Continuous glucose monitors market to top $15B by 2030

Solid growth is expected in the continuous glucose monitors (CGM) market, as Globaldata estimates the sector will balloon 73 percent to reach $15.4 billion in value by 2030.

Set to expand 6.2 percent annually over the next eight years, the growth will be driven by higher adoption rates from patients with type 1 diabetes and insulin-dependent patients with type 2 diabetes. Globaldata analysts say awareness for the disease is increasing, driven by events such as Diabetes Awareness Month, which is intended to raise global awareness of the disease.

“CGMs can help patients and healthcare providers improve glycemic control and potentially increase patient self-management,” said Tina Deng, MSc, principal medical devices analyst at GlobalData. “The ability to get real-time glucose readings without a finger stick is appealing to patients who receive intensive insulin therapy. During the COVID-19 pandemic, there has been an emphasis on the use of virtual clinics and telemedicine for diabetic management. This has resulted in increasing demand for diabetic care devices that can share data remotely. Physicians can benefit from the longitudinal data on blood glucose excursions that CGMs offer.”

To further increase the adoption rate, CGM players conduct clinical trials to prove benefits of CGM on optimizing therapy and supporting behavior modifications. According to GlobalData, there were more than 300 ongoing or planned clinical trials for diabetes care devices in 2021. Over 75 percent of them were focused on continuous glucose monitoring and related devices.

“The clinical outcome of these trials is expected to boost the innovation and application of CGM, driving the device market to a new level in the long run,” Deng said. Medical Product Outsourcing