Rising diabetes and tech advancements to drive CGM market growth: GlobalData

The global market for continuous glucose monitors (CGMs) is poised for rapid growth, driven by the increasing prevalence of diabetes and advancements in medical technology. The International Diabetes Federation (IDF) forecasts that the global diabetes population will reach 643 million by 2030, with North America experiencing significant increases. This increase in diabetes rates, coupled with rising obesity levels, is expected to drive the growth of the diabetes device market, with the US being the leading market for diabetes care devices, says GlobalData.

According to GlobalData’s latest market models, the global market for CGMs is expected to register a compound annual growth rate (CAGR) of 3.6 per cent over the period 2023-33. This growth is fuelled by innovations such as the introduction of over-the-counter (OTC) CGMs, which are making these critical tools more accessible to a broader population.

Thomas Fleming, Medical Analyst at GlobalData, comments, “CGMs, which provide real-time monitoring of blood glucose levels, are expected to see substantial growth in the next decade. OTC CGMs are transformative not only for individuals with diabetes but also for those seeking to monitor their glucose levels for overall health and wellness.”

In March 2024, the Food and Drug Administration (FDA) approved the first OTC CGM from Dexcom. The Dexcom Stelo Glucose Biosensor System, designed for individuals aged 18 and older who do not use insulin, provides continuous glucose measurements through a wearable sensor and a smartphone application. This system, which offers blood glucose readings and trends every several minutes, can be worn for up to 15 days before needing replacement. It is particularly beneficial for people with type 2 diabetes or prediabetes who are managing their condition with lifestyle changes or oral medications.

Abbott Laboratories received FDA clearance for its Lingo and Libre Rio OTC CGM systems in June 2024. These approvals are expected to significantly enhance market penetration and accessibility, especially for those without health insurance that covers prescription CGMs.

“By providing an accessible and user-friendly solution, CGM devices empower more people to manage their health proactively. As the market for CGMs continues to expand, particularly in the US, it is expected to lead improved health outcomes and a reduction in diabetes-related complications on a global scale,” concludes Fleming.

 

EH News Bureau