Continuous Glucose Monitoring Device Industry Overview

The global continuous glucose monitoring device market size was valued at USD 4.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.1% from 2021 to 2028.

Key factors driving this market are the rising incidence of diabetes, coupled with the increasing geriatric population prone to diabetes. The Continuous Glucose Monitoring (CGM) devices market is further propelled by growing awareness about diabetes preventive care, new product launches, and supportive government initiatives. Increased demand for continuous glucose monitoring devices amid the COVID-19 pandemic is attributed to the loosened restricted regulations and issued guidelines for the use of home-use glucose meters or CGMs in hospital settings by the federal agencies. The CGMs approved for hospital use include the Dexcom G6 and Abbott FreeStyle Libre.

Gather more insights about the market drivers, restrains and growth of the Global Continuous Glucose Monitoring Device Market

This was mainly done to ensure the safety of healthcare workers and self-testing among the patients. The American Diabetic Association also issued several resources on COVID-19 and diabetes. Delayed diagnosis due to lockdown restrictions and low awareness among several developing countries are likely to hamper the adoption of these devices. According to the survey conducted by Novartis AG, only 7% of individuals visit doctors at an early or pre-diabetic stage, leaving a staggering 93% with already developed type 2 diabetes. A rise in the incidence of diabetes due to aging, obesity, and an unhealthy lifestyle is one of the factors contributing to the growth of the market.

Obesity is a major factor leading to diabetes. According to WHO, in 2016, over 1.9 billion adults were overweight, of which, around 650 million people were obese. These devices allow the observation of blood glucose at various time intervals with the help of a sensor and these readings are transmitted over a wireless network. Respective readings are fed into diabetes management software to allow the patient to understand the disease better, in turn, helping them to manage it better.

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Continuous Glucose Monitoring Device Market Segmentation

Grand View Research has segmented the global continuous glucose monitoring device market on the basis of component, end use, and region:

CGM Devices Component Outlook (Revenue, USD Million, 2016 - 2028)

• Transmitters

• Sensors

• Receivers

CGM Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals

• Home Care

• Others

CGM Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America

• Europe

• Asia Pacific

• Latin America

• MEA

Key Companies profiled:

Some prominent players in the Global Continuous Glucose Monitoring Device Market include

• Medtronic

• Dexcom, Inc.

• F. Hoffmann-La Roche Ltd.

• Abbott

• Novo Nordisk A/S

• Ypsomed

• GlySens, Inc.

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