Continuous Glucose Monitoring Device Market Size US$ 10.34 BN by 2030

The global continuous glucose monitoring device market was estimated at USD 4.7 billion in 2021 and is expected to reach over USD 10.34 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 9.2% during the forecast period 2021 to 2030.

Growth Factors

The surging cases of diabetes across the globe owing to bad eating habits are a major factor that is driving the growth of the global continuous glucose monitoring device market. According to the International Diabetes Federation, about 537 million people aged between 20 years to 79 years were living with diabetes in 2021 and this number is estimated to reach at 783 million by 2045. According to the World Health Organization, diabetes is a major cause of stroke, blindness, and kidney failure. The rising awareness regarding the diabetes control and management is propelling the demand for the continuous glucose monitoring devices among the global population. The easy availability of various glucose monitoring devices has facilitated the market growth across the globe. Obesity is among the major causes of diabetes. There has been an alarming rise in the obesity in the developed and the developing regions. According to the World Health Organization, over 1.9 billion global population were overweight, and around 650 million adults out of it were obese in the year 2016.

Get the sample copy of report@ https://www.precedenceresearch.com/sample/1374

Report Highlights:

• On the basis of component, the sensors was the largest segment that accounted for around 40% of the market share in 2020. The quick, efficient, and accurate results associated with the sensors have significantly fostered the adoption of the sensors glucose monitoring devices. The sensors can efficiently track the fluctuations in the blood glucose levels, which has contributed to the dominance of this segment across the globe. The rising investments in the research and development and the technological advancements in the sensor technology is expected to further spur the demand for the sensors in the forthcoming years.

• Based on the end use, the home healthcare segment constituted around 44% of the market revenue in 2020. The increasing prevalence of diabetes among the population and the ease of use of the continuous glucose monitoring devices makes the consumers adopt it for at home use. The rising personal disposable income rising healthcare expenditure, increased health awareness, and growing geriatric population are some of the major factors that has significantly augmented the growth of the home healthcare segment in the global continuous glucose monitoring devices market.

• North America was the leading market with around 40% of the market share. This growth is attributed to the increased prevalence of obesity, overweight, and diabetes among the people. According to the Diabetes Canada, approximately 11 million people were living with diabetes in 2020, this trend is expected to grow in upcoming future. Furthermore, the high healthcare expenditure, increased awareness regarding diabetes, and easy availability of glucose monitoring devices have fostered the demand for the devices. The higher penetration of the advanced glucose monitoring devices has led to the dominance of the North America in the global continuous glucose monitoring devices market.

• Asia pacific is expected to exhibit the highest growth rate during the forecast period. The region is witnessing an increasing prevalence of diabetes among the adults and the children. The changing consumption habits, physical inactivity, and rising obesity are the major causes of diabetes in this region. The growing healthcare expenditure and rising disposable income is expected to spur the demand for the glucose monitoring devices in Asia Pacific. Improving access to the healthcare facilities and growing penetration of the retail pharmacies and online pharmacies is driving the growth of the continuous glucose monitoring devices market in this region.

Ask here for customization@ https://www.precedenceresearch.com/customization/1374

Future of Continuous Glucose Monitoring Devices Market

The technological advancements, growing consumer awareness, and new product launches are the prominent factors that are expected to have a significant impact on the market growth in the foreseeable future.

COVID-19 Impact Analysis:

• The demand for the remote glucose monitoring spiked rapidly owing to the lockdown restrictions and fear of COVID-19 disease among the population.
• The rapid emergence of the online pharmacies has significantly contributed to the higher sales of the continuous glucose monitoring devices during the pandemic.
• However, the delayed diagnosis of diabetes owing to the lockdown restrictions had hampered the growth of the market, especially in the underdeveloped and the developing economies during the pandemic.

Key Developments in the Marketplace:

• In February 2020, Abbott entered into a partnership with Insulet for the development of CGM device by integration of automatic insulin deliver and glucose sensing technology.
• In November 2020, Medtronic received the US FDA approval for its a smart insulin pen, InPen which serves patients daily insulin injections.

Key Players:

• Abbott Laboratories
• Medtronic plc
• A. Menarini Diagnostics
• Echo Therapeutics, Inc.
• Dexcom, Inc.
• GlySens Incorporated
• Ypsomed
• Johnson & Johnson
• Senseonics Holdings, Inc.
• F. Hoffmann-La Roche Ltd

Segments Covered in the Report

By Component

• Transmitters
• Receivers
• Sensors
• Integrated Insulin Pumps

By End User

• Hospitals
• Home Healthcare
• Others

By Geography

• North America
• Europe
• Asia Pacific
• MEA
• Latin America

Click Here to View Full Report Table of Contents

Buy this Research Report@ https://www.precedenceresearch.com/checkout/1374

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333