The continuous glucose monitoring (CGM) devices market is expected to reach USD 1.01 billion by 2024, according to a new report published by Grand View Research, Inc.
The CGM devices market is anticipated to witness a lucrative growth during the period 2016 to 2024.The prevalence of diabetes is increasing worldwide and calls for the continuous monitoring of blood glucose levels. The traditional methods of blood glucose monitoring have been compromised by the advent of continuous glucose monitoring systems.
These devices come with an innovative technology allowing quick and easy detection of blood glucose levels in the tissue fluid utilizing a small sensor for observation. By continuously observing readings at regular intervals, the continuous glucose monitoring systems allow patients to take adequate measures before hyperglycemic or hypoglycemic levels are reached.
Factors that support the growth of CGM devices market are its benefits over the other blood glucose monitoring systems, early detection of glucose levels, an increase in the number of diabetics worldwide, and growing awareness among developing and under-developing countries about such devices. The restraints for CGM devices market are stringent regulatory impositions and expensive systems. One of the key opportunities for this market would be the approval of the artificial pancreas that would accelerate the application of CGM devices.
The CGM devices industry, by product, is segmented into three types, transmitters and receivers, sensors, and insulin pumps. On the basis of end-user, the continuous glucose monitoring industry is categorized into hospitals, homecare diagnostics, research institutes, diagnostics, and clinical laboratories.
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Further key findings from the study suggest:
- North America is expected to lead the market for CGM systems throughout the forecast period, owing to the presence of a large patient base and the growing demand for patient monitoring devices in the region. The U.S. leads the regional market due to its technological supremacy and ground breaking research innovations.
- Asia Pacific is anticipated to grow at the highest CAGR owing to an increase in market potential along with partnerships with well-established organizations in the region. Additionally, the emerging economies, such as India, is estimated to fuel the market growth during the forecast period.
- The homecare diagnostics segment is set to garner most of the revenue in this market owing to the utilization of these products at a primary level by patients on the grounds of efficacy and user-friendliness.
- Some key market players include Novo Nordisk, Abbott Laboratories, Dexcom, Inc., Roche Diagnostics, Medtronic, and Animas Corporation.
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