The Continuous Glucose Monitoring (CGM) market is projected to reach $31.41 billion by 2031, growing at a compound annual growth rate (CAGR) of 15.0% from 2024 to 2031. This market growth is driven by several factors, including the increasing prevalence of diabetes, a rise in sedentary lifestyles, the advantages of CGM over traditional glucose monitoring, and the growing use of CGM by athletes and fitness enthusiasts. Additionally, technological advancements in CGM devices, a shift toward personalized care, rising health awareness, and improved accessibility to diabetes care devices in low and middle-income countries present significant opportunities for market players.

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Market Growth Drivers
Increasing Prevalence of Diabetes
CGM devices measure glucose levels and transmit readings to healthcare providers via smartphone apps. Recent product launches have bolstered the diabetes management space. For example, in March 2024, the U.S. FDA approved DexCom, Inc.'s Dexcom Stelo Glucose Biosensor System, an over-the-counter integrated CGM suitable for patients aged 18 and older who are not on insulin or suffering from severe hypoglycemia.
Diabetes risk factors include obesity, family history, poor diet, genetic mutations, prediabetes, sedentary lifestyles, and insulin resistance. The World Health Organization (WHO) reports that approximately 422 million people globally have diabetes. CGM enables patients to monitor their glucose levels regularly and receive alerts for abnormal glucose levels.

Benefits of CGM Over Conventional Glucose Monitoring
Technological advancements have driven the adoption of CGMs, offering benefits like real-time data monitoring, trend analysis during various activities, alerts for abnormal glucose levels, enhanced diabetes management, and reduced fingerstick use. Artificial intelligence (AI) integration further optimizes diabetes management by providing personalized treatment plans and lifestyle recommendations. For example, in May 2023, January, Inc. launched an AI-supported app predicting glucose patterns and offering health tips, which can be integrated with CGMs and accessed via smartphones.

Market Trends
Shift Toward Smart Devices and AI Integration
Smart CGM devices now predict glucose fluctuations up to 60 minutes in advance, offering insights for better glucose management. For example, Medtronic's Guardian Connect CGM System allows users to track glucose patterns on mobile devices every five minutes. AI integration reduces manual blood glucose checks and helps create personalized plans, making diabetes management more efficient. In March 2024, Roche launched the 14-day Accu-Chek SmartGuide system, an AI-powered diabetes management tool.

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Market Opportunities
Technological Advancements in CGM Devices
Technologically advanced CGM devices are popular due to features like wireless connectivity, personalized tracking, and integration with insulin pumps, enhanced by AI and machine learning. Enzyme-based electrochemical sensors in CGMs provide accurate and reliable data. Wireless connectivity with smartphones allows real-time glucose tracking, while integration with insulin pumps offers improved diabetes management. Implantable CGM devices are also emerging; for instance, Senseonics Holdings, Inc. received FDA approval for the Eversense® E3, an implantable CGM lasting up to six months.

Key Market Segments
By Component: Sensors Segment to Dominate in 2024
The CGM market is segmented into sensors, transmitters, and receivers. In 2024, the sensors segment is expected to hold over 52.4% of the market share, driven by the frequent need for sensor replacements compared to other components. Disposable sensors are replaced every 7-14 days, while implantable sensors last 150-180 days.

By Age Group: Adults Segment to Lead in 2024
The market is divided into adults and children. In 2024, adults are expected to dominate the market due to the high prevalence of diabetes among the geriatric population and sedentary lifestyles. The National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) reported that in 2021, 38.4 million people of all ages had diabetes, with 38.1 million being adults. However, the children segment is projected to grow the fastest, driven by the prevalence of type 1 diabetes among youth.

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By End User: Home Care Settings Segment to Dominate in 2024
The market is segmented into home care settings and medical facilities. In 2024, home care settings are expected to account for over 82.3% of the market, supported by the rising global prevalence of diabetes, increasing health awareness, a shift toward preventive healthcare, and easy accessibility to CGM in developed countries.

Geographical Analysis
North America to Lead in 2024
North America is projected to hold over 42.2% of the market share in 2024, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Factors like advanced technology access, prominent manufacturers, significant R&D investments, robust reimbursement frameworks, and government initiatives drive this market dominance. According to the Centers for Medicare and Medicaid Services, healthcare spending in the U.S. reached $4.5 trillion in 2022.

However, the Asia-Pacific region is expected to grow at the highest CAGR of over 17.40% during the forecast period, driven by improving healthcare infrastructure, rising disposable incomes, and increased investments by major market players.

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Key Companies and Recent Developments
Leading Players
Key players in the CGM market include DexCom, Inc., Abbott Laboratories, F. Hoffmann-La Roche Ltd, Medtronic PLC, Nemaura Medical Inc., LifeScan, Inc., Senseonics Holdings, Inc., A. Menarini Diagnostics S.r.l, Medtrum Technologies, Inc., and B. Braun SE.

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