Continuous glucose monitors market grows thanks to fast customer adoption

With increasing awareness of diabetes management, the market for continuous glucose monitors (CGMs) is surging, driven by the higher adoption rate of the devices from patients with type 1 diabetes (T1D) and insulin-dependent patients with type 2 diabetes (T2D).

According to GlobalData analysis, the CGM market is currently valued at $8.9bn. It is expected to reach $15.4bn in 2030, with a compound annual growth rate (CAGR) of 6.2% between now and 2030.

CGMs can help patients and healthcare providers improve glycaemic control and potentially increase patient self-management. 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, which 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.

The high revenue growth rates from major CGM manufacturers represent continued momentum from CGM adoption around the world.

Abbott Diabetes Care reported a strong growth of 33.0% led by its CGM, FreeStyle Libre, which saw sales of almost $1bn in the third quarter (Q3) of the year, mainly driven by new customer growth. During the quarter, the device added more than 200,000 new users, bringing Libre’s total global user base to well in excess of 3.5 million users.

Abbott’s major competitor on CGM, Dexcom, reported revenue growth of 30% versus the same quarter of the previous year to $650.2m, with organic growth of 46% outside the US due to new customers.

To further increase the adoption rate, CGM players conduct clinical trials to prove the benefits of CGM on optimising therapy and supporting behaviour modifications. According to GlobalData, there have been more than 300 ongoing or planned clinical trials for diabetes care devices so far this year.

Of these, more than 75% are focused on continuous glucose monitoring and related devices. The clinical outcome is expected to boost the innovation and application of CGMs, driving the device market to a new level in the long run.