The global continuous glucose monitoring devices market was estimated to be valued at USD 7,816.8 million in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2032.
Smoking, obesity, physical inactivity, in addition to high blood pressure and high cholesterol are the common risk factors associated with diabetes complications. The International Diabetes federation claimed that, in 2022, around 536.6 million people were diagnosed with diabetes; this number is expected to increase to 642.8 million by 2032 and 783.7 million by 2045.
The sensors segment accounted for the highest market share of 39.7% in 2022. Technological advancements to improve accuracy of t these sensors are expected to drive the segment growth during the forecast period. Sensors are the most sophisticated part of CGM devices and consist of a metallic filament, thinner than a needle, which is inserted into the fatty layer just below the skin. The technology used in sensors is slightly different than the one used in transmitters and receivers. These components use glucose oxidase to detect blood sugar levels.
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The receiver segment is expected to grow at a fastest rate during the forecast period. The receiver also called a reader is a device or a smartphone app that displays real-time glucose data from the sensor. Some devices offer apps for viewing data, while the CGMs offered by Dexcom and Abbott provide separate portable devices. These portable devices are useful for the patients having no access to smartphone devices.
Based on end-use, the CGM devices market is fragmented into hospitals, homecare settings, diagnostics centers, and clinical laboratories. The homecare settings segment led the global market with a share of 43.8% in 2022 and is anticipated to witness the highest CAGR during the forecast period. These devices offer patients with reduced intake of insulin doses and facilitate continuous monitoring of blood glucose levels.
The hospital segment accounted for the market share of 33.4% in 2022, due to the rising number of hospital visits for diabetes treatment and sudden complications arising due to the diabetes, such as retinopathy, nephropathy, and neuropathic, require immediate attention and hospital admissions. Thus, hospital settings are also anticipated to capture a significant market share in the near future.
Based on connectivity, the industry is fragmented into Bluetooth and 4G. The Bluetooth segment accounted for largest market share of 56.5% in 2022. CGM sensors are equipped with Bluetooth chips within them. As the patient hover the recording device over the sensor, detailed information on the blood glucose levels is transferred via Bluetooth into the device. Further, the information is displayed on the reading device. The data may or may not be shared via 4G network, which is to be saved in the monitor center database. These chips are mainly outsourced by CGM manufacturers to provide precise and accurate data capture from the sensor.
The North America region was expected to attain the largest market share of 38.9% in 2022 and is estimated to continue its dominance during the forecast period. The major regions considered in the report are North America, Europe, Asia Pacific, Latin America, and MEA. Increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level are expected to drive the region’s growth.
Key Companies & Market Share Insights
The key players are undertaking various strategic initiatives such as collaborations, mergers, and acquisitions, and regional expansions to gain high revenue share in the industry. For instance, in June 2022, Ascensia Diabetes Care announced that the EVERSENSE E3 continuous glucose monitoring system has received CE marking for use in the European Union. Some prominent players in global continuous glucose monitoring devices market include:
- F. Hoffmann-La Roche Ltd.
- Dexcom Inc.
- Abbott Laboratories
- Medtronic Inc.
- Ypsomed AG
- GlySens Incorporated
- Ascensia Diabetes Care
|Market size value in 2023||USD 8,322.9 million|
|Revenue forecast in 2032||USD 11.2 billion|
|Growth rate||CAGR of 4.4% from 2023 to 2032|
|Base year for estimation||2022|
|Historical data||2018 – 2021|
|Forecast period||2023- 2032|
|Quantitative units||Revenue in USD million, CAGR from 2023 to 2032|
|Key companies profiled||F. Hoffmann-La Roche Ltd.; Dexcom Inc.; Abbott Laboratories; Medtronic Inc.; Ypsomed AG; GlySens Incorporated; Ascensia Diabetes Care|
Segments Covered in the Report:
Component Outlook (Revenue, USD Million, 2022 – 2032)
End-use Outlook (Revenue, USD Million, 2022 – 2032)
- Home Care
Connectivity Outlook (Revenue, USD Million, 2022 – 2032)
Regional Outlook (Revenue, USD Million, 2022 – 2032)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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