness of diabetes, greater awareness of using continuous glucose monitoring devices, and higher consumer healthcare spending. A CGM convenience and lowering cost are anticipated to boost demand for CGM devices as diagnostic center penetration grows throughout the projection period.
Countries like China, India, South Korea, and Indonesia are attracting FDIs in the healthcare sector due to favorable government policy, and this is expected to boost the growth of the continuous glucose monitoring device market in the region. The Asia Pacific continuous glucose monitoring devices market is expected to grow at a considerable rate over the forecast period as the region experiences a rise in diabetes prevalence that is expected to increase the demand for the devices. Moreover, the trend is likely to be bolstered by growing economies, increasing healthcare expenditures, and the entrance of leading players.
Recent Developments
- In January 2024, Medtronic plc announced that their MiniMed 780G system with Simplera Sync received the CE Mark approval. Simple Sync is a technology that improves the user experience via a simplified two-step insertion process. In addition, this new sensor is half the size of its precursors. This MiniMed 780G system with Simplera Sync sensor is anticipated to be launched in Europe on a limited release in the spring of 2024, followed by a phased commercial release in the summer of the same year.
- In December 2023, Dexcom, Inc. announced that its Dexcom G7 CGM was integrated with a slim X2 insulin pump manufactured by Tandem Diabetes Care.
Key takeaways:
- In 2023, the homecare segment held 47% of the CGM market share and is likely to lead in terms of CAGR percentage at 7.75% as a result of increased demand for convenient blood glucose monitoring at home.
- The Asia Pacific is expected to emerge as the most beneficial market with a CAGR percentage of 7.75% over the coming years. This is likely to be attributed to the growing awareness of diabetes among the residents, rising healthcare spending, and favorable government policies in countries such as China and India.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Incidence and Prevalence (2023)
- Prescription Trends, (2023), by Region
- Device Volume: Device usage volumes of pharmaceuticals.
- Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Continuous Glucose Monitoring Market Segmentation, by Component
8. Continuous Glucose Monitoring Market Segmentation, by Connectivity
9. Continuous Glucose Monitoring Market Segmentation, by End Use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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