ankita bAccording to a recent publication by Meticulous Research®, the continuous glucose monitoring (CGM) market is set to achieve a remarkable growth trajectory, projected to reach $31.41 billion by 2031. The market is expected to expand at a compound annual growth rate (CAGR) of 15% from 2024 to 2031. Several factors are contributing to this surge, including the rising prevalence of diabetes worldwide, increasing rates of sedentary lifestyles, and the clear advantages CGM systems offer over traditional glucose monitoring methods.
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Additionally, the use of CGM devices by athletes and fitness enthusiasts is further bolstering market growth. The report also points to advancements in CGM technology, a growing focus on personalized healthcare, heightened health consciousness, and enhanced access to diabetes care devices in low- and middle-income countries as significant opportunities driving market expansion.
Major Industry Players
The report offers a comprehensive analysis of the leading companies in the CGM market, focusing on their product offerings, geographic reach, and strategic initiatives over the past three to four years. The CGM industry has experienced several strategic developments, both organic and inorganic, in recent years. Prominent players profiled in the report include DexCom, Inc. (U.S.), Abbott Laboratories (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Medtronic plc (Ireland), Nemaura Medical Inc. (U.K.), LifeScan, Inc. (U.S.), Senseonics Holdings, Inc. (Maryland), A. Menarini Diagnostics S.r.l (Italy), Medtrum Technologies, Inc. (China), and B. Braun Melsungen SE (Germany).
Market Segmentation Overview
The continuous glucose monitoring market is segmented into several key categories: component (Sensors [Disposable Sensors, Implantable Sensors], Transmitters, Receivers), age group (Adults, Children), end user (Home Care Settings, Hospitals & Clinics), and Geography.
In 2024, the sensors segment is anticipated to dominate the market with a 52.4% share. This significant market share is largely due to technological advancements in sensor technology, the availability of disposable sensors, increased adoption of CGM systems over traditional glucometers, and the rising incidence of diabetes across all age groups. The frequent replacement of sensors compared to other components also contributes to their substantial share, as repeat purchases drive continuous market demand.
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The report highlights that, among age groups, adults are expected to hold the largest market share in 2024. This dominance is attributed to the high prevalence of diabetes among adults, growing adoption of wearable health devices, and a shift towards preventive healthcare practices. The adult population has a higher incidence of diabetes compared to children, which drives greater demand for CGM systems in this segment.
When it comes to end users, the home care settings segment is projected to account for more than 82.3% of the market share by 2024. The increasing geriatric population, coupled with the growing burden of diabetes, has led to a greater need for self-monitoring and CGM solutions for at-home care. CGM systems designed for home use offer numerous benefits, such as ease of access, reduced travel time to healthcare facilities, increased awareness of diabetes management, and a broader shift towards preventive care.
Regional Market Insights
In terms of geography, North America is expected to lead the CGM market, capturing over 42.2% of the market share in 2024. The region’s significant market share can be attributed to several factors, including increased patient engagement, a strong focus on preventive healthcare, and widespread awareness and accessibility to CGM devices, particularly due to favorable reimbursement policies in developed countries. For example, research by One Drop, a U.S.-based provider of precision health solutions for diabetes and other chronic conditions, found that approximately 2.4 million people in the U.S. were using CGM devices in 2022. This number is expected to grow substantially, further solidifying North America's leading position in the market.
Key Questions Addressed in the Report:
• Which market segments are expected to grow the fastest in terms of component, age group, end user, and geography?
• How has the global CGM market evolved historically?
• What are the projected market forecasts and estimates for 2024–2031?
• What are the primary drivers, challenges, opportunities, and risks in the CGM market?
• Who are the key players in the CGM market, and what is the competitive landscape?
• What are the recent developments and strategic moves in the CGM sector?
• Which strategies are the major players employing in the CGM market?
• What are the geographic trends, and which regions or countries are expected to see the highest growth?
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