Continuous Glucose Monitoring Devices Market Size Is Projected To Be Around $1.1 Billion By 2025
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A research study titled, “Continuous Glucose Monitoring Devices Market by Product and End User – Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the continuous glucose monitoring devices market is projected to be around $1.1 billion by 2025.
Continuous glucose monitoring (CGM) devices are used to measure glucose levels throughout the day and night. A sensor is placed under the skin which measures the glucose level in tissue fluid. A transmitter is connected to the sensor which transfers information via wireless radio frequency. This transmitter is connected to monitoring and display device. Diabetes is a chronic disease which is classified into type 1 and type 2. Diabetes occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin. The symptoms of diabetes are frequent urination, blurred vision, increased thirst, rapid weight loss, numbness or tingling sensation in hands or feet and increased hunger. Factors which increase the risk of diabetes are ethnicity, family history of diabetes, and physical inactivity. The exact causes of type 1 diabetes are unknown. Type 1 diabetes can be caused due to complex interaction between genes and environmental factors. The strongest risk factors for type 2 diabetes are overweight and obesity. Diabetes can damage the heart, eyes, blood vessels, kidneys, and nerves which may lead to disability and premature death. People with diabetes are likely to incur disastrous personal health expenditure. According to a study conducted by American Diabetes Association, 415 million people worldwide suffered from diabetes and diabetes related complications as of 2015, and this number is expected to reach 642 million by 2040. Over the past three decades, the predominance of diabetes is increasing, but it is growing at a higher rate in low and middle income countries. As per International Diabetes Federation, about80% of the diabetic population resides in low and middle income countries.
Insulin pumps segment will witness a robust growth during the forecast period, while transmitters and receivers segment occupied a major share of the CGM devices market in 2016.Sensors are disposable components of the CGM systems which need to be replaced every 57 days. Homecare diagnostics segment dominated the global market in 2016, due to high convenience offered by CGM devices in homecare settings for regular monitoring of blood glucose.
North America held a major share of the overall market in 2015. This is attributed to factors such as high predominance of diabetes, growing geriatric population, and improving reimbursement policies. U.S. dominated the North American market owing to the presence of advanced healthcare infrastructure and high disposable income of Americans. Asia-Pacific will bring in significant growth opportunities over the forecast period as the awareness about patient monitoring systems is on the rise along with increased healthcare expenditure.
Technological advancements are set to drive the competitive CGM devices market during the forecast period. Key players are highly focused on developing innovative products to sustain the market competition. For instance, in September 2015, Medtronic launched the MiniMed connect system enabling smartphone connectivity for CGM. In September 2016, Abbott received FDA approval for Freestyle Libre Pro GGM System designed to provide clear visual snapshots of patients’ glucose levels. In January 2017, Dexcom launched Dexcom CLARITY Diabetes Management Solution in EMEA. This software simplifies CGM data reporting and management.
Major players in the CGM devices market are Dexcom, Inc., Johnson and Johnson, Insulet Corporation, Medtronic, Abbott Laboratories, Echo Therapeutics, Inc., Tandem Diabetes Care, Inc., Nemaura Medical Inc., F. Hoffmann-La Roche AG, Senseonics Holdings, Inc., and GlySens Incorporated.
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Key Findings of the Research Study:
- Transmitters and receivers segment held the largest share of the global CGM devices market in 2016.
- Insulin pumps segment will grow with the highest CAGR over the forecast period; these are highly recommended over multiple daily injections for most patients suffering from type 1 diabetes.
- North America held a major share of the global market in 2016, due to the presence of large patient base and increasing demand for advanced patient monitoring systems.
- Asia-Pacific is expected to grow at the highest CAGR throughout the forecast period. This is attributed to factors such as the increasing prevalence of diabetes, sedentary lifestyle, and increasing patient awareness about benefits of CGM devices with rise in disposable income of people.