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Report Overview: Continuous Glucose Monitoring Device MarketThe global continuous glucose monitoring device market size was valued at USD 2,818.6 million in 2020 and is anticipated to witness a CAGR of 11.6% during the forecast period. Growing cases of diabetes, coupled with increasing adoption of continuous glucose monitoring (CGM) devices, have been driving the market. CGM devices are minimally invasive and offer an easy and effective way to manage diabetes. They can also detect drastic changes in blood glucose levels, thereby preventing hypoglycemic conditions. These devices facilitate the analysis of blood glucose levels at different time intervals with the help of a sensor. Respective readings fed into a diabetes management software through a wireless network allow patients to understand the disease better, thereby helping them to manage it in a more effective way. Smoking, obesity, physical inactivity, and high blood pressure and high cholesterol are the common risk factors associated with diabetes complications. According to the data published in the National Diabetes Statistics Report 2017 by the Centers for Disease Control and Prevention (CDC) indicate diabetes as the seventh leading cause of death in the U.S. It also provides patients with insights about food consumption, medication, physical activities, and illnesses. The advent of digital therapeutics has further aided CGM device manufacturers to reach out to diabetic patients. Various apps are available in the market that integrates data collected from CGM devices for future trend analysis and subsequent changes to be made in the patient’s lifestyle. All these factors are expected to have a positive impact on the continuous glucose monitoring device market growth.
Component Insights: Continuous Glucose Monitoring Device MarketBased on component type, the continuous glucose monitoring systems market is segmented into Transmitters and sensors. Since sensors are the most important part of these devices, they accounted for the largest market share in the past. Technological advancements to improve accuracy are that these sensors are expected to drive segment growth during the forecast period. CGM sensors are the most sophisticated part of the device. These sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated into the transmitter. A transmitter works along with receiver to collect the readings from sensor and displays the results on device monitor. A battery-powered, hand-held receiver that displays the results receives signals from the transmitter. The receiver also displays various graphs and statistics that can be used for customization of medication, which is helpful for individuals suffering from hyperglycemic or hypoglycemic conditions.
On the basis of end use, the market is segmented into hospitals, home care settings, and others such as clinical laboratories and diagnostic centers. The homecare settings segment led the global market and is anticipated to witness the highest CAGR during the forecast period. These devices offer patients with reduced intake of insulin doses and facilitate continuous monitoring of blood glucose levels. Homecare settings are expected to fuel the demand for CGM devices because of efficient and easy monitoring of blood glucose. Rising number of hospital visits for diabetes treatment is responsible for the increasing adoption of these devices in hospitals. Complications caused due to diabetes, such as retinopathy, nephropathy, and neuropathic, require hospital admissions. Thus, hospital settings are also anticipated to capture a significant market share in the near future.
End-use Insights: Continuous Glucose Monitoring Device Market
Regional Insights: Continuous Glucose Monitoring Device MarketThe North American region is expected to lead the global market. Increasing cases of diabetes and efforts taken by the national government to manage the disease at a larger level are expected to drive the region’s growth. Rising adoption of alternate and novel devices have been witnessed in the region, accelerating CGM systems market growth. Preventive measures taken by the government to help diabetic individuals understand and manage the disease before serious consequences occur are the key driver for the regional market. The region is expected to flourish owing to technological advancements and substantial research and innovation in diabetes care. Asia Pacific region is anticipated to witness the highest CAGR during the forecast period. According to the Asian Diabetes Prevention Initiative, almost 60% of the world’s diabetic population resides in the Asia Pacific region. The high prevalence of the disease in developing countries such as India and China has been propelling market growth in the region. Moreover, rising healthcare spending, increasing investment by companies, and favorable regulatory policies are also positively affecting the market growth in this region. Continuous Glucose Monitoring Device Market Share Insights The market constitutes a large number of global and regional companies. Some of the key players in the industry are
Most of these leading companies are involved in strategic collaborations, mergers, and acquisitions, and regional expansions to gain high revenue share in the industry. For instance, in January 2016, Ypsomed AG strengthened its existing partnership with Tonghua Dongbau Pharmaceutical, appointing it as their exclusive distributor for its range of Components in China. Companies are also increasingly developing new Components, which has further aided in the expansion of their existing portfolio with advanced technologies. For instance, in February 2016 Animas Corporation announced the launch of Animas Academy in the Ireland and U.K., which is an educational program for individuals managing diabetes with an insulin pump and supplementary technology associated with it. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2024. For the purpose of this study, Trusted Business Insights has segmented the global continuous glucose monitoring device market report on the basis of component, end use, and region:
- Pfizer Inc.
- Baxter International Inc.
- Abbott Laboratories
- Medtronic, Inc.
- Animas Corporation
- Novo Nordisk
Component Outlook (Revenue, USD Million, 2016 - 2027)
End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Homecare Settings
Table of Contents Chapter 1. Methodology and Scope 1.1. Research methodology 1.2. Research scope & assumption 1.3. List of data sourcesChapter 2. Executive Summary 2.1. Market - Industry Summary and Key Buying Criteria, 2016 - 2027Chapter 3. Continuous Glucose Monitoring Devices Industry Outlook 3.1. Market segmentation 3.2. Market size and growth prospects, 2016 - 2027 3.3. Continuous Glucose Monitoring Devices: Market dynamic | read more...