Continuous Glucose Monitoring Device Market- Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Market Overview
The Continuous Glucose Monitoring (CGM) Device Market is expected to grow from USD 11,705 million in 2024 to USD 69,321.97 million by 2032, reflecting a compound annual growth rate (CAGR) of 24.9% during the forecast period from 2024 to 2032.

This rapid market expansion is primarily driven by the rising global prevalence of diabetes and growing awareness about effective diabetes management. The increasing demand for minimally invasive and non-invasive glucose monitoring technologies has led to widespread adoption of CGM devices. Key advancements in sensor technology, the integration of CGM devices with smartphones and wearable devices, and the emergence of AI-driven analytics further enhance the functionality and appeal of these systems. Moreover, the growing emphasis on preventive healthcare and early diagnosis is driving demand for CGM devices across all demographics. The National Institute of Diabetes and Digestive and Kidney Diseases reported that in 2022, 38.4 million people (11.6% of the U.S. population) had diabetes, with the majority being adults, underlining the critical need for continuous glucose monitoring solutions.

Market Drivers

Technological Advancements
Innovation in CGM technology is a major factor driving market growth. For instance, modern CGM devices achieve accuracy rates between 95-99%, with Mean Absolute Relative Difference (MARD) values below 10%. Recent sensor developments have extended wear times up to 180 days while maintaining continuous glucose readings every five minutes, with transmission ranges of up to 20 feet. These advancements have also reduced the need for fingerstick calibrations by 85% compared to traditional methods, making CGMs more convenient and effective for users.

Market Challenges Analysis

Cost and Insurance Coverage Barriers
One of the primary challenges for the CGM market is the high cost associated with these devices, which can be a significant barrier to widespread adoption. The Centers for Medicare & Medicaid Services (CMS) have strict eligibility criteria, including requirements for blood glucose monitoring four times a day and mandatory in-person clinic visits every six months. These requirements, combined with the high device and supply costs, create accessibility challenges, especially for individuals without private insurance coverage. While studies have shown that CGM significantly enhances quality of life and diabetes management, the cost remains a significant barrier. As reported by the Journal of Diabetes Science and Technology, although respondents agreed that CGMs improve diabetes management, cost remains a major obstacle for many potential users.

Segmentations

By Component

Transmitters

Sensors

Receivers

By End-Use

Hospitals

Home Care

Other End-Uses

By Region

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-East Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of the Middle East and Africa

Key Player Analysis

Abbott Laboratories

Dexcom, Inc.

Medtronic plc

Senseonics Holdings, Inc.

Hoffmann-La Roche Ltd

Ascensia Diabetes Care Holdings AG

LifeScan, Inc.

Menarini Diagnostics S.r.l.

Ypsomed AG

Medtrum Technologies Inc.