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According to a new report,“Continuous Glucose Monitoring (CGM) Systems/Devices Market Size, Share & Trends Analysis Report By Component (Transmitters, Sensors, Insulin Pumps), By End Use (Hospitals, Homecare), And Segment Forecasts, 2018 – 2024”, published by Grand View Research, Inc., the global continuous glucose monitoring (CGM) devices market size is expected to reach USD 1.01 billion by 2024. The market is estimated to register a CAGR of 13.7% over the forecast period. Growing cases of diabetes and introduction of novel and advanced diabetes care devices are the major factors driving the market growth. Continuous glucose monitoring 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 a track of glucose levels over a designated period.

Key Takeaways from the report:

• Growing cases of diabetes is anticipated to propel market growth, with increasing number of patients opting for simplified CGM devices

• CGM devices provide analysis of blood glucose levels from the tissue fluid at regular intervals of time, which is also driving their demand

• Transmitters and receivers was the largest component type segment and is anticipated to maintain its dominance owing to their integral nature in these devices

• Insulin pumps are anticipated to witness the highest CAGR during the forecast period due to their ability to maintain optimal blood glucose levels

• Asia Pacific is the leading regional market, with Japan, China, and India on the forefront

• North America led the global market in the past owing to wide usage of CGM devices as a result of higher number of target patients in the region

• The European region followed the North American closely in terms of market revenue due to rise in the adoption of these devices in key countries such as U.K., Germany, France, Italy, and Spain

• Some of the key companies present in the market are Pfizer Inc.; Baxter International, Inc.; Abbott Laboratories; Medtronic PLC; Animas Corporation; and Novo Nordisk A/S.

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These devices also help manage diabetes while reducing individual insulin dosages. Integrated software within these devices provides users with insights about food consumption, medication, physical activity, and illnesses. Thus, an increasing number of diabetic patients are using these devices to manage and treat diabetes, which, in turn, is accelerating market growth. With the advent of digital therapeutics, a rising number of CGM devices are being incorporated with apps and software to help patients with diabetes mellitus. Rise in the number of diabetes mellitus has been contributing toward market growth.

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