PUBLISHER: Grand View Research | PRODUCT CODE: 1433620
PUBLISHER: Grand View Research | PRODUCT CODE: 1433620
The global continuous glucose monitoring devices market size is anticipated to reach USD 7.51 billion by 2030 and it is projected to grow at a CAGR of 7.19% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing cases of diabetes and introduction of novel and advanced diabetes care and management devices are the major factors driving the market growth. Continuous glucose monitoring (CGM) devices provide an efficient method to measure body glucose levels in real time. Data recorded by these devices is transmitted through a wireless network to receivers; this helps keep track of glucose levels over a designated period.
With the advent of digital therapeutics, a rising number of continuous glucose monitoring devices are being incorporated with apps and software to help patients with diabetes mellitus. Apps such as Glucose buddy, Diabetes Connect, MySugar, and others are available under paid subscription. Further, the rise in the number of diabetes mellitus has contributed significantly toward the global market growth. The device allows real time biofeedback and behavioral change support, allowing effective management of diabetes by the patient. Additionally, the government is spending a huge amount on diabetic care tools to closely monitor diabetes in patient. For instance, according to American Diabetes Association, the overall cost of diagnosed diabetes in the United States for the year 2022 is estimated to be USD 412.9 billion. This amount encompasses direct medical costs of USD 306.6 billion and indirect costs of USD 106.3 billion associated with diabetes.
Diabetes management demands intensive efforts to maintain normal glucose levels and reduce complications, decrease healthcare expenditures, & prevent premature death. This involves monitoring blood sugar levels, taking insulin, following a proper diet, and regular exercising. However, the current sensor technology used to monitor glucose levels only works with a "one-size-fits-all" approach, which does not cater to the special needs of subpopulations such as senior citizens, ethnic minorities, children, adolescents, and people with limited resources. To rectify this, future diabetes technology must be adaptable to diverse users. The ideal devices should be customizable, user-friendly, and affordable. These devices can also be combined with behavioral interventions to promote patient- & family-centered care and provide decision-support tools for clinicians. Although there have been significant advancements in CGM technology, its widespread use is still limited by biological, pharmacological, and socioeconomic factors. Aforementioned factors suggests continuous glucose monitoring devices market growth in the near future.