SAN FRANCISCO, July 29, 2021 /PRNewswire/ -- The global continuous glucose monitoring device market size is expected to reach USD 10.36 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 10.1% from 2021 to 2028. Growing cases of diabetes and introduction of novel and advanced diabetes care devices are the major factors driving the market growth. Continuous glucose monitoring (CGM) 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.
Key Insights & Findings:
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.
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.
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 - 2028)
CGM Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
CGM Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Continuous Glucose Monitoring Device Market
F. Hoffmann-La Roche Ltd.
Novo Nordisk A/S
Check out more studies related to blood glucose and diabetes, conducted by Grand View Research:
Blood Glucose Monitoring Devices Market– The global blood glucose monitoring devices market size is expected to reach 19.6 billion by 2028. It is expected to expand at a CAGR of 7.6% from 2021 to 2028.
Digital Diabetes Management Market– The global digital diabetes management market size is expected to reach USD 26.4 billion by 2026. It is expected to grow at a CAGR of 19.4% from 2019 to 2026.
Diabetes Devices Market– The global diabetes devices market size is expected to reach USD 44.6 billion by 2028. Increasing adoption of insulin delivery devices and the rising prevalence of diabetes are driving market growth.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.