April 20, 2024
Continuous Glucose Monitoring Devices Market

Continuous Glucose Monitoring Devices Market is trending towards remote monitoring solutions

The continuous glucose monitoring devices market comprises instruments used for constant monitoring of glucose levels in interstitial fluid or blood. These devices provide real-time tracking of glucose levels through a wireless connection to mobile apps or web interfaces, allowing patients to check their readings from anywhere. Advantages of continuous glucose monitoring over traditional blood glucose monitoring include pain-free and frequent readings without the need for finger pricks. Devices are often paired with insulin pumps for automated insulin delivery based on glucose readings.

The Global Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 3.35 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the continuous glucose monitoring devices are 3M, BSN Medical, Sigvaris AG, Cardinal Health,Medi GmbH & Co, ArjoHuntleigh Healthcare India, Bio Compression Systems Inc, Zimmer Biomet India, Spectrum Healthcare and Vissco Healthcare.
Growing demand for comfortable and non-invasive glucose monitoring from diabetes patients is propelling the continuous glucose monitoring devices market. Remote and automated monitoring capabilities of these devices allow for improved diabetes management without frequent finger pricks or hospital visits.
Global expansion of leading device manufacturers through partnerships and acquisitions will further drive the continuous glucose monitoring devices market. Geographies with large diabetes populations such as North America, Asia Pacific and Latin America represent key areas for market growth over the forecast period.

Market key trends
The trend towards integration of Continuous Glucose Monitoring Devices Market Demand with remote monitoring platforms allows patients to share data with caregivers remotely. This enables virtual consultations and improved management of diabetes without in-person visits. Pairing glucose monitors with automated insulin delivery systems is also a key trend, allowing for closed-loop artificial pancreas systems that maintain optimal glucose levels automatically based on readings. Such trends are expected to accelerate adoption of continuous glucose monitoring devices.

Porter’s Analysis

Threat of new entrants: High capital requirements limit new entrants in this market.

Bargaining power of buyers: There are few major buyers controlling the market and they have greater bargaining power.

Bargaining power of suppliers: The raw materials are highly specialized which gives suppliers higher bargaining power.

Threat of new substitutes: Other modern CGMs provide easy alternatives, posing threat of substitution.

Competitive rivalry: Major players compete intensely on innovation, quality, and price which intensifies competition.

Geographical Regions

North America currently holds the largest share of the continuous glucose monitoring devices market in terms of value. Factors such as growing prevalence of diabetes, rising awareness, and favourable reimbursement policies drive the market growth in the region.

Asia Pacific is poised to grow at the fastest rate during the forecast period. Rising healthcare expenditure, increasing medical tourism, growing diabetes burden especially in India and China will boost the demand for continuous glucose monitoring devices in Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it