The Continuous Glucose Monitoring Devices (CGMD) market is projected to expand from US$ 9.8 billion in 2022 to US$ 28.5 billion by 2030.

The report on the Continuous Glucose Monitoring Device market highlights the primary factors propelling its growth and the advancements made by key industry players.

Significance of Continuous Monitoring in Diabetes Management Enhances CGMD Market Growth

Managing diabetes has become increasingly intricate, as individuals must adapt their lifestyles, medications, and routines. Those diagnosed with diabetes require meticulous tracking of their blood glucose levels. The demand for Continuous Glucose Monitoring Devices is surging among diabetic patients due to the challenges of maintaining stable glucose levels. These devices represent cutting-edge technology that has revolutionized traditional diabetes management through their components, including sensors, transmitters, and monitors. Continuous Glucose Monitoring Devices offer real-time updates on blood sugar levels, enabling users to adjust their dietary habits or insulin dosages as advised by healthcare professionals. This immediate feedback significantly lowers the chances of hypoglycemia or hyperglycemia for those living with diabetes. Additionally, the medical device sector has seen substantial growth in recent years, particularly during the COVID-19 pandemic, which has positively influenced the CGMD market. Innovations in Continuous Glucose Monitoring technology have simplified life for diabetics, transitioning from frequent finger pricks to a few taps on a smartphone for insulin administration and glucose monitoring.

Technological Innovations

Technology is crucial in diabetes management, with a variety of devices and tools enhanced by modern advancements. Manufacturers of Continuous Glucose Monitoring Devices are increasingly focusing on low- and middle-income countries (LMICs) rather than affluent markets, anticipating that diabetic patients in these regions will adopt CGMD products, especially if they receive adequate reimbursement. Furthermore, continuous monitoring provides significant relief compared to traditional self-monitoring methods. Devices that integrate Continuous Glucose Monitoring with automated treatment systems, such as insulin pumps, can offer substantial benefits, as users no longer need to manually adjust insulin doses based on CGMD readings. Consequently, innovations in Continuous Glucose Monitoring Devices are expected to introduce new trends in the market in the near future.

CGMD Market Segmentation by Product

The market is categorized by product type into sensors, transmitters, and receivers. In 2022, the sensors segment dominated the Continuous Glucose Monitoring Device market, and it is projected to experience the highest compound annual growth rate (CAGR) of 14.6% during the forecast period. In January 2024, Dexcom announced it had submitted a new glucose sensor, the "Stelo Glucose Sensor," for approval to the Food and Drug Administration (FDA). This sensor is specifically designed for individuals with type 2 diabetes, assisting them in monitoring their health through diet, exercise, sleep, and stress management. According to the "Self-Monitoring Devices in LMICs" report, the revenue generated by leading CGMD suppliers, such as Abbott, Dexcom, and Medtronic, is primarily driven by sensor sales. Patients typically replace sensors every 10-14 days, which accounts for 60-90% of total sales revenue in the CGMD market.

Regional Insights

The global Continuous Glucose Monitoring Device market report divides the market geographically into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. North America held the largest market share in 2022, with growth driven by an increasing number of product launches from leading companies and the presence of major market players.

Industry Developments and Future Prospects

Several strategic initiatives by leading companies in the Continuous Glucose Monitoring Device market are noteworthy:

• In October 2023, Philips-Medisize announced a collaboration with GlucoModic to commercialize a proprietary noninvasive and wearable device. This partnership aims to develop a solution that is needle-free, precise, and more affordable for diabetics seeking improved methods for monitoring their blood glucose levels.

Competitive Landscape and Key Players

Prominent companies in the Continuous Glucose Monitoring Device market include B. Braun SE, F. Hoffmann-La-Roche Ltd, LifeScan Inc, Medtronic, Abbott Laboratories, Ypsomed Holding AG, Sensionics, Nipro Corp, GE Healthcare, and Terumo Corp. These companies are dedicated to advancing new technologies, enhancing existing products, and expanding their geographic reach to satisfy the growing global demand.