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$ 444 million in 2015 and is expected to expand at a CAGR of 9.8% during the period 2016 – 2024.
Get Free Sample Report @ https://www.coherentmarketinsights.com/insight/request-sample/57
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.
According to the International Diabetes Federation (IDF), around 75% of the diabetic population lives in low and middle income countries such as Mexico, India, China, Brazil, Colombia, Libya, Iran, and Turkey. Asia-Pacific accounted for over 50% of the global diabetic population in 2015, with prevalence rate being the highest in China and India. Market penetration in these countries is relatively low, mainly due to high prices of CGM devices. However, the scenario in Asia Pacific region is expected to change in the near future due to increasing patient awareness and decreasing prices of these systems., which would change the industry dynamics and impact the market growth positively, expanding at a CAGR of 15% during the forecast period.
Get Free Request Customization @ https://www.coherentmarketinsights.com/insight/request-customization/57
Integration of advanced technologies is expected to provide a competitive edge to CGM device manufacturers
• Senseonics, Inc. received CE approval for its Eversense CGM system, the world’s first long-term implantable CGM. Eversense system uses a 90-day implanted sensor, while conventional CGM systems rely on five-to-seven day sensor capacity.
• GlySens implantable continuous glucose monitoring (ICGM) system is undergoing clinical evaluation for safety and accuracy
• Medtronic, Inc. collaborated with Fitbit to integrate the physical activity data of the Fitbit wearable with the glucose levels in a single application called iPro2 myLog
These new technologies would give Senseonics, Inc., Medtronic, Inc. and GlySens Incorporated a competitive edge over the existing leading players such as Roche Diagnostics, Dexcom Inc., and Bayer AG.
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.
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having office at global financial capital in the U.S. Our client base includes players from across all business verticals in over 150 countries worldwide. We are uniquely positioned to help businesses around the globe deliver practical and lasting results through various recommendations about operational improvements, technologies, emerging market trends and new working methods. We offer both customized and syndicated market research reports that help our clients create visionary growth plans to provide traction to their business. We meticulously study emerging trends across various industries at both the global and regional levels to identify new opportunities for our clientele. Our global team of over 100 research analysts and freelance consultants provide market intelligence from the very molecular country level and also provide a global perspective of the market. Our team is of the most vital cog in our robust machinery that gives us the ability to deliver independent insight relying on our cognitive defusion training module.This allows for an objective and unbiased assessment of the market. We pride ourselves in my constantly striving to update our extremely in-depth understanding of the market by closely monitoring and analyzing markets, trends, and emerging best practices, across allfathomable industries under the sun. This enables us to equip our valued clientele with key decisive inputs to capitalize on lucrative growth opportunities in the market and to follow firmly position themselves on a high growth path in the future.
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154