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Global Continuous Glucose Monitoring (CGM) Market Showing Compound Annual Growth Rate And Forecast Till 2026 By Abbott Laboratories, Roche Diagnostics, Dexcom , Bayer AG, Medtronic, Animas Corporation, Nova Biomedical Corporation, Ypsomed AG

07-12-2019 12:38 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Medical Devices Industry

Continuous Glucose Monitoring (CGM)

Continuous Glucose Monitoring (CGM)

Continuous Glucose Monitoring (CGM) systems are the latest advancement in diabetes management. As opposed to conventional systems that allow for one time check of glucose levels, a CGM device notifies the user if the glucose level nears present levels. The device measures glucose from the tissues as opposed to manual testing of blood using a finger-stick glucose meter, helps in identifying glucose levels for a longer time period, while performing different activities.

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Market Dynamics

Demand for point-of-care (POC) diagnostic devices, and growing self-monitoring trends across the globe. According to the International Diabetes Federation (IDF), the global diabetic population in 2015 was 415 million and is expected to reach 642 million by 2040. Increasing awareness about CGM devices among the diabetic population is projected to be a major factor driving demand for the device in the near future. Moreover, patients are increasingly inclined towards real-time health monitoring, which is possible through CGM systems. Conversely, high prices of devices and calibration issues are key challenges that can inhibit market growth.

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).

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.

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.

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According to the International Diabetes Federation (IDF), around 75% of the diabetic population lives in low and middle income countries such as Mexico, India, China, Brazil, Colombia, Libya, Iran, and Turkey. Asia-Pacific accounted for over 50% of the global diabetic population in 2015, with prevalence rate being the highest in China and India. Market penetration in these countries is relatively low, mainly due to high prices of CGM devices. However, the scenario in Asia Pacific region is expected to change in the near future due to increasing patient awareness and decreasing prices of these systems., which would change the industry dynamics and impact the market growth positively, expanding at a CAGR of 15% during the forecast period.

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Coherent Market Insights
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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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