“The market is overcoming several challenges towards the commercialization of closed loop CGMs with significant focus on technological innovation. This is expected to take the concept of CGM to a next level from research to mass adoption noted AMR analyst Debbie Shields”
Continuous Glucose Monitoring Market (CGM Market) Report, published by Allied Market Research, forecasts that the global market is expected to garner $568.5 million by 2020, registering a CAGR of 14.8% during the period 2013-2020. The major factors driving the market growth are conveniencetly offered by CGM over conventional glucose monitoring devices, earlier detection of the hypo and hyperglycemia events, rise in incidences of diabetes cases globally, and awareness among global population.
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Despite such encouraging innovations, commercialization has not reached to desired levels. Major factors responsible for this are issues related with accuracy as well as cost, less attractive reimbursement coverage, and strict regulatory impositions. However, the under commercialization is presenting opportunities for the marketers as new and innovative products will easily take the advantage of lower product presence Debbie explains. The impact of FDA approval for artificial pancreas, superiority of CGMs over self-monitoring devices and rise in diabetes cases will have significant impact on the overall market growth.
The market is categorized into CGM devices, application, type of diabetes, and on the basis of age. In the CGM application market, home settings were largest revenue generating segment in 2012. CGM application in hospitals is expected to emerge to be the most attractive segment in the overall application market during the forecast period.
In the overall market, largest revenue is projected to be generated from glucose sensors. This is mainly due to the fact that more improvement is expected in the sensors during the forecast period.
Transmitters and receiver market accounted for the largest share of revenue of the overall continuous glucose monitoring systems market at $88.5 million in 2012. However, Glucose sensors market will surpass transmitters & receivers and attain a market size of $235.9 million by 2020 growing at a CAGR of 15.3% during 2013-2020. Insulin pumps segment is expected to have the highest growth rate during the analysis period.
North America region accounted for the largest share of revenue of the overall global continuous glucose monitoring systems market in 2012, whereas Asia Pacific will have the highest growth rate during the analysis period.
The report analyzes 2011, 2012 market and forecast demand for continuous glucose monitors through 2020. The Companies profiled in this report include Medtronic Inc., Dexcom Inc., Novo Nordisk, Spring Health Solution Ltd, Roche, Animas Corporation, Ypsomed AG, and Insulet Corporation.