Global Continuous Glucose Monitoring Devices Market
Continuous glucose monitoring (CGM) is the novel technology to measure blood glucose in real-time throughout the day and night. Glucose sensors are placed under the skin in order to measure glucose levels in the blood. The transmitters are sending radiofrequency signals to a monitoring and display device. Adoption of advanced technologies to monitor the glucose levels able to create demand for Continuous Glucose Monitoring Devices Market.
Global Continuous glucose monitoring devices market is expected to gain traction due to an increased global prevalence of diabetes coupled with the adoption of technological advancements. According to WHO, approximately 108 million adults were living with diabetes in 1980; it is reached to 422 million by 2014. The prevalence is doubled in adult population. Favourable reimbursement policies for global continuous glucose monitoring devices expected to boost the market over the forecast period.
Lack funding and the dearth of advanced healthcare infrastructure in lower-income countries hamper the market. Most of the primary health-care practitioners unable to access basic technologies to manage diabetes.
Global Continuous glucose monitoring devices market has been segmented based on product, and end user.
Based on the product, market has been segmented as follows
- Glucose sensors
- Transmitters and monitoring devices
- Insulin Pumps
Based on end user, market has been segmented as follows
- Diagnostic Centres
Diabetes imposes the huge economic burden on the global healthcare system. A direct medical cost associated with diabetes for diagnosis and treatment is increasing gradually. The International Diabetes Federation (IDF) estimates states that, global diabetes care spending has tripled between 2003 to 2013. Favourable government policies in most countries to control diabetes create awareness to reduce risk factors and improve management of diabetes able to create demand for monitoring devices. Rising awareness levels and increased adoption of state-of-art technologies in emerging economies expected to boost the global continuous glucose monitoring devices market over the forecast period.
Continuous glucose monitoring devices market has been segmented into following regions North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
U.S. is expected to account for the predominant market share in North America, owing to the wide range of diabetes population in the country. Rise in the diabetes prevalence and inclined towards novel diagnostic devices is expected to drive the market over the forecast period.
Mexico continuous glucose monitoring devices market is expected to accelerate due to increased prevalence of obesity and overweight. For instance, a prevalence of obesity is more than 33% in children and 70% in adults. The obesity is the prime factor, leads to diabetes. Mexico has the highest prevalence of diabetes among OECD countries.
Asia Pacific continuous glucose monitoring devices market is expected to expand at unprecedented CAGR due to increase in the diabetes prevalence in India and China. The rise in the healthcare expenditure in emerging economies is expected to boost the market growth during the forecast period.
The prevalence of diabetes is high in low and middle-income countries than the higher income countries. It is steadily increasing form the past three decades. According to IDF statistics, Saudi Arabia diabetes prevalence is 23.9% in 2014.
Some of the market players in the Continuous glucose monitoring (CGM) devices market include Medtronic, Dexcom, Abbott Laboratories Inc., Roche Diagnostics, and Animas Corporation, Nemaura Medical, Glucose, International Biomedical, Tandem Diabetes Care, and Optiscan. Robust R&D investments enable offer innovative products to monitor blood glucose levels. Companies are entering into strategic partnerships to expand geographical footprints.
- On 20 December 2016- Dexcom, Inc., received U.S. FDA approval for ‘Dexcom G5 mobile continuous glucose monitoring system. The device consists of the externally-worn sensor that continuously measures blood glucose levels.
- The report provides granular level information about the market size, regional market share, and forecast from 2018-2024
- The report covers in-detail insights about the competitor’s overview, key findings, and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments, and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework, and reimbursement scenario