The global continuous glucose monitoring device market size is expected to reach USD 10.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is estimated to register a CAGR of 12.7% over the forecast period. Growing cases of diabetes and introduction of novel and advanced diabetes care devices are the major factors driving the market growth. Continuous glucose monitoring 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.
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Further key findings from the study suggest:
• Growing cases of diabetes is anticipated to propel market growth, with increasing number of patients opting for simplified CGM devices
• CGM devices provide analysis of blood glucose levels from the tissue fluid at regular intervals of time, which is also driving their demand
• Sensors was the largest component type segment and is anticipated to maintain its dominance owing to their integral nature in these devices
• Asia Pacific is the leading regional continuous glucose monitoring device market, with Japan, China, and India on the forefront
• North America led the global market in the past owing to wide usage of CGM devices as a result of higher number of target patients in the region
• The European region followed the North American closely in terms of market revenue due to rise in the adoption of these devices in key countries such as U.K., Germany, France, Italy, and Spain
• Some of the key companies present in the market are Pfizer Inc.; Baxter International, Inc.; Abbott Laboratories; Medtronic PLC; Animas Corporation; and Novo Nordisk A/S.
Grand View Research has segmented the global continuous glucose monitoring device market on the basis of component, end use, and region:
CGM Devices Component Outlook (Revenue, USD Million, 2016 - 2027)
• Transmitters
• Sensors
• Receivers
CGM Devices End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Hospitals
• Homecare Settings
• Others
CGM Devices Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o Germany
o UK
• Asia Pacific
o India
o China
• Latin America
o Brazil
o Mexico
• Middle East & Africa
o South Africa
o Saudi Arabia