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The continuous glucose monitoring market size is forecast to increase by USD 2.94 billion, at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth, driven by the rising prevalence of diabetes and the increasing adoption of home healthcare devices. According to the International Diabetes Foundation, approximately 463 million adults were living with diabetes in 2019, and this number is projected to reach 700 million by 2045. CGM devices provide real-time glucose level data, enabling better diabetes management and improved patient outcomes, highlighting the need for diabetes management devices. Additionally, the lower diagnosis and treatment rates for diabetes, particularly in developing countries, create a substantial unmet need for CGM technology. Market trends include the development of miniaturized, wireless, and non-invasive CGM systems, as well as the integration of artificial intelligence and machine learning for data analysis. Despite these opportunities, challenges such as high costs, regulatory requirements, and data security concerns persist, requiring ongoing innovation and collaboration among stakeholders.
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The CGM market growth and trends research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market share growth by the sensors segment will be significant during the forecast period. A glucose sensor is a small device that is inserted subcutaneously into the abdomen to measure glucose values in the interstitial fluid. The integration of sensors with transmitters helps users receive updated results once every five minutes.
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The sensors segment was valued at USD 2.53 billion in 2018. Glucose sensor signals are acquired continuously and are saved in the memory of the device at regular intervals. This helps the patient to get information on the glucose level and avoid the need to prick their finger to collect blood samples. The glucose sensor is not inserted within five centimeters of the insulin pump infusion site or within 7.5 centimeters of a manual injection site. Thus, the demand for glucose sensors and insulin pumps is estimated to rise during the forecast period due to the rise in the prevalence of diabetes globally, aided by the rising geriatric population. These factors will drive the growth of the continuous glucose monitoring market during the forecast period.
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North America is estimated to contribute 50% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is growing at a steady pace owing to an increase in technological advances and a high incidence of type 1 and type 2 diabetes. The US was the largest market for the sales of these monitoring devices in North America. The increased awareness about diabetes among the population has led to a rise in the number of people in the US who undergo regular tests and check-ups, which, in turn, has increased the sales of insulin syringes and various monitoring devices. Additionally, the country is the base for several reputable companies in the CGM market.
Furthermore, the introduction of new technologies that continuously monitor glucose levels and the increasing number of approvals by the US FDA for new products are driving the growth of the market in this region. These factors are expected to fuel continuous glucose monitoring market growth in North America during the forecast period.
The market is rapidly advancing, particularly benefiting obese individuals and those managing hypoglycemic conditions. Innovative disease management tools like the FreeStyle Libre are transforming how patients monitor and control their glucose levels, offering real-time insights and enhancing overall disease management. Partnership between technology developers and healthcare providers are crucial for improving CGM technologies and ensuring compliance with regulations. These collaborations help refine the accuracy and user-friendliness of CGM systems, making them more accessible to a broader range of patients. The integration of FreeStyle Libre and similar devices into disease management tools supports better health outcomes by allowing for continuous tracking and timely intervention. This approach is especially beneficial for managing glucose levels in individuals with hypoglycemic conditions and for those who require ongoing glucose monitoring due to obesity or other health issues.
The rise in the diabetic population is notably driving CGM market growth. Obesity, smoking, sedentary lifestyles, and urbanization are factors that cause the increase in the number of diabetics. In addition, the elderly age group is more susceptible to diabetes. The rising prevalence of diabetes is fueling market growth and leading to the rising adoption of point-of-care glucose testing. According to the International Diabetes Foundation (IDF), there were 90 million adults with diabetes in Southeast Asia in 2021. It is estimated that these numbers will grow by 2025. There has also been a sharp increase in the number of patients with type 1 or insulin-dependent type 2 diabetes, which has led to the adoption of these devices in Asia and other parts of the world.
Additionally, due to an increase in the number of patients with insulin-dependent diabetes, the introduction of new products by market players is increasing. This, in turn, is increasing the demand and adoption, driving continuous glucose monitoring market growth during the forecast period.
Increasing adoption of home healthcare devices is an emerging trend in the CGM market. Although diabetes is a chronic disease, it can be treated with medication and a planned lifestyle. Most people prefer to use portable medical devices such as continuous glucose monitors to measure blood glucose levels, which has increased the adoption of such devices.
