Real-time continuous glucose monitoring is of utmost importance across all age groups to manage diabetes effectively. Continuous glucose monitoring system (CGMS) enables effective managing of blood glucose levels by providing trend data as well as alarms for the fluctuations in glucose levels.
The global Continuous Glucose Monitoring Systems (CGMS) market would reach $6,238 million by 2022 from $589 million in 2015, growing at a CAGR of 39.9% during the forecast period. Sensors segment is estimated to dominate the CGMS market throughout the analysis period. Majority of the global CMGS market share was captured by U.S. in 2015.
Rise in incidences of diabetes worldwide, benefits of CGMS devices over POC glucometers, increase in awareness in developing and underdeveloped economies, and technological advancements with focus on developing CGMS devices majorly drive the CGM market.
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FDA approval for the novel and innovative products such as artificial pancreas ( a dual-chambered investigational device that consists of a CGM, one insulin pump, and a control algorithm) would further drive the CGMS market. CGMS are a more efficient monitoring and treatment alternative for patients with diabetes. However, lack of adequate reimbursement for devices is the key barrier to the adoption of the devices.
Diabetes, a chronic lifestyle disease, is classified into type 1 and type 2 diabetes. In type 1 diabetes, the pancreas is unable to produce the sufficient or requisite amount of insulin hormone, which is required for the breakdown of glucose. It is prevalent in children or young adults and as per the global estimates of International Diabetes Federation (IDF), in 2015, Type 1 diabetes has affected around 542,100 children in the age group below 15 years. Whereas in type 2 diabetes, the pancreas produces insulin, but the cells do not respond and/or lack the ability to uptake the insulin available in the bloodstream. It is the most prevalent type of diabetes, affecting around 8% share of the global population in the age group of 2079 years, which accounts for more than 95% of all types of diabetes.
Key Findings of the CGM Market Study:
- Transmitters &receiverssegment is estimated to exhibit a CAGR of 34.3%, among components.
- Sensors segment will exhibit a CAGR of 42.2% in North America.
- Child population (14years) segment is the fastest growing segment by demographics.
- CGMS market for ICUsis projected to grow at a CAGR of 39.3%.
- Argentina was the smallest economy marketin 2015, and is projected to grow at a CAGR of 43.9% through 2022.