Continuous Glucose Monitoring (CGM) Devices Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Continuous Glucose Monitoring Market is segmented By Components (Sensors, Transmitters, Receivers/Displays, Insulin Pumps Integration, Others) By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes) By End User (Hospitals & Clinics, Homecare Settings, Diagnostic Centers, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Continuous Glucose Monitoring Devices Market Size

The Global Continuous Glucose Monitoring (CGM) Devices Market is US$  million in 2023 and is estimated to grow at a High CAGR during the forecast period (2024-2031) to reach a value of US$  million in 2031.

Continuous Glucose Monitoring (CGM) devices are medical devices designed to provide real-time and continuous monitoring of glucose levels in individuals with diabetes. The continuous monitoring offered by CGM devices enables users to make informed decisions about insulin dosages, dietary choices, and other lifestyle factors to maintain optimal blood glucose levels.

Medical equipment known as continuous glucose monitoring (CGM) systems are made to continuously and real-time monitor a diabetic patient's blood sugar levels. In order to maintain ideal blood glucose levels, users can make educated decisions about insulin dosages, food choices, and other lifestyle aspects thanks to the continuous monitoring provided by CGM devices. The need for efficient glucose monitoring devices is rising as more people are receiving diabetes diagnoses. Compared to intermittent monitoring techniques, continuous glucose monitoring devices provide real-time and continuous data, painting a more complete picture of a person's glucose levels. Continuous glucose monitoring helps individuals and healthcare professionals better understand the patterns and fluctuations in blood glucose levels throughout the day. This enhanced insight allows for more precise and timely adjustments to treatment plans, leading to improved glycemic control. Thus prevalence of diabetes helps to accelerates the market growth. For instance, according to IDF, estimated that, 10.5% of the adult population (20-79 years) has diabetes, with almost half unaware that they are living with the condition. By 2045, IDF projections show that 1 in 8 adults, approximately 783 million, will be living with diabetes, an increase of 46%. Over 90% of people with diabetes have type 2 diabetes, which is driven by socio-economic, demographic, environmental, and genetic factors.

Continuous Glucose Monitoring Devices Market Summary

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Continuous Glucose Monitoring (CGM) Devices Market Dynamics

Increasing in the prevalence of diabetes

The number of individuals diagnosed with diabetes increases, there is a growing demand for effective glucose monitoring solutions. Continuous Glucose Monitoring Devices offer real-time and continuous data, providing a more comprehensive picture of an individual's glucose levels compared to traditional intermittent monitoring methods. Continuous glucose monitoring helps individuals and healthcare professionals better understand the patterns and fluctuations in blood glucose levels throughout the day. This enhanced insight allows for more precise and timely adjustments to treatment plans, leading to improved glycemic control. Thus prevalence of diabetes helps to accelerates the market growth. For instance, according to IDF, estimated that, 10.5% of the adult population (20-79 years) has diabetes, with almost half unaware that they are living with the condition. By 2045, IDF projections show that 1 in 8 adults, approximately 783 million, will be living with diabetes, an increase of 46%. Over 90% of people with diabetes have type 2 diabetes, which is driven by socio-economic, demographic, environmental, and genetic factors. Additionally, according to WHO 2022, estimated that, about 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades.

Rising the technological advancements

Technological advancements play a pivotal role in driving the Continuous Glucose Monitoring (CGM) Devices Market by enhancing the capabilities, accuracy, and user experience of these monitoring systems. For instance, on February 16, 2022, Tandem Diabetes Care, Inc, a leading insulin delivery and diabetes technology company, stated that U.S. Food and Drug Administration (FDA) clearance of bolus insulin dosing on the t:slim X2 insulin pump using the t:connect mobile app. This represents the first-ever FDA-cleared smartphone application capable of initiating insulin delivery on both iOS and Android operating systems. Additionally, CGM technology is rapidly changing and improving, one newer product is Abbott’s FreeStyle Libre 3 system. This CGM system has improved on the prior Libre sensors, by decreasing the size (now about the size of 2 stacked pennies) and becoming a real-time CGM system, which means the patient does not have to do anything to see their glucose readings The smartphone app allows data to be shared with family and/or care team members. Moreover, G6 integrates with the t:slim X2, Omnipod 5, and iLet insulin pumps (described below) and is an option for people who integrate their CGM with an insulin pump or insulin pen. Thus above factors helps to boost the market growth.

