Redding, California - July 17, 2024
Continuous Glucose Monitoring Market to be Worth $31.41 Billion by 2031
Continuous Glucose Monitoring Market Size, Share, Forecast, and Trends Analysis by Component (Sensors [Disposable, Implantable], Receivers, Transmitters), Age Group (Adults, Children), End User (Homecare, Hospitals & Clinics) - Global Forecast to 2031
Meticulous Research®—a leading market research company, published a research report titled, ‘Continuous Glucose Monitoring Market Size, Share, Forecast, & Trends Analysis by Component (Sensors [Disposable, Implantable], Receivers, Transmitters), Age Group (Adults, Children), End User (Homecare, Hospitals & Clinics) - Global Forecast to 2031’.
According to the latest publication from Meticulous Research®, the continuous glucose monitoring market is projected to reach $31.41 billion by 2031, at a CAGR of 15% during the forecast period 2024–2031. The growth of this market is driven by factors such as the increasing prevalence of diabetes and the number of people living a sedentary lifestyle, the benefits of continuous glucose monitoring over conventional glucose monitoring, and the use of CGM by athletes and fitness enthusiasts. Furthermore, technological advancements in CGM devices, a shift towards personalized care, rising health awareness, and increasing accessibility for diabetes care devices in low and middle-income countries are expected to offer growth opportunities in the market.
Key Players
The report provides an extensive assessment of leading players’ product portfolios, geographic presence, and the key growth strategies adopted by them over the past period of three to four years. In recent years, the continuous glucose monitoring market has witnessed several organic and inorganic strategic developments. The key players profiled in the continuous glucose monitoring market report are DexCom, Inc. (U.S.), Abbott Laboratories (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Medtronic plc (Ireland), Nemaura Medical Inc. (U.K.), LifeScan, Inc. (U.S.), Senseonics Holdings, Inc. (Maryland), A. Menarini Diagnostics S.r.l (Italy), Medtrum Technologies, Inc. (China), and B. Braun Melsungen SE (Germany).
The continuous glucose monitoring market is segmented by component (Sensors [Disposable Sensors, Implantable Sensors], Transmitters, Receivers), age group (Adults, Children), end user (Home Care Settings and Hospitals & Clinics) and Geography.
Among the components studied in this report, in 2024, the sensors segment is expected to account for the largest share of 52.4% of the continuous glucose monitoring market. This segment’s large market share can be attributed to technological advancements in sensor technologies, the availability of disposable sensors, the growing use of CGM devices over traditional glucometers, and the growing incidence of diabetes in all age groups. Sensors are subjected to being highly replaced as compared to other components. Thus, repeat purchases of sensors contribute to the largest share of the market.
Among the age groups studied in this report, in 2024, the adults segment is expected to account for the largest share of the continuous glucose monitoring market. This segment’s large market share can be attributed to the high prevalence of diabetes among adults, the increasing adoption of wearable devices, and a shift toward preventive healthcare. The number of adults living with diabetes is higher compared to children. Hence, the demand for CGM in adults is higher compared to that in children.
Among all the end users studied in this report, in 2024, the home care settings segment is expected to account for a larger share of over 82.3% of the continuous glucose monitoring market. The rise in the geriatric population, along with the growing burden of diabetes, has increased the need for self-monitoring or CGM at-home care. The easy accessibility to CGM and growing patient engagement in health management are boosting the adoption of CGM in self-monitoring or home care. CGM for home use has enabled benefits such as easy accessibility, reduced time required for transportation to hospitals or healthcare facilities, increased awareness regarding diabetes management, and a shift toward preventive healthcare.
Among the regions covered in this report, in 2024, North America is expected to account for the largest share of over 42.2% of the market. The large market share of this regional market is driven by factors such as a rise in patient engagement, a shift toward preventive care, and high awareness and accessibility to CGM due to the availability of reimbursement, especially in developed countries. For instance, research conducted by One Drop (U.S.), a precision health solutions provider in diabetes and other chronic conditions, revealed that approximately 2.4 million people in the U.S. used CGM devices in 2022. This number is expected to grow substantially, which would increase the market share in the U.S.
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of component, age group, end user, and geography?
- What was the historical market for continuous glucose monitoring over the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the market?
- Who are the major players operating in the continuous glucose monitoring market?
- What is the competitive landscape like?
- What are the recent developments in the continuous glucose monitoring market?
- What are the different strategies adopted by the major players in the continuous glucose monitoring market?
- What are the geographical trends and high-growth regions/countries in the continuous glucose monitoring market?
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