BANGALORE, India, July 2, 2020 /PRNewswire/ -- The key factors driving the CGM market size include an increase in the geriatric population and a high prevalence of diabetes-stricken people.
The global continuous glucose monitoring systems market size was valued at USD 1,774.2 Million in 2019 and is projected to reach USD 8,844.9 Million by 2027, registering a CAGR of 22.0% during the forecast period.
Due to the rising diabetes cases, the priority of health services and stakeholders in the diagnosis and control of diabetes. The increased incidence of diabetic cases is expected to provide market growth and opportunities for continuous glucose monitoring systems, which in turn will attract and compel numerous market players to develop innovative products or extensions to the product line.
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TRENDS INFLUENCING THE CGM MARKET SIZE
High growth opportunities, along with increasing awareness for the use of CGM devices in the developing countries and untapped markets, are expected to provide profitable opportunities for manufacturers during the forecast period.
Preventive measures taken by the government to help diabetic individuals understand and manage the disease before serious consequences occur are the key driver for the CGM market size.
CGM devices can offer an alert to patients, parents, or caregivers during actual or pending glycemic visits to facilitate timely management of blood glucose. Furthermore, continuous R&D to reduce costs and make it more affordable is expected to further fuel the CGM market size.
CGMS MARKET SHARE ANALYSIS
Based on the COMPONENT, the Sensors segment was the largest revenue contributor in 2019, and this trend is expected to continue over the forecast period due to continuing CGMS sales, short scrap life, and bulk buying.
Based on REGION, North America held the largest continuous glucose monitoring systems market share in 2019 and is expected to continue its dominance during the forecast period. This dominance of North America is due to an increase in the geriatric population, an increase in diabetes incidence, an increase in demand for wireless & portable devices, and the availability of sophisticated reimbursement mechanisms aimed at minimizing costs.
Asia Pacific region is anticipated to witness the highest CAGR during the forecast period. The prevalence of the disease in developing countries such as India and China has propelled market growth in the region.
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THE KEY PLAYERS PROFILED IN THE CGMS MARKET INCLUDE
- Abbott Laboratories, Dexcom, Inc.,
- A. Menarini Diagnostics,
- Echo Therapeutics, Inc.,
- GlySens Incorporated,
- Johnson & Johnson,
- Medtronic plc,
- Senseonics Holdings, Inc.,
- F. Hoffmann-La Roche Ltd
The major strategies adopted by market players are collaborations, product launches, and product approvals. The adoption of collaboration strategy by companies enables greater focus on innovation, distribution, and commercialization of devices.
KEY MARKET SEGMENTS
- Transmitters & Receivers
- Integrated Insulin Pumps.
- Child Population (≤14 years)
- Adult Population (>14 years).
By End User
- Home Healthcare
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SIMILAR REPORTS :
- Europe Continuous Glucose Monitoring Systems Market Report
Europe CGM Systems Market size was valued at USD 58 Million in 2015 and is expected to reach USD 792 Million by 2022, supported by a CAGR of 44.9% during the forecast period 2014 - 2022.
Continuous glucose monitoring systems (CGMS) are used to constantly monitor glucose levels in diabetic patients, thereby helping in reducing the risk of developing long-term diabetic complications by stabilizing the elevated glucose levels.
The Europe continuous glucose monitoring systems market is the second largest market due to the rise in the adoption of CGM devices in key countries such as the U.K., Germany, France, Italy, and Spain.
Factors such as limited invasiveness and real-time control of blood glucose per capita healthcare expenditure, an increase in diabetes incidence in Europe, and an increase in buying power due to high disposable individual income are expected to fuel the growth of Europe CGM market size.
- U.S. Continuous Glucose Monitoring Systems (CGMS) Market Report
Growing CGMS device adoption, increasing diabetes prevalence across the U.S., and raising awareness among people are key factors that are expected to drive the U.S., Continuous Glucose Monitoring Systems (CGMS) Market size during the forecast period.
In addition, the surge in need for hypoglycemia & hyperglycemia diagnosis and the rise in demand for glucose level monitoring is expected to boost the market significantly in the coming years.
- Continuous Blood Glucose Monitoring Market Report
The North America region is expected to dominate the continuous blood glucose monitoring system market in the global arena due to growing FDA approvals and an increase in the number of diabetic patients in the U.S.
However, rising economies of China & India and enhancing healthcare infrastructure in APAC is expected to boost the demand for continuous blood glucose monitoring system market in the future.
- Self-Monitoring Blood Glucose Devices Market Report
The global self-monitoring blood glucose devices market was valued at USD 7,768 Million in 2017 and is projected to reach USD 10,828 Million by 2025 at a CAGR of 4.2% from 2018 to 2025.
- Blood Glucose Meters and Strips and Continuous Glucose Monitoring Report
- Smart Continuous Glucose Monitoring System Report
- Internet of Things in Healthcare Market Report
The global IoT in healthcare market size was valued at USD 113.75 Billion in 2019 and is expected to reach USD 332.67 Billion by 2027, registering a CAGR of 13.20% from 2020 to 2027.
The major factors that contribute toward the growth of the iot in healthcare market size are technological advances, increasing incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, increased connectivity to high-speed internet, and implementation of favorable government regulatory policies.
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