Continuous Glucose Monitoring (CGM) Devices Market Restraints

High cost of CGM devices

The cost of CGM devices, including sensors and transmitters, along with subscription fees for data monitoring services, can make these technologies financially burdensome for some individuals. Some CGM systems operate on a subscription model, where users pay ongoing fees for data monitoring services and access to advanced features. The cumulative costs over time may deter individuals from choosing or continuing with CGM, particularly when compared to other, potentially less expensive, glucose monitoring methods. For instance, CGM costs range from $100 to $300 per month, depending on the brand and the pharmacy, the cost typically covers the sensors (the part of the CGM inserted in the body) and transmitters (the part of the CGM visible on the body). Most at-home CGM sensors last 10 to 14 days, typically requiring the purchase of replacement sensors two or three times each month. The first Eversense sensor and transmitter purchase costs an intro rate of $99 with commercial insurance coverage; this amount does not include insertion procedure costs. Subsequent devices may cost no more than $600 in out-ofpocket expenses for six months, again excluding insertion and removal costs. High costs associated with CGM subscriptions may result in lower adoption rates, preventing a broader segment of the diabetes population from benefiting from continuous glucose monitoring. This can hinder the overall growth of the CGM market.

Stringent regulatory approvals

The process of obtaining regulatory approval for new glucose monitoring devices can be time-consuming and resource-intensive. Stringent requirements for pre-market approval or clearance can delay the introduction of innovative products to the market. Adhering to strict regulatory standards often requires significant financial investment for research, development, testing, and documentation. Smaller companies, startups, or those with limited resources may find it challenging to meet these requirements, affecting their ability to bring new devices to market. Stringent regulations can create barriers to entry for new players in the glucose monitoring devices market. Compliance with regulatory standards may be more challenging for smaller companies without the resources to navigate complex approval processes. The rigorous testing and documentation requirements imposed by regulatory bodies may stifle innovation to some extent. Companies may be hesitant to invest in research and development if they anticipate challenges in meeting regulatory expectations. While stringent regulations present challenges, they also serve essential purposes, such as ensuring patient safety and the reliability of medical devices. Effective regulation is crucial in building trust among healthcare professionals and patients. Striking a balance between maintaining high standards and facilitating innovation is a continuous challenge for regulatory bodies and the glucose monitoring devices industry. Compliance with regulations is essential for the long-term success and sustainability of the market.

Covid-19 Impact Analysis On Continuous Glucose Monitoring (CGM) Devices Market

The pandemic led to disruptions in global supply chains, affecting the production and distribution of medical devices, including CGM devices. Delays in the manufacturing and transportation of components or finished products could have impacted the availability of CGM devices in certain regions. The strain on healthcare resources and priorities during the pandemic may have diverted attention and resources away from non-essential medical services. This could have affected the promotion, adoption, and routine use of CGM devices as healthcare systems focused on managing COVID-19 cases. Patients' priorities may have shifted during the pandemic, with a focus on immediate health concerns related to COVID-19. This shift in priorities could have influenced the decision-making process regarding the adoption and utilization of CGM devices for diabetes management. COVID-19 pandemic has had a substantial impact on the Continuous Glucose Monitoring Devices Market. Type-1 diabetes patients are impacted more during Covid-19. People with diabetes are having a weak immune system so, with COVID-19, the immune system gets weaker very fast. People with diabetes will have more chances to get into serious complications rather than normal people. According to the diabetes category, the estimated cost per hospital admission during the first wave of COVID-19 in Europe ranged from EUR 25,018 for type 2 diabetes patients in good glycaemic control to EUR 57,244 for type 1 diabetes patients in poor glycaemic control, reflecting a higher risk of intensive care, ventilator support, and a longer hospital stay. The pandemic accelerated the adoption of telehealth and remote monitoring solutions. While this could be an opportunity for CGM devices, as they can be integrated into remote monitoring platforms, it also introduced challenges such as the need for seamless integration and patient education on remote device use.

Continuous Glucose Monitoring (CGM) Devices Market Segmentation Analysis

The market value for sensors is likely to reach USD XX million in 2031, from its recorded value of USD XX million in 2023, growing with a CAGR of XX% during the forecast period 2024 to 2031. Technological advancements to improve the accuracy of sensors is expected to fuel the segment growth during the forecast period. Sensors are an important part of continuous glucose monitoring (CGM) devices. CGM sensors consist of a metallic filament thinner than a needle, which is inserted into the fatty layer just below the skin. The sensor is held in place with adhesive tape to monitor glucose levels in the surrounding region. The CGM monitors use glucose oxidase to monitor blood glucose levels. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period.

