Diabetes
is a major global concern that, as per International Diabetes
Federation (IDF) data, affected around 415 million people in 2015.
Effective management of diabetes is vital, especially considering the
sedentary lifestyle that most people across the globe have taken up.
Continuous glucose monitoring (CGM) systems offer effective solution
in diabetes management through continuous real-time glucose
monitoring. Increasing awareness, supporting safety evidences for CGM
systems and growing demand for point-of-care (POC) devices are major
factors driving demand across the globe. However, high prices of
these systems and the rather cumbersome experience of wearing of
these relatively obtrusive gadgets throughout the day is currently
restraining its demand in the low and middle income countries, where
there is inadequate penetration of healthcare IT products and
services.
The
global continuous glucose monitoring market was valued at US$ 2,035.8
million in 2015 and is expected to expand at a CAGR of 24.5% during
the period 2016 – 2024.
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Global
players need to explore the untapped geographies and simultaneously
should focus on upgrading their CGM technology
Major
players in the global continuous glucose monitoring market include
Abbott Laboratories, Roche Diagnostics, Dexcom Inc., Bayer AG,
Medtronic, Inc., Animas Corporation, Nova Biomedical Corporation,
Ypsomed AG, GlySens Incorporated, Insulet Corporation, and Sensionics
Incorporated. Technology and price are the main differentiating
factors of CGM systems for these companies. With the existing blood
glucose monitors being the priority device for diagnosing diabetes
and monitoring, CGM device manufacturers need to develop system with
equivalent or higher accuracy for detecting diabetes in order to
maintain their competitive edge in the market.
Sensors
to emerge as highest revenue contributor among component segments
Sensors
are an integral part of CGM system. The type and sensitivity of the
sensor are crucial factors that influence accuracy of sensing glucose
level in the interstitial fluid. Although, transmitters hold a
dominant share, accounting for over 50% (2015) share of the market,
revenue contribution of the sensors segment is expected to increase
at a faster growth rate during the forecast period (2016 – 2024).
Rapid
increase in demand for CGM devices, especially in emerging economies,
is mainly attributed to increasing consumer awareness regarding the
importance of monitoring presence of glucose in the body in order to
sustain a healthy life
North
America and Europe were the largest markets for continuous glucose
monitoring, collectively accounting for over 75% share of the global
continuous glucose monitoring market in 2015. This was mainly owing
to new product launches, rapid adoption of new technologies, and high
product awareness in these developed regions. However, with
increasing prevalence of diabetes in emerging economies such as
India, China, Taiwan, Brazil, South Korea, and South Africa, demand
for CGM devices is expected to witness a steep incline in these
countries over the forecast period.
Detailed
Segmentation:
Global
Continuous Glucose Monitoring Market, By Product Type:
-
Transmitters and Receivers
-
Insulin Pumps
-
Sensors
Global
Continuous Glucose Monitoring Market, By Application:
-
Diabetic Patients
-
Type 1 Diabetes
-
Type 2 Diabetes
-
Critical Care Patients
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