The continuous glucose monitoring devices market is estimated to account for USD 0.4 billion in 2016. One of the key factors supporting this industry’s growth is the escalating incidence of diabetes worldwide, which has accelerated the demand for these devices. The increasing number of diabetes mellitus cases in the world has triggered the manufacturers to bring about technological advancements in CGM devices, thus gaining leverage over traditional blood glucose monitoring devices. The other key drivers for the growth of this market are increasing the need for easy and efficient monitoring of blood glucose levels and the introduction of artificial pancreas.
The advancement in technological innovations is the prime reason for the implementation of these devices, owing to which, the management and control of diabetes mellitus has become relatively easy. The early recognition of hyperglycemic and hypoglycemic levels is another factor that allows the usage of continuous glucose monitoring systems over the other blood glucose monitoring systems. The growing awareness among the people in the developing countries has also increased a demand for these devices.
The restraints that typically govern this industry are stringent regulatory norms, insufficient reimbursement options, and a high surge in the price and cost of treatment. There are tremendous opportunities for growth in this market as various companies have invested in the research and development of continuous glucose monitoring devices that would make the management and control of diabetes mellitus relatively easy. This is evident from the development of next generation disposable CGM device, by Dexcom, Inc. that is scheduled to be released in the market in the year 2021.Another opportunity that would propel the growth of this market would be the approval of artificial pancreas, which mandates the application of the continuous glucose monitoring system.
Chinese continuous glucose monitoring devices market, by product, 2013 - 2024 (USD Million)
The products in the CGM market are divided on the basis of three segments, transmitters and receivers, sensors, and insulin pumps. In 2016, transmitters and receivers segment is estimated to lead the market, whereas the insulin pumps segment is anticipated to grow at the highest CAGR during the forecast period.
On the basis of end-user application, the industry is fragmented into hospitals, homecare diagnostics, diagnostics centers, and clinical laboratories. The homecare diagnostics segment was the largest gainer in this market earning around USD 0.2 billion in 2015.Homecare diagnostics involves products and devices that can be used by the patient without any technical support of hospital staff. Thus, the administration of insulin can be done by the patient itself.
The major regions considered in the report are North America, Europe, Asia Pacific, Latin America, and MEA. The North American CGM industry is expected to hold the majority of the shares. The key reasons for the growth of this industry are the growing number of obese patients teamed with sedentary lifestyles resulting in a rise in the diabetes cases. On the other hand, Asia Pacific is projected to grow at the highest CAGR during the review period owing to the increasing number of obesity cases and the rising adoption of unhealthy lifestyles
Competitive Market Share Insights
The key players dominating this industry are Abbott Laboratories, Dexcom, Inc., Roche Diagnostics, Medtronic, and Novo Nordisk, among others. A majority of these companies have consolidated partnerships and tie-ups with other prominent companies. This enables them to excel at innovative research leading to newer and better products being offered to help in curbing diabetes mellitus at a larger level.
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