Continuous Glucose Monitoring System (CGMS) Market by Component Type (Sensors, Transmitters, and Receivers, Insulin Pump) by Application (Diagnostics and Clinics, Hospitals, Home Settings) by Region & Forecasts 2015-2023.
Global continuous glucose monitoring system market is poised to grow during the forecast period of 2015-2023. Various reasons for the growth of the continuous glucose monitoring system market are an exponential increase in a number of people suffering from diabetes, higher awareness, and approval of artificial pancreas, better healthcare infrastructure and ease of using continuous glucose monitoring devices.
Continuous glucose monitoring system is used to measure blood sugar in both hyperglycemic and hypoglycemic diabetic patients. Continuous glucose monitoring involves measuring glucose levels are regular intervals. It helps to get a better insight into glucose level trends. This system consists of a glucose sensor that is placed subcutaneously to get glucose level reading in the tissue fluid. Information about glucose level is transmitted using radio waves from the sensor to a receiver display. This monitoring also provides information about HbA1C and fructosamine levels.
Incidences of diabetes have been rising at an alarming rate all over the world. The WHO data indicates that 422 million people currently have diabetes and it is expected by 2030, there will be 642 million people affected by this, all over the world. It is more prevalent in middle to low-income countries. Almost 12% of global health expenditure is spent on diabetes. Advances in technological innovation and approval of artificial pancreas have help in management and control of diabetes.
Continuous glucose monitoring system market is segmented on the basis of geography, product type, and application. There are various kinds of product types that comprise a continuous glucose monitoring system. These are transmitters and receivers, insulin pumps and sensors. Sensors can be non-invasive glucose sensors, minimally invasive glucose sensors, real-time sensors, and halter type retrospective sensors. These glucose monitors have applications in hospitals, home and at diagnostics and clinic.
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Market drivers for the continuous glucose monitoring system are a huge rise in incidences of diabetes, growing awareness about health in developing economies, changing and sedentary lifestyle, increasing the need for efficient and easy blood monitoring and launch of the artificial pancreas.
Transmitters and receivers are the product type with the largest market share currently. It is expected that in the forecast period, insulin pumps will show good CAGR and capture a big market share. Sensors too are expected to report effective growth rate in the forecast period.
In terms of end-users, currently, hospitals have the largest market share. Going forward, it is expected that the home healthcare segment will show highest CAGR.
Factors that will restrain market growth are the high cost of continuous glucose monitoring systems, strict regulatory norms, and insufficient reimbursement options.
Market regions that are covered in the report are North America, Europe, Asia-Pacific, and RoW. North America has the largest market share of continuous glucose monitoring system market. There is awareness about advantages of using continuous glucose monitoring systems, better healthcare infrastructure, growing incidences of diabetes due to a sedentary lifestyle and high healthcare expenditure. Europe also has a good market share due to high awareness and good healthcare infrastructure.
The Asia-Pacific market is expected to report the highest growth in the years 2016-2023. Increasing awareness, higher spending power and number of people suffering from chronic diseases and growing investment in healthcare infrastructure by the government will be the market drivers for the growth of continuous glucose monitoring system market in Asia Pacific region. The Higher rate of obesity cases and more knowledge about managing the disease will lead to market growth.
The major market players for the continuous glucose monitoring system are Novo Nordisk, Dexcom Inc., Roche, Animas Corporation, Medtronic Inc., Insulet Corporation, Bayer AG, Ypsomed AG, Glysens Inc. and Abbott Laboratories. Established companies have a good hold on the continuous glucose monitoring system market due to the high cost of investment needed to enter and sustain in the market. Companies are forming alliances and are going for mergers and acquisitions to strengthen their market position. Organizations are investing in research and development to come up with novel and innovative products that will capture new market share.
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