Continuous Glucose Monitoring Market Advancements in Technology and Product Innovations to Boost By 2024 | Analysis By Global Players Abbott Laboratories, Bayer AG, Medtronic, Inc., Nova Biomedical Corporation, Dexcom Inc.

Diabetes is a major global concern that, as per International Diabetes Federation (IDF) data, affected around 415 million people in 2015. Effective management of diabetes is vital, especially considering the sedentary lifestyle that most people across the globe have taken up. Continuous glucose monitoring (CGM) systems offer effective solution in diabetes management through continuous real-time glucose monitoring. Increasing awareness, supporting safety evidences for CGM systems and growing demand for point-of-care (POC) devices are major factors driving demand across the globe. However, high prices of these systems and the rather cumbersome experience of wearing of these relatively obtrusive gadgets throughout the day is currently restraining its demand in the low and middle income countries, where there is inadequate penetration of healthcare IT products and services.

The global continuous glucose monitoring market was valued at US$ 2,035.8 million in 2015 and is expected to expand at a CAGR of 24.5% during the period 2016 – 2024.

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Global players need to explore the untapped geographies and simultaneously should focus on upgrading their CGM technology

Major players in the global continuous glucose monitoring market include Abbott Laboratories, Roche Diagnostics, Dexcom Inc., Bayer AG, Medtronic, Inc., Animas Corporation, Nova Biomedical Corporation, Ypsomed AG, GlySens Incorporated, Insulet Corporation, and Sensionics Incorporated. Technology and price are the main differentiating factors of CGM systems for these companies. With the existing blood glucose monitors being the priority device for diagnosing diabetes and monitoring, CGM device manufacturers need to develop system with equivalent or higher accuracy for detecting diabetes in order to maintain their competitive edge in the market.

Sensors to emerge as highest revenue contributor among component segments

Sensors are an integral part of CGM system. The type and sensitivity of the sensor are crucial factors that influence accuracy of sensing glucose level in the interstitial fluid. Although, transmitters hold a dominant share, accounting for over 50% (2015) share of the market, revenue contribution of the sensors segment is expected to increase at a faster growth rate during the forecast period (2016 – 2024).

Rapid increase in demand for CGM devices, especially in emerging economies, is mainly attributed to increasing consumer awareness regarding the importance of monitoring presence of glucose in the body in order to sustain a healthy life

North America and Europe were the largest markets for continuous glucose monitoring, collectively accounting for over 75% share of the global continuous glucose monitoring market in 2015. This was mainly owing to new product launches, rapid adoption of new technologies, and high product awareness in these developed regions. However, with increasing prevalence of diabetes in emerging economies such as India, China, Taiwan, Brazil, South Korea, and South Africa, demand for CGM devices is expected to witness a steep incline in these countries over the forecast period.

Detailed Segmentation:

Global Continuous Glucose Monitoring Market, By Product Type:
Transmitters and Receivers
Insulin Pumps
Sensors

Global Continuous Glucose Monitoring Market, By Application:
Diabetic Patients
- Type 1 Diabetes
- Type 2 Diabetes
Critical Care Patients

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