Pune, Sept. 16, 2024 (GLOBE NEWSWIRE) — According to the new market research report “Continuous glucose monitoring market The market size, share and segment by component (sensors, transmitters, receivers), by end-use perspective (hospitals, home care, others), by connectivity perspective (bluetooth, 4G), by regions and global forecast 2024-2032”, published by SNS Insider, is expected to reach USD 8.82 billion by 2032 from USD 4.62 billion in 2023, at a CAGR of 7.80% during the forecast period.
The factor driving the growth of the continuous glucose monitoring market is the increasing prevalence of prediabetes. Prediabetes is a health condition where blood sugar levels are higher than normal, but not high enough to be considered type 2 diabetes. While it sounds benign, it can be a serious problem that can lead to an increased risk of type 2 diabetes and cardiovascular diseases such as heart attacks and strokes if not treated properly. One of the factors causing its increasing prevalence is obesity, a major risk factor for prediabetes and type 2 diabetes. With the adoption of a sedentary lifestyle and consumption of an unhealthy diet in increasing amounts, obesity is becoming more prevalent, influencing the rising number of prediabetes patients. According to the CDC and the U.S. Department of Health and Human Services, there were about 97.6 million adults in the U.S. aged 18 years or older with prediabetes in 2021. The alarming circumstance is expected to contribute to the growth of the CGM market.
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Finally, the expansion of the CGM market should be driven by the increasing demand for devices related to the growing elderly population. As people in this group are the most exposed to diabetes and various age-related diseases, but cannot monitor their sugar levels 24/7, the devices should significantly improve diabetes care for them and boost the growth of the CGM market in the coming period. According to WHO, at 22% in Brazil and 33% in the United States and Canada, chronic diseases, including diabetes, are high among people aged 65 and older.
Key players in the continuous glucose monitoring market:
- Abbott Laboratories
- Dexcom
- Medtronic
- Diabetes care in tandem
- Senseonics holding companies
- Nipro Corporation
- Roche Diagnostics
- F. Hoffmann-La Roche Ltd
- Ypsomed
- Insulet Corporation
- Medtrum Technologies
- Freestyle freestyle
- Life Scan
- Ascensia Diabetes Care
- B. brown
- Terumo Corporation
- sanofi
- ARKRAY
- Prodigy Diabetes Care
Scope of Continuous Glucose Monitoring Market Report:
| Report attributes | Details |
| Market size in 2023 | US$ 4.62 billion |
| Market size in 2032 | US$ 8.82 billion |
| Compound Annual Growth Rate (CAGR) | CAGR of 7.80% from 2024 to 2032 |
| Base year | 2023 |
| Forecast period | 2024-2032 |
| Historical data | 2020-2022 |
| Key regional coverage | North America (USA, Canada, Mexico), Europe (Eastern Europe) [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe]Germany, France, United Kingdom, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East and Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa]Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmental perspectives
The hospital segment has a considerable market share of 35% by 2023 due to increasing hospital visits by patients seeking treatment for diabetes and increased risk of sudden diabetes complications such as retinopathy, nephropathy, and neuropathic levels requiring immediate hospital admission. Many hospitals and healthcare facilities use the device with CGM to enable screening of glucose levels of patients with diabetes mellitus. The performance of CGM is considerably better in clinical studies of some kind using the National Center for Biotechnology Information compared to self-monitoring of blood glucose.
Key Segmentation of Continuous Glucose Monitoring Market:
By component
- Transmitters
- Sensors
- Receivers
For connectivity
By end use
- Hospitals
- Home care environments
- Others
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Regional Outlook
Asia Pacific is expected to be the most lucrative market during the forecast, with a CAGR of 7.75%. The region has a large population that is characterized by high diabetes awareness, increased awareness regarding the use of continuous glucose monitoring devices, and increased consumer health care Convenience and lower costs of CGMs are expected to drive demand for CGM devices as penetration in diagnostic centers grows over the forecast period.
Countries such as China, India, South Korea and Indonesia are attracting FDI to the healthcare sector due to favourable government policies, and this is expected to drive continued growth. Glucose monitoring devices market In the region. The continuous glucose monitoring devices market in Asia Pacific is expected to grow at a considerable pace during the forecast period as the region experiences a rise in the prevalence of diabetes which is expected to boost the demand for the devices. Furthermore, the trend is likely to be driven by growing economies, rising healthcare expenditures, and the entry of leading players.
Recent events
- In January 2024, Medtronic plc announced that its MiniMed 780G System with Simplera Sync received CE Mark approval. Simple Sync is a technology that improves the user experience through a simplified two-step insertion process. Additionally, this new sensor is half the size of its predecessors. This MiniMed 780G System with Simplera Sync sensor is planned to be launched in Europe in a limited release in spring 2024, followed by a phased commercial launch in summer 2024.
- In December 2023, Dexcom, Inc. announced that its Dexcom G7 CGM was integrated with an X2 Slim insulin pump manufactured by Tandem Diabetes Care.
Key findings:
- In 2023, the home care segment held 47% of the CGM market share and is likely to lead in terms of CAGR percentage at 7.75% as a result of increased demand for convenient home blood glucose monitoring.
- The Asia Pacific region is expected to emerge as the most profitable market, with a CAGR of 7.75% over the next few years. This is likely due to rising diabetes awareness among residents, increasing healthcare expenditure, and favorable government policies in countries such as China and India.
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Table of Contents – Key Points
1. Introduction
2. Executive summary
3. Research methodology
4. Analysis of the impact of market dynamics
5. Statistical information and trend reports
- Incidence and prevalence (2023)
- Prescription drug trends (2023) by region
- Device Volume: Pharmaceutical device usage volumes.
- Health care spending: spending data by government, insurers, and patient out-of-pocket costs
6. Competitive landscape
7. Continuous glucose monitoring market segmentation, by component
8. Continuous glucose monitoring market segmentation by connectivity
9. Continuous glucose monitoring market segmentation, by end use
10. Regional analysis
11. Company profiles
12. Use cases and best practices
13. Conclusion
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