Continuous Glucose Monitoring Systems (CGMS) Market Expected to Reach $4,921 Million by 2024

The Global Continuous Glucose Monitoring Systems Market was valued at $894 million in 2016, and is projected to reach $4,921 million by 2024, registering a CAGR of 22.9% from 2018 to 2024.

Continuous glucose monitoring systems helps to manage diabetes by providing real time values of the glucose levels and alerts to the patient in the event of hypo or hyperglycemia. This helps reduce the probability of any complications related to diabetes. In addition, CGMS offers varied benefits over other glucose monitors in monitoring the blood glucose levels of ICU patients. The major factors that drive the growth include surge in geriatric population and high prevalence of population suffering from diabetes. However, lack of adequate reimbursement for devices is the key barrier to the adoption of the devices.

High Incidence of Diabetes

According to the International Diabetes Federation, the number of diabetic population is expected to reach 642 million by the year 2040 as compared to 415 million patients in 2015, worldwide. Thus, one out of every ten adults is expected to have diabetes by 2040, which reveals the graveness of this pandemic. Therefore, the treatment, and management of diabetes is expected to be the prime focus areas of healthcare departments and stakeholders, globally. The increase in incidence of diabetic cases would provide high market growth and opportunities, which in turn will attract and compel numerous market players to develop innovative products or product line extensions. The aforementioned factors are expected to boost the overall growth of the market.

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Market Segmentation

The market is categorized based on component, demographics, end user, and region. The CGMS components market includes durable components such as transmitters & receivers and integrated insulin pumps; and disposable components such as sensors. The segment for sensors occupies a dominant share in the CGMS market due to recurring sales of CGMS, short scrap life, and bulk purchases. Therefore, it is deployed in diagnostic centers/clinics. Moreover, the adoption of CGMS in hospital ICUs and in-home healthcare settings has increased in the recent years. On the basis of demographics, CGMS devices are categorized into child population (≤14 years) and adult population (>14 years). The report includes comprehensive geographical analysis and segmentation of geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA.

The key companies operating in the market include Abbott Laboratories, Dexcom, Inc., A. Menarini Diagnostics, Echo Therapeutics, Inc., Insulet Corporation, GlySens Incorporated, Johnson & Johnson, Medtronic plc, Senseonics Holdings, Inc., and F. Hoffmann-La Roche Ltd.

Key Benefits for Stakeholders

• The study provides an in-depth analysis of the global continuous glucose monitoring systems market, with current trends and future estimations to elucidate the imminent investment pockets.
• Quantitative analysis from 2016 to 2024 is expected to enable the stakeholders to capitalize on prevailing market opportunities.
• A comprehensive analysis of all the geographical regions is provided to determine the prevailing opportunities.
• An extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.

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