Home Healthcare Continuous Glucose Monitoring Market
continuous glucose monitoring market

Continuous Glucose Monitoring Device Market Share, Size, Trends, Industry Analysis Report By End-Use (Homecare Diagnostics, Hospitals); By Component Type; By Region; Segment Forecast, 2022 - 2029

  • Published Date: Jan 2022
  • Pages: 119
  • Format: PDF
  • Report ID: PM1608
  • Base Year: 2021
  • Historical Data: 2017 - 2020

Report Summary

The global continuous glucose monitoring device market was valued at USD 6.04 Billion in 2021 and is expected to grow at a CAGR of 10.8% during the forecast period. Increasing diabetes cases along with technological advancement are expected to fuel the market growth.

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People having diabetes are widely using these devices to assist them in regulating their illness. In contrast to standard self-monitoring continuous glucose levels devices, which provide a picture of glucose level at the moment of measurement, these monitoring devices provide data regarding the estimated pace of blood glucose variation by detecting glucose level every few minutes.

Throughout the Covid-19 pandemic, there was a focus on using digital health centers and telecommunication for diabetes treatment, which in turn increased the market demand for diabetes treatment devices that can communicate data electronically. Further, the market demand for these monitoring devices is expected to increase post-COVID-19 due to convenient use along with easy frequent checkups.

Industry Dynamics

Growth Drivers
Increasing obesity rates have led to increasing diabetes patients around the globe, which in turn has increased death rates. For instance, diabetes was the ninth greatest cause of mortality in 2019, according to WHO, with an estimated 1.5 million fatalities directly caused by diabetes. Increasing cases of diabetes are expected to boost the market demand for the continuous glucose monitoring device market over the forecast period.

Continuous glucose monitoring systems give valuable information into the impact of meals, activities, and illnesses on a person's continuous glucose level, reducing the danger of hypoglycemia and hyperglycemia.

The rise in aging demographics, ongoing technological advances along with government initiatives in this area have boosted demand for continuous monitoring devices and are expected to increase over the forecast period. For instance, the World Health Organization (WHO) established the Worldwide Diabetes Compact in April 2021, a global project aimed at long-term advances in diabetes prevention and treatment, emphasizing low- and middle-income nations.

Report Segmentation

The market is primarily segmented on the basis of component type, end-use, and region.

By Component Type

By End-Use

By Region

  • Transmitters & Receivers
  • Sensors
  • Insulin Pumps
  • Hospitals
  • Homecare Diagnostics
  • Others
  • North America (U.S., Canada, Mexico)
  • Europe (Germany, Spain, UK, Italy, France, Netherlands, Belgium, Austria, Russia)
  • Asia Pacific (Japan, China, India, South Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Isreal, UAE)

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Insight by Component Type

Sensor segment is expected to grow at a considerable pace over the forecast period due to technology advancement for accurate monitoring along with its short scrap life. Furthermore, increasing bulk purchase of sensors due to less life span is expected to fuel the segment demand over the forecast period.

The transmitter serves as a mediator for the sensor and the receiver. The transmitter transfers data wirelessly through radio waves to the receiver. Some transmitters can be recharged, whereas others do not need to be charged but must be changed every few months. The receivers receive the data and display the readings in order to understand the continuous glucose level changes.

Insight by End-Use

Homecare diagnostics emerged as the largest segment and is expected to maintain this trend over the forecast period due to increasing awareness, convenience, and ease of use, along with rising disposable income. Furthermore, the COVID-19 outbreak has fueled the demand for these devices in homecare diagnostics due to the fear of virus transmission in hospitals.

Hospital segment is expected to grow at a significant rate over the forecast period due to increasing government investments in boosting healthcare facilities in emerging as well as developed nations around the world. Furthermore, the increasing geriatric population in countries including Japan and China is expected to fuel this trend.

Geographic Overview

North America is expected to dominate the global market over the forecast period due to the increasing number of diabetic patients in the region. For instance, according to the CDC in 2020 (Centers for Disease Control), 34.2 million people, or 10.5% of the U.S. population, have diabetes. Furthermore, unhealthy diet, rising obesity rate, along increasing government initiatives are expected to positively influence these continuous monitoring products over the forecast period.

Moreover, for instance, Dexcom, Inc. and Abbott Laboratories were approved by the U.S. Food and Drug Administration (FDA) in April 2020 to utilize continuous glucose monitoring in Coronavirus-affected persons in U.S. hospitals which in turn has increased the demand for these devices.

The continuous glucose monitoring device market in Asia Pacific is expected to grow at a considerable rate over the forecast period as increasing cases of diabetes across the region are expected to boost the adoption of these continuous monitoring devices. Furthermore, emerging economies, increasing healthcare expenditure along with penetration of leading companies are expected to favor the trend.

Competitive Landscape

Some of the players operating in the global continuous glucose monitoring device market include A. Menarini Diagnostics, Echo Therapeutics, Inc., Abbott Laboratories, Bayer AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Glycens, GlySens Incorporated, Insulet Corporation, Johnson & Johnson, LifeScan, Medtronic plc, Medtrum Technologies, Inc., Microchip Technology Inc., Micron Technology Inc., Nemaura Medical, Inc., Novo Nordisk, NXP Semiconductors, Qualcomm, Roche Diagnostics, Senseonics Holdings, Inc., STMicroelectronics, and Tandem Diabetes Care.

The continuous glucose monitoring device market is highly fragmented, with the presence of a large number of players. These players adopt strategies such as mergers & acquisitions, partnerships & collaboration, and new product development to increase their market presence. For instance, in June 2020, Menarini Diagnostics has introduced GlucoMen® Day CGM, a novel digital patch that measures blood glucose and displays findings remotely on smartphones for fourteen continuous days.

Continuous Glucose Monitoring Device Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 6.04 Billion

Revenue forecast in 2029

USD 14.78 Billion

CAGR

10.08% from 2022 - 2029

Base year

2021

Historical data

2017 - 2020

Forecast period

2022 - 2029

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2029

Segments covered

By Component Type, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

A. Menarini Diagnostics, Echo Therapeutics, Inc., Abbott Laboratories, Bayer AG, Dexcom, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Glycens, GlySens Incorporated, Insulet Corporation, Johnson & Johnson, LifeScan, Medtronic plc, Medtrum Technologies, Inc., Microchip Technology Inc., Micron Technology Inc., Nemaura Medical, Inc., Novo Nordisk, NXP Semiconductors, Qualcomm, Roche Diagnostics, Senseonics Holdings, Inc., STMicroelectronics, and Tandem Diabetes Care.

Key Take-Away
Polaris Market Research
Continuous Glucose Monitoring Device Market Global Report | 2022 - 2029