Continuous Glucose Monitoring Systems Market Is Expected to Reach $6,238,915 thousand, Globally by 2022
Sensors govern majority of the continuous glucose monitoring systems market due to the high frequency of usage, high cost, and disposable nature. At present,there is an increase in demand for non-invasive and wearable continuous glucose monitoring sensors, which will boostthe sensors market in future, thereby driving the continuous glucose monitoring systems market.
A new report published by Allied Market Research titled, “Global Continuous Glucose Monitoring SystemsMarket by Components, Demographics, and End UserGlobal Opportunity Analysis and Industry Forecast, 20142022, projects that the global continuous glucose monitoring systems (CGMS) market would reach $6,238 million by 2022 from $589 millionin 2015, growing at a CAGR of 39.9% during the forecast period. Sensors segment is estimated to dominate the CGMS market throughout the analysis period. Majorityof the global CMGS market share was captured by U.S. in 2015.
View Detail Summary of this report: https://www.alliedmarketresearch.com/global-continuous-glucose-monitoring-systems-market
Rise in incidences of diabetes worldwide, benefits of CGMS devices over POC glucometers, increase in awareness in developing and underdeveloped economies, and technological advancements with focus on developing CGMS devices majorly drive the CGM market. FDA approval for the novel and innovative products such as artificial pancreas (dual-chambered investigational device that consists of a CGM, one insulin pump, and a control algorithm) would further drive the CGMS market. CGMS are a more efficient monitoring and treatment alternative for patients with diabetes. However, lack of adequate reimbursement for devices is the key barrier to the adoption of the devices.
Sensors market contributed for the highest share of revenue in the CGMS market. In addition, sensors market will witness the highest growth during the analysis period. This is because CGM sensors are changed very frequently as compared to transmitters and receivers. Due to the limited life span of 5 to 7 days,they need to be changed at least once a week, for proper glucose monitoring in patients body. Thus, the sensors are purchased very frequently and in bulk by customers. Bulk purchase is preferred as the manufacturers offer discount to the customers. In addition, the sensors are used increasingly with insulin pumps, referred to as integrated insulin pumps. Despite the conversion of existing insulin pump users to CGM users, the CGM manufactures also collaborate to integrate the newly sold insulin pumps with CGM sensors. The rapid technological advancement in sensors are leading to increased adoption of CGM sensors in diabetes patients. All these factors would eventually lead to an impressive growth of sensors segment in the CGMS market.
As the percentage of adult population is high, it will generate the largest market revenue. However, due to the growth in demand for CGM devices for children, the children population segment will grow at a CAGR of 44%.
Based on end-user market analysis, diagnostics/clinics contributed the highest share of the market revenue. The network of health insurers with the physicians at the diagnostics/clinics level drives CGMS market in diagnostics/clinics. Moreover, there are high instances of promotion, usage, and deployment of the CGMS products at the diagnostics/clinics level. However, high growth of the home healthcare segment is expected, as home healthcare is economic as compared to treatment from healthcare institutions. In addition, home healthcare would be the suitable solution for the geriatric and children population who cannot go to the clinics for the diabetes treatment.
Key findings of the study:
Transmitters &receiverssegment is estimated to exhibit a CAGR of 34.3%, among components.
Sensors segment will exhibit a CAGR of 42.2% in North America.
Child population (14years) segment is the fastest growing segment by demographics.
CGMS market for ICUsis projected to grow at a CAGR of 39.3%.
Argentina was the smallest economy marketin 2015, and is projected to grow at a CAGR of 43.9% through 2022.
Geographical analysis shows, North America and Europe are the most lucrative market segments in the global CGMs market. High purchasing power that renders increased affordability for CGMS devices are the key factors responsible for the growth of this market in Europe and North America. Asia-Pacific market is expected to grow at a highest CAGR over the analysis period and thus constitutes potential market opportunity for the new market players. Moreover, factors such as rise in the number of patients with diabetes, growth in the purchasing power of the patients, and awareness about the benefits of CGMS devices can positively impact the growth of the market in this region.
The key players profiled in the report include Abbott Laboratories, Dexcom, Inc., Echo Therapeutics, Inc., GlySens Incorporated, Johnson & Johnson, Medtronic plc, Senseonics Holdings, Inc., and F. Hoffmann-La Roche Ltd. Other players in the CGMS market include (profiles not included in the report) include AgaMatrix, Inc., Arkray USA, Inc., Glucovation, GlySure, OrSense, GlySure, and Pinnacle Technology.