The global market for continuous glucose monitoring systems is expected to hit $31.7bn by 2031, according to a report by Allied Market Research. The market is dominated by Abbott Laboratories and DexCom. A 17% compound annual growth rate is expected from 2022 to 2031. Rising diabetes prevalence, technological advancements and the benefits of CGM devices over point of care glucometers is thought to be driving the trend. Heavy utilisation of CGMs in home healthcare and ICU settings, along with increased product awareness, will create multiple tailwinds for key market players. However, strict regulatory measures and potential side effects may impact growth to an extent.
CGM devices allow people with diabetes to tightly control blood glucose levels, reducing Hyperglycemic as well as hypoglycemic states and associated clinical implications such as eye and nerve diseases. Commonly used single-point finger stick devices, which require patients to prick one of their fingertips, cause inconvenience and pain. In contrast, a CGM device can measure glucose levels through a tiny sensor placed under the skin, usually on the belly or arm.
The key factor behind market growth is the adult population, which accounted for over 90% of global CGM revenue in 2021. This segment is expected to have the fastest CAGR of 17.1% over the forecast period. The elderly population is growing globally alongside a rise in diabetes prevalence driving this growth. The hospital and clinic segment is expected to be the fastest growing end user, recording a CAGR of 17.4% from 2022 to 2031.
Asia-Pacific is predicted to have the highest CAGR of 17.9%, with India’s high diabetes prevalence, alongside a rising healthcare awareness and a focus on R&D work to develop CGM devices expected to drive growth. However, North America generated nearly 50% of the total global CGM market revenue in 2021, driven by higher adoption of advanced CGMs, advancements in healthcare infrastructure and other factors. Analyst Jonathan Wheeler has said that basal insulin Type 2 patients, who are expected to receive Medicare coverage for their CGM devices from this year, should be a rising tide to lift all boats for CGM providers.