In terms of revenue, the Global Continuous Glucose Monitoring Devices Market is expected to reach USD 13.24 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 10.8% from 2022 to 2028. The rising incidence of diabetes, coupled with the increasing geriatric population prone to diabetes are the driving factors for Continuous Glucose Monitoring Devices Market.
- Under the components, segment sensors sub-segment is anticipated to dominate the segment for Continuous Glucose Monitoring Devices Market and growing at a substantial Compound Annual Growth Rate (CAGR). The technology utilized in sensors is different than the one used in transmitters and receivers. These components use glucose oxidase to notice blood sugar levels.
- The adult population (>14 years) sub-segment held a market significant share in 2021. This is the fastest segment growing in Continuous Glucose Monitoring Devices Market. This is attributed to the fact that GCMS is regarded as an ideal tool to control diabetes in adult people, as GCMS is a “ready-to-go” therapy, effective for diabetes management, and reasonable for the working-class people and thus, it has been widely acknowledged by this age group.
- North America is the largest regional segment. This is attributed to the surge in demand for wireless & portable systems, and the availability of a sophisticated reimbursement system that aims at reducing cost.
Some of key players in Global Continuous Glucose Monitoring Devices Market includes - Medtronic (US), Dexcom Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), Abbott (US), Novo Nordisk A/S (Denmark), Ypsomed (Switzerland), GlySens Inc (US)..
The increased geriatric population and high prevalence of population suffering from diabetes. The International Diabetes Federation, says the number of diabetic residents is predicted to reach 642 million by 2040 corresponding to 415 million patients in 2015, worldwide. Thus, one out of every ten adults is predicted to have diabetes by 2040, which reveals the graveness of this pandemic. Thus, the therapy and management of diabetes are anticipated to be the prime focus areas of healthcare divisions and stakeholders globally.
The increase in the incidence of diabetic cases is anticipated to provide high constant glucose monitoring systems market growth and prospects, which in turn will lure and compel multiple companies to produce innovative developments and product line extensions. High growth prospects in the markets are anticipated to provide significant advantageous opportunities for manufacturers shortly.
North America is expected to emerge as potential market for Continuous Glucose Monitoring Devices Market. This is attributed to the presence of a well-established healthcare sector in the region. The growing prevalence of obesity, the existence of efficient reimbursement guidelines, and the growing understanding of advanced technologies in diabetes management are also expected to drive the regional market.