Continuous glucose monitoring (CGM) devices provide real-time glucose level monitoring in interstitial fluid or blood. It helps in diabetes patient management and prevent chances of hypoglycemia or hyperglycemia. CGM devices provide advantages of remote monitoring over conventional self-monitoring blood glucose devices.

The global continuous glucose monitoring market is estimated to be valued at US$ 2.09 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The increase in diabetic patient pool globally presents a major opportunity for continuous glucose monitoring devices market. As per International Diabetes Federation, nearly 537 million adults aged 20-79 years were living with diabetes in 2021 globally, and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Continuous glucose monitoring helps in effective diabetes management and maintains optimum blood glucose levels in patients. Real-time glucose monitoring prevents long term health complications in diabetes patients like eye, kidney disease, amputations, stroke, heart diseases etc. Thus, growing diabetic population worldwide requiring patient management presents lucrative growth opportunity for continuous glucose monitoring devices market over the forecast period.

Porter's Analysis
Threat of new entrants: The continuous glucose monitoring devices market has a moderate threat of new entrants due to the presence of stringent regulatory frameworks which new companies need to comply with.

Bargaining power of buyers: The bargaining power of buyers is moderate as there exist numerous companies offering continuous glucose monitoring devices with differentiated offerings to cater the diverse needs of patients.

Bargaining power of suppliers: The bargaining power of suppliers in terms of raw materials and components is low owing to the availability of substitute suppliers in the market.

Threat of new substitutes: Threat from new substitutes is moderate as continuous glucose monitoring devices don't have close substitutes and target a niche patient segment with specific needs.

Competitive rivalry: The competitive rivalry in the continuous glucose monitoring devices market is high due to the presence of numerous international and regional players offering similar products.

SWOT Analysis
Strength: Continuous glucose monitoring devices offer real-time glucose monitoring to better manage diabetes without frequent finger pricking. They provide alerts for hypo and hyperglycemic events via smartphones.

Weakness: The cost of continuous glucose monitoring devices remains a constraint for some patients. Technical issues related to device accuracy and connectivity could impact user experience.

Opportunity: Growing diabetic population globally presents an opportunity for device manufacturers. Emergence of integrated insulin delivery devices enhances opportunities.

Threats: Reimbursement policies vary across countries posing challenges. Data security and privacy threats related to connected devices could impact user uptake.

Key Takeaways

Global Continuous Glucose Monitoring Devices Market Growth is expected to witness high growth during the forecast period of 2023-2030.

Key regional growth factors include increasing adoption of advanced diabetes devices, supportive regulatory framework for new products, and availability of favorable reimbursement policies. For instance, Medicare in the US covers CGM devices and sensors for people with Type 1 diabetes under certain conditions to boost patient access. Advancements in diabetes treatment technologies also provide growth opportunities in the region.

Key players operating in the continuous glucose monitoring devices market 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. The market is concentrated with the top players accounting for a major share. Strategic collaborations, M&A activities and new product launches are some of the key strategies adopted by companies to strengthen their market position.

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