Continuous Glucose Monitoring (CGM) Devices Market Analysis, Size, Trends And Forecast 2023-2030

 

Continuous Glucose Monitoring (CGM) Devices Market

Medical equipment known as continuous glucose monitoring systems (CGMs) track and test blood glucose levels continuously throughout the day and night. The components of these systems typically include a tiny sensor placed just beneath the skin to test blood sugar levels every few minutes, a transmitter to communicate the data to a display device, and a display device to analyse the data. The increase in people with diabetes has made a substantial contribution to the Continuous Glucose Monitoring (CGM) Devices Market growth for CGM systems.  The tool enables real-time biofeedback and supports behavioural change, enabling the patient to effectively manage their diabetes.

In order to closely monitor patients' diabetes, the government also spends a significant amount on diabetic care equipment.  The increase in diabetes cases and the introduction of technologically sophisticated diabetic care devices are the two main drivers of the Continuous Glucose Monitoring (CGM) Devices Market expansion. Devices for continuous glucose monitoring (CGM) are useful for assessing the body's blood glucose levels in real time. These devices use a wireless network to broadcast the data they gather to receivers, allowing for the tracking of glucose levels over time. These tools help with diabetes management while reducing individual insulin dosages.

The Continuous Glucose Monitoring (CGM) Devices Market Was Estimated At US$ 5.89 Billion In 2022 And Is Anticipated To Grow At A CAGR Of 9.9% From 2023 To 2030 To Reach US$ 12.51 Billion.

Users of these devices have access to data about food consumption, medication use, physical activity, and sicknesses thanks to the devices' built-in software. Because of this, an increasing number of diabetic patients are using these devices to manage and treat their disease, which is driving Continuous Glucose Monitoring (CGM) Devices Market growth. As a result of the advancement of digital therapies, an increasing number of continuous glucose monitoring devices are being connected with apps and software to help patients with diabetes mellitus.

Competitive Landscape

Some of the key players in the global Continuous Glucose Monitoring (CGM) Devices Market are Abbott, Medtronic, Dexcom, Inc., Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd., among others.

Continuous Glucose Monitoring (CGM) Devices Market Trends

Growing Prevalence of Diabetes: The Continuous Glucose Monitoring (CGM) Devices Market was experiencing growth due to the increasing prevalence of diabetes worldwide. Diabetes is a chronic condition that requires continuous monitoring of blood glucose levels, and CGM devices offer a more convenient and accurate way to track glucose levels compared to traditional fingerstick tests.

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Integration with Smart Devices: Many CGM devices were becoming compatible with smartphones and other wearable devices, allowing users to monitor their glucose levels conveniently through mobile apps. These integrations also enabled data sharing with healthcare providers and caregivers, facilitating better diabetes management and personalized care.