Moreover, BGM devices, such as blood glucose test strips and blood glucose meters, have become an important part of diabetes care because they allow regular monitoring of blood glucose levels. In addition, regular measurement of blood sugar is the cornerstone of effective diabetes management. Using blood glucose tests and glucometers at home can help the user get an accurate blood sugar level in seconds. As a result, diabetics can manage their condition better. This trend is expected to have a strong impact on continuous glucose monitoring market growth during the forecast period.
A lower diagnosis and treatment rate is a major challenge impeding the CGM market. One of the main factors causing the decline in the use of continuous glucose monitors, especially in developing countries, is the fact that a significant proportion of the population has undiagnosed diabetes. For example, in countries such as China and India, late diagnosis is more common because chronic diseases such as diabetes are not widely known. Additionally, the lack of traditional procedures by government agencies or commercial entities and the limited availability of advanced healthcare infrastructure may hinder market growth.
Further, according to data published by the International Diabetes Federation in 2021, the number of undiagnosed diabetes patients in Asia is more than 55%, with India, China, and Indonesia leading the way. All of the above factors, along with the lack of reimbursement plans for continuous monitoring systems, contribute to lower rates of diagnosis and treatment. These factors will further limit the adoption of these systems in developing countries, which in turn will hinder continuous glucose monitoring market growth during the forecast period.
The continuous glucose monitoring market growth analysis report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the continuous glucose monitoring market trends and analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The continuous glucose monitoring market forecast report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Continuous glucose monitoring (CGM) is an innovative diabetes management tool that provides real-time information about blood glucose levels for individuals with diabetes, prediabetes, and other conditions requiring constant glucose monitoring. The market for CGM is driven by the increasing prevalence of diabetes among adults, adolescents, and children due to aging, obesity, unhealthy lifestyle, and risk factors such as smoking, physical inactivity, high blood pressure, and high cholesterol. CGM devices include sensors, transmitters, and systems that use Bluetooth or 4G network connectivity to send glucose data to smartphones or other devices for monitoring and analysis. Key players in the market include companies like Abbott, Dexcom, Medtronic, and Roche Diagnostics, among others, which are focusing on strategic collaborations, regulatory approvals, and regional expansions to expand their market presence. Nick Jonas, a type 1 diabetes advocate, has also raised awareness about the importance of CGM technology in managing diabetes. However, product substitutes like insulin pumps and traditional glucose meters pose a challenge to the market's growth. Technological advancements, such as Control-IQ technology, are expected to drive innovation and improve the accuracy and reliability of CGM systems.
The CGM market is expanding as it addresses critical health challenges linked to aging, unhealthy lifestyle, and physical inactivity. Obese individuals, adolescents, children, and the geriatric population are particularly at risk, with high blood pressure, high cholesterol, and prediabetes being key risk factors. Smoking and hypoglycemic conditions further contribute to the need for better glucose management. The International Diabetes Federation (IDF) highlights the importance of CGM systems as disease management tools, especially for managing hypoglycemic conditions. CGM systems offer real-time data, reducing complications in obese individuals and those with high blood pressure. For adolescents and children, CGM provides an effective method to monitor glucose levels continuously, which can improve long-term health outcomes. With growing regulatory approvals, CGM systems are becoming more accessible for individuals managing diabetes and related conditions. These systems serve as essential disease management tools, helping users maintain healthier lifestyles while mitigating the effects of smoking, physical inactivity, and other risk factors. As the market grows, advanced CGM technologies continue to evolve, offering improved solutions for the geriatric population and individuals facing hypoglycemic conditions, high cholesterol, and prediabetes.
Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 2.94 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 50% |
Key countries |
US, Germany, UK, China, and Canada |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A. Menarini Industrie Farmaceutiche Riunite Srl, Abbott Laboratories, Ascensia Diabetes Care Holdings AG, B.Braun SE, Dexcom Inc., F. Hoffmann La Roche Ltd., General Electric Co., GlySens Inc., Johnson and Johnson Services Inc., LifeScan IP Holdings LLC, Medtronic Plc, Medtrum Technologies Inc., Novo Nordisk AS, NXP Semiconductors NV, Senseonics Holdings Inc., STMicroelectronics International N.V., Tandem Diabetes Care Inc., Terumo Corp., and Ypsomed Holding AG |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecasting period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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