The global market for continuous glucose monitors (CGMs) is set for swift expansion, propelled by the rising incidence of diabetes and innovations in medical technology. According to the International Diabetes Federation (IDF), the global diabetes population is projected to hit 643 million by 2030, with North America seeing notable growth. This surge in diabetes cases, along with increasing obesity rates, makes the US the leading market for diabetes care devices according to GlobalData.
CGMs, which provide real-time monitoring of blood glucose levels, are expected to see substantial growth in the next decade. GlobalData’s latest market models predict a compound annual growth rate of 3.6% over the period. 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.
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Wearable sensors with smartphone apps will be transformative
In March 2024, the 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 (T2D) or prediabetes who are managing their condition with lifestyle changes or oral medications.
Abbott received FDA clearance for its Lingo and Libre Rio OTC CGM systems in June 2024. The approvals are expected to significantly enhance market penetration and accessibility, especially for those without health insurance that covers prescription CGMs.
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. By providing an accessible and user-friendly solution, the devices empower more people to manage their health proactively. As the market for CGMs continues to expand, particularly in the US, we can anticipate improved health outcomes and a reduction in diabetes-related complications on a global scale.
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By GlobalData
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