According to a new report by Reports and Data, the Continuous Glucose Monitoring devices market was valued at USD 497.74 million in 2019 and is estimated to reach USD 1.42 billion by 2027, growing at a CAGR of 13.9%. Estimating and identifying appropriate blood glucose levels in patients through continuous glucose monitoring (CGM) devices is a vital component of therapy success. Continuous glucose monitoring evolved from enzyme-based electrochemical glucose sensors. It is an instrument with a small sensor attached with a transmitter for daily diabetes management. The Continuous Glucose Monitoring devices aid in better diabetes management by proactively tracking glucose level fluctuations in the interstitial fluid as a basis for improving metabolic control. CGM devices help in reducing the risk of hyperglycemia & hypoglycemia.
The global spread of diabetes, along with increasing geriatric population and continuous technological advancements, have propelled the market growth of the CGM devices. According to the WHO, Diabetes is increasing at an alarming rate in the United States, and nearly 30.3 million people, or 9.4% of the U.S. population, have diabetes. An estimated 23.1 million people – or 7.2% of the population – had diagnosed diabetes. North America accounts for the largest share in the global continuous glucose monitoring devices market due to government initiatives undertaken for prevention of diabetes and treatment support along with the presence of dominant players in this region, technological advancements in the drug discovery procedures, the growing rate of obesity in the region, sedentary lifestyle and tech-savvy population.
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However, there are certain restraining factors that could potentially challenge market growth. Inadequate reimbursement and high cost associated with the application of CGM devices, measurement reliability, human factors issues, lack of a standardized format for displaying results, and uncertainty pertaining to the best use of CGM data to make therapeutic decisions are some of the key factors hampering the growth of this market during the forecast period.
Key findings from the report suggest
- Insulin Pumps segment is expected to attain the highest CAGR of 15.6% due to technological developments aiding advanced diabetes care management, the region where the geriatric population is growing, such as China and India.
- Transmitters & Receivers has been the largest segment due to its critical importance in the devices. It is expected to maintain its market share dominance in the forecast period.
- Based on End-use, Homecare settings segment has the largest market share due to advanced technological developments in the market and ease of use of the CGM devices; that enables the healthcare providers to provide best of the services to their patients
- Several personal CGM systems are available in the United States for daily use by people with diabetes. For instance, the Abbott FreeStyle Libre flash CGM system received FDA approval in September 2017 for stand-alone use. This sensor and transmitter system requires no calibrations or fingerstick blood glucose confirmations to make diabetes treatment decisions.
- North America accounts for the largest share in the global continuous glucose monitoring devices due to government initiatives undertaken for the prevention of diabetes and treatment support. It held a dominant market share in 2019. It is projected to maintain its position during the forecast period with a market share of 33.7%.
- Europe has trailed the North American region in terms of revenue generation due to the increasing adoption of these devices by countries such as Germany, Italy, France, and Spain.
- The high prevalence of diabetes in some of the developing countries like India & China in the Asia Pacific region has successfully propelled the growth of the CGM devices market. It is expected to register the highest CAGR of 15.0% in the forecast period.
- The increasing incidence of diabetes patients would require focus on healthcare and would directly contribute to the growth of the target market. Furthermore, the factors that lead to diabetes, such as obesity, dietary deficiency, high-calorie intake, high cholesterol, smoking, and excessive alcohol consumption, contribute to the market growth indirectly.
- According to WHO, average medical expenditures for people with diagnosed diabetes were about USD13, 700 per year, about USD 7,900 of this amount was attributed to diabetes. It is expected to support the demand for CGM devices and positively influence market growth.
- Key participants include Dexcom, Abbott Laboratories, Pfizer Inc., Inc. Baxter International, Menarini Diagnostics, Johnson & Johnson, Medtronic PLC, Animas Corporation, and Novo Nordisk A/S, ARKRAY, Inc., Bayer AG, Terumo Medical Corporation, Echo Therapeutics, Inc.; Medtronic PLC; F. Hoffmann-La Roche Ltd., and GlySens Incorporated.
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For the purpose of this report, Reports and Data has segmented the Global Continuous Glucose Monitoring Devices Market on the basis of component, end-use, and region:
By Component (Revenue, USD Million; 2017-2027)
- Insulin Pumps
- Transmitters & receivers
By End-Use (Revenue, USD Million; 2017-2027)
- Homecare settings
By Region (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/continuous-glucose-monitoring-devices-market
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