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blog details: According to the latest analysis by Meticulous Research®, the continuous glucose monitoring (CGM) market i is expected to reach an impressive $31.41 billion by 2031, expanding at a compound annual growth rate (CAGR) of 15% between 2024 and 2031. This remarkable growth is largely attributed to the rising incidence of diabetes worldwide, the increasing adoption of sedentary lifestyles, and the growing recognition of CGM systems as a superior alternative to traditional glucose monitoring methods. Additionally, the use of CGM technology by athletes and fitness enthusiasts has further propelled market growth. The report highlights that advancements in CGM devices, a shift toward personalized healthcare, enhanced health awareness, and greater accessibility to diabetes care devices in low- and middle-income countries are likely to present significant growth opportunities.
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Leading Companies
The report offers a comprehensive analysis of the key players shaping the CGM market. These companies have developed extensive product portfolios, established strong geographic presences, and adopted strategic growth initiatives over the past few years. The CGM market has seen a mix of organic and inorganic developments recently. Among the key players profiled in the report are 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
The continuous glucose monitoring market is categorized into several key segments: 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 command the largest market share at 52.4%. This dominance is driven by advancements in sensor technologies, the availability of disposable sensors, increased use of CGM devices over conventional glucometers, and the rising incidence of diabetes across various age groups. Sensors require frequent replacement compared to other components, contributing to the segment’s significant market share through repeat purchases.
Among age groups, adults are expected to dominate the CGM market in 2024. This segment’s large market share is primarily due to the high prevalence of diabetes among adults, growing adoption of wearable health devices, and a shift toward preventive healthcare. Given the higher number of adults with diabetes compared to children, the demand for CGM systems is correspondingly higher among adults.
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Regarding 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 and the rising burden of diabetes have heightened the need for self-monitoring and CGM solutions at home. CGM systems designed for home use provide several benefits, including ease of access, reduced travel time to healthcare facilities, increased awareness of diabetes management, and a broader shift toward preventive care.
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Regional Insights
Geographically, North America is expected to lead the CGM market, capturing over 42.2% of the market share in 2024. This regional dominance is driven by several factors, including increased patient engagement, a strong focus on preventive care, and widespread awareness and access to CGM devices, especially due to favorable reimbursement policies in developed countries. For instance, a study 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 significantly, further solidifying North America's position as the market leader.
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Key Insights from the Report
• What are the fastest-growing segments in terms of component, age group, end user, and geography?
• How has the global CGM market evolved historically?
• What are the market forecasts and estimates for 2024–2031?
• What are the key drivers, challenges, opportunities, and risks in the CGM market?
• Who are the major players in the CGM market, and what does the competitive landscape look like?
• What are the recent developments and strategic initiatives in the CGM sector?
• Which regions or countries are expected to see the highest growth in the CGM market?
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