Sensors enable continuous monitoring of glucose levels in real-time. Unlike traditional blood glucose testing methods, which provide discrete snapshots of glucose levels, sensors allow users to track changes and trends in glucose levels throughout the day and night. Advanced sensor technologies contribute to improved accuracy in glucose measurements. These sensors are designed to provide reliable and precise readings, reducing the likelihood of errors and inaccuracies associated with traditional intermittent monitoring methods. Sensors provide real-time feedback on glucose levels, allowing individuals with diabetes and their healthcare providers to make prompt and informed decisions regarding insulin dosages, dietary adjustments, and other aspects of diabetes management. New sensor materials, designs, and manufacturing processes are explored to enhance performance, durability, and overall user experience. The market players are adopting various strategies such as collaborations, partnerships, mergers, acquisitions, and expansions to increase market share. Thus, owing above-mentioned factors it is expected to drive the segment growth over the forecast period. For instance, on July 27, 2021, Terumo Corporation had launched the Dexcom G6 continuous glucose monitoring (CGM) system in Japan. U.S. based Dexcom, Inc., manufactures the product, and Terumo holds the exclusive distribution agreement in Japan since their partnership in 2018. A CGM system is a medical device that supports diabetes control. The Dexcom G6 CGM system allows real-time glucose monitoring, with its innovative technology that uses a small, wearable sensor and transmitter to measure and automatically send glucose values wirelessly to a smart device*1 or receiver every 5 minutes.

Continuous Glucose Monitoring (CGM) Devices Market Region Analysis

North America region in continuous glucose monitoring devices market is likely to reach usd xx million in 2031, from its recorded value of USD XX million in 2023, growing with a CAGR of XX% during the forecast period 2024 to 2031. Some of the factors that are driving the market growth in the North American region include increasing prevalence of diabetes, rising adoption of CGM devices, technological advancements, and the presence of key companies are some of the factors contributing to the market growth. Additionally, the efforts taken by the federal government to manage the disease at a larger level is fueling the market growth. The U.S. continuous glucose monitoring devices market will capture highest share due to a large diabetic population and favorable reimbursement policies.

For instance, according to the National Diabetes Statistics Report 2022 by the CDC, over 130 million adults in the United States are either suffering from diabetes or have prediabetes. The high per capita income and increasing healthcare spending are among the key factors likely to drive market growth. The American Diabetes Association released the Economic Costs of Diabetes in the U.S. report in November 2023, highlighting the economic impact of diabetes in 2022. According to the report, the total cost of diabetes in 2022 was $412.9 billion, including $306.6 billion in direct medical costs and $106.3 billion in indirect costs. Key players in the U.S. are executing various strategies to expand their market share. For instance, on February 08, 2023, DarioHealth Corp, a leader in the global digital therapeutics (DTx) market, had partnered with Dexcom, the global leader in real-time continuous glucose monitoring (CGM) technology, to integrate its market-leading CGMs, into Dario's multi-chronic condition platform. Dexcom CGM uses a small, wearable sensor to continuously measure and send glucose levels to a receiver or smart device, enabling people with diabetes to make real-time decisions about their health. This agreement enables the integration of data from Dexcom CGMs directly into Dario's metabolic solution, making it easy for people using the wearable device to benefit from Dario's highly personalized support. Additionally, on September 05, 2023, Abbott and Bigfoot Biomedical announced a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin management systems for people with diabetes. Bigfoot developed Bigfoot Unity, a smart insulin management system that features the first and only FDA-cleared connected insulin pen caps that use integrated continuous glucose monitoring (iCGM) data along with healthcare provider instructions to provide insulin dosing recommendations. Thus above factors boost the region growth.

Continuous Glucose Monitoring (CGM) Devices Market Companies

The Global Continuous Glucose Monitoring (CGM) Devices Market is expected to be moderately competitive, owing to the presence of big brands. Also, the market is expanding due to the presence of several large and regional players entering the market.  The key players contributing to the growth of the global market include Abbott Laboratories, Medtronic Plc, Medtrum Technologies Inc, Biolinq Incorporated, Dexcom, Inc., A. Menarini Diagnostics S.r.l.,Ypsomed AG, Senseonics Holdings, Inc, Nemaura, LifeScan IP Holdings, LLC among others. The key players are adopting strategies such as partnerships, mergers, acquisitions and regional expansion to stand out as strong competitors in the market. Novel services and enhanced focus on research and development are other ways the leading players can improve their market presence.