The continuous glucose monitoring devices market primarily consists of glucose monitors and sensors that are used for monitoring glucose level in blood. Continuous glucose monitoring devices help patients in effectively managing diabetes by providing real-time glucose readings throughout the day and night via a small sensor inserted under the skin. The devices enable patients to monitor glucose level without pricking their fingers for blood sample. They alert patients when glucose levels are too high or too low and also allow sharing of data with doctors and care providers. The rising prevalence of diabetes across the globe is propelling the demand for continuous glucose monitoring devices as they help patients in better management of diabetes and prevent serious health complications.
The global continuous glucose monitoring devices market is estimated to be valued at US$ 3.35 billion in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the continuous glucose monitoring devices market are 3M, BSN Medical, Sigvaris AG, Cardinal Health, Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare. 3M dominates the market with its continuous glucose monitors that offer accurate, real-time glucose readings.
The demand for Continuous Glucose Monitoring Devices Market Demand is growing significantly due to the increasing diabetic population globally. As per estimates, the global diabetic population is expected to reach 700 million by 2045. Continuous glucose monitoring helps in effective management of diabetes and prevents health complications.
Technological advancements are further fueling the growth of the continuous glucose monitoring devices market. Players are developing advanced continuous glucose monitors integrated with smartphone apps to improve patient care and comfort. Miniaturized and wearable continuous glucose monitors are also gaining popularity among diabetic patients due to convenience.
Market Trends
Wireless continuous glucose monitoring- Players are focusing on developing wireless continuous glucose monitors that do not require finger pricking for calibrating sensor readings. Wireless monitors offer increased comfort to patients.
Cloud-based data management- Continuous glucose monitors that store data on cloud are trending in the market. Cloud-based data management enables patients to share real-time glucose readings with their physicians through online portals for improved care.
Market Opportunities
Emerging markets- There is high growth potential for continuous glucose monitoring devices in developing countries of Asia Pacific and Latin America due to rising diabetic populations. Penetration of devices is still at a nascent stage in these regions representing major opportunities.
Home healthcare applications- Increasing demand for home healthcare is creating opportunities for continuous glucose monitors used outside hospitals by home-based patients. Devices supporting remote monitoring are gaining traction in home care.
Impact of COVID-19 on Continuous Glucose Monitoring Devices Market
The COVID-19 pandemic has significantly impacted the growth of the continuous glucose monitoring devices market. During the pandemic, hospitals primarily focused on treatment of critical COVID-19 patients leading to postponement of non-COVID elective surgeries and procedural areas including diabetes management. This reduced the demand for continuous glucose monitoring devices in 2020. However, with rising awareness about importance of diabetes management during pandemic, demand is expected to rise in the coming years.
The market is expected to witness strong growth post-COVID as people seek remote glucose monitoring solutions to reduce hospital visits. Manufacturers are accelerating production to meet the growing requirement. Telehealth and remote patient monitoring are gaining prominence. Companies are actively collaborating with healthcare providers to expand access to continuous glucose monitoring services via digital platforms. Governments worldwide are supporting innovations and initiatives for effective diabetes care while minimizing hospital visits which will further aid market expansion.
In terms of geography, North America accounted for the largest market share pre-COVID due to rising prevalence of diabetes and robust reimbursement structure. However, Asia Pacific is expected exhibit fastest growth post-COVID backed by increasing healthcare investments, large diabetes population and growing medical device industry in China and India. Governments are rolling out universal health coverage and various awareness programs which will boost regional market.
Europe is also considered a major revenue generator for continuous glucose monitoring devices market. Favorable regulations, presence of advanced healthcare infrastructure and reimbursement policies have been supporting market growth. Post pandemic, the regional market is anticipated to rise steadily driven by aging population, ongoing research for enhancing remote monitoring technologies and provision of home healthcare services across major European countries.
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