Easy and Efficient Monitoring of Current Glucose Values to Drive Continuous Glucose Monitoring Device Market Growth

Continuous Glucose Monitoring Device Industry Overview

The global continuous glucose monitoring device market size is expected to reach USD 10.36 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 10.1% from 2021 to 2028. Growing cases of diabetes and introduction of novel and advanced diabetes care devices are the major factors driving the market growth. Continuous glucose monitoring (CGM) devices provide an efficient method to measure body glucose levels in real time. Data recorded by these devices is transmitted through a wireless network to receivers; this helps keep a track of glucose levels over a designated period.

These devices also help manage diabetes while reducing individual insulin dosages. Integrated software within these devices provides users with insights about food consumption, medication, physical activity, and illnesses. Thus, an increasing number of diabetic patients are using these devices to manage and treat diabetes, which, in turn, is accelerating market growth. With the advent of digital therapeutics, a rising number of continuous glucose monitoring devices are being incorporated with apps and software to help patients with diabetes mellitus. Rise in the number of diabetes mellitus has been contributing toward continuous glucose monitoring (CGM) systems market growth.

Continuous Glucose Monitoring Device Market Segmentation

Grand View Research has segmented the global continuous glucose monitoring device market on the basis of component, end use, and region:

Based on the Component Insights, the market is segmented into Transmitters, Sensors, and Receivers

• The sensors segment led the market accounting for the maximum revenue share of over 39% in 2020.
• The segment is also expected to register the fastest CAGR of 10.0% from 2021 to 2028.

Based on the End-use Insights, the market is segmented into Hospitals, Homecare, and Others

• The home care segment led the global market accounting for a revenue share of more than 43% in 2020. The segment will expand further at the fastest CAGR during the forecast years.
• The hospital segment is expected to grow at the second-highest CAGR of over 9.5% from 2021 to 2028.
• Factors driving this growth include increased usage of CGM devices in hospitals and healthcare settings for the identification of blood sugar levels in patients suffering from diabetes mellitus.
• In addition, the introduction of technologically advanced devices for the management of diabetes mellitus will further augment product adoption in the hospital end-use segment.

Continuous Glucose Monitoring Device Regional Outlook

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

Key Companies Profile & Market Share Insights

The market has the strong presence of a large number of global and regional companies. Most of the leading companies are involved in strategic collaborations, product developments, mergers, and acquisitions, and regional expansions to gain a higher revenue share in the industry.

Some prominent players in the global Continuous Glucose Monitoring Device market include:

• Medtronic
• Dexcom, Inc.
• Hoffmann-La Roche Ltd.
• Abbott
• Novo Nordisk A/S
• Ypsomed
• GlySens, Inc.

Order a free sample PDF of the Continuous Glucose Monitoring Device Market Intelligence Study, published by Grand View Research.