North America's Dominance in the Continuous Glucose Monitoring Market
The Continuous Glucose Monitoring (CGM) Market is projected
to reach $31.41 billion by 2031, growing at a CAGR of 15.0% from 2024 to 2031.
Key drivers of this growth include the increasing prevalence of diabetes,
sedentary lifestyles, the advantages of CGM over traditional glucose monitoring
methods, and the adoption of CGM by athletes and fitness enthusiasts.
Additional factors such as technological advancements, a shift towards
personalized healthcare, rising health awareness, and improved accessibility to
diabetes care devices in low- and middle-income countries are expected to
create significant growth opportunities for CGM market players.
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Market Growth Drivers
Increasing Prevalence of Diabetes
Continuous glucose monitors measure glucose levels and
transmit readings to healthcare providers via smartphone apps. Several new CGM
products have entered the diabetes management market in recent years. For
example, in March 2024, the U.S. FDA approved DexCom, Inc.'s Dexcom Stelo
Glucose Biosensor System, an OTC integrated CGM for patients aged 18 and older,
suitable for those not on insulin or without severe hypoglycemia.
Risk factors for diabetes include obesity, family history,
poor diet, genetic mutations, prediabetes, sedentary lifestyles, and insulin
resistance. The World Health Organization (WHO) estimates that approximately
422 million people worldwide have diabetes. CGM helps patients monitor their
glucose levels regularly and receive timely alerts for abnormal levels.
Benefits of CGM Over Conventional Glucose Monitoring
Technological advancements have led to the growing use of
CGMs, which offer several advantages over traditional devices. These include
real-time data monitoring, trend analysis, alerts for high or low glucose
levels, improved diabetes management, and reduced reliance on fingerstick
testing.
AI integration in CGM devices enhances diabetes management
by optimizing treatments and lifestyle choices. For instance, in May 2023,
January, Inc. launched an AI-supported app that predicts glucose patterns,
integrates with CGM, and provides recommendations on diet and physical
activity. This app also offers blood glucose management tips for people without
diabetes on special diets.
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Market Trends
Shift Toward Smart Devices and Advanced Healthcare with
AI
The integration of AI and smart electronic devices in
glucose monitoring is a recent trend. Smart CGM devices predict glucose level
fluctuations up to 60 minutes in advance and offer insights for better
management. For example, Medtronic's Guardian Connect CGM System allows users
to track glucose patterns every 5 minutes on mobile devices.
AI in glucose monitoring reduces the need for manual checks
by predicting glucose levels and creating personalized plans, making diabetes
management more accessible. In March 2024, Roche introduced the AI-powered
14-day Accu-Chek SmartGuide system that predicts glucose fluctuations.
Market Opportunities
Technological Advancements in CGM Devices
Technologically advanced CGMs are gaining popularity due to
their enhanced connectivity features, including wireless connectivity,
personalized glucose level tracking, integration with insulin pumps, and AI and
machine learning integration.
Innovations such as enzyme-based electrochemical sensors in
CGM devices provide accurate and reliable information. Many minimally invasive
CGMs are enzyme-based. Wireless connectivity with smartphones allows real-time
glucose tracking, and integration with insulin pumps enables insulin level
adjustments based on glucose levels.
Implantable CGMs are also being introduced. In February
2022, Senseonics Holdings, Inc. received FDA approval for the Eversense® E3, an
implantable CGM device that lasts approximately six months.
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Key Market Findings
By Component: Sensors Segment to Dominate in 2024
The CGM market is segmented into sensors, transmitters, and
receivers. In 2024, sensors are expected to hold the largest market share (over
52.4%). This is due to the preference for CGM and the frequent replacement of
sensors compared to other components. Disposable sensors are replaced every 7
to 14 days, while implantable sensors can last 150-180 days.
Geographical Analysis
North America to Dominate in 2024
North America is expected to hold the largest market share
(over 42.2%) in 2024, followed by Europe, Asia-Pacific, Latin America, and the
Middle East & Africa. North America's significant share is due to high
accessibility to advanced technologies, the presence of major manufacturers,
substantial R&D investments, a robust reimbursement framework, and
supportive government initiatives for diabetes awareness. In 2022, U.S.
healthcare spending reached $4.5 trillion or $13,493 per person.
However, Asia-Pacific is projected to register the highest
CAGR (over 17.40%) during the forecast period, driven by improving healthcare
infrastructure, rising disposable incomes, and increased investments by major
market players. Economic growth and technological advancements are key factors
for market growth in this region.
Key Companies and Recent
Developments
Leading Players
Key players in the CGM
market include DexCom, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd,
Medtronic PLC, Nemaura Medical Inc., LifeScan, Inc., Senseonics Holdings, Inc.,
A. Menarini Diagnostics S.r.l, Medtrum Technologies, Inc., and B. Braun SE.
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