Continuous Glucose Monitoring Systems Market Size Like to Hit $8,844.9 Mn by 2027
The continuous glucose monitoring systems (CGMS) market has emerged as a promising diabetes management tool for monitoring all types of diabetic patients. Replacement/repeat sales of components such as sensors, drive the growth of the continuous glucose monitoring systems market. Continuous glucose monitoring systems are mainly used by patients suffering from hypo and hyperglycemic conditions.
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Rise in incidences of diabetes worldwide, benefits of CGMS devices over POC glucometers, increase in awareness in developing and underdeveloped economies, and technological advancements with focus on developing CGMS devices majorly drive the continuous glucose monitoring systems market growth. FDA approval for the novel and innovative products such as artificial pancreas (dual-chambered investigational device that consists of a continuous glucose monitoring system, one insulin pump, and a control algorithm) would further drive the continuous glucose monitoring systems market trend. Continuous glucose monitoring systems are a more efficient monitoring and treatment alternative for patients with diabetes. However, lack of adequate reimbursement for devices is the key barrier to the adoption of the devices.
Among components, sensors market contributed for the highest continuous glucose monitoring systems market share generating the revenue of $1,174.87 million in 2019 and will generate the largest market revenue of $6,087.22 million by 2027. Sensors market is expected to have the highest growth CAGR at 22.6% during the analysis period. CGM sensors are changed at a very higher frequency as compared to transmitters and receivers due to the limited life span of 5 to 7 days. They need to be changed at least once a week, for proper glucose monitoring in the patient’s body. Thus, the sensors are purchased in bulk and very frequently by customers. Bulk purchase is preferred as the manufacturers offer discount to the customers.
Based on demographics, the continuous glucose monitoring systems market is bifurcated into adult and child population. According to IDF Atlas 7th edition, 4.72 billion adults and 1.92 billion children were diagnosed with diabetes in 2015. This number is expected to increase by 2040 and it is estimated that 9 billion adults and 6.16 billion children will be diagnosed with diabetes. As the percentage of adult population is high, it generated the largest market revenue of $1,758.74 million in 2019 and will register a CAGR of 22.0%. However, owing to the growth in demand for CGM devices for children, the children segment is expected to be the fastest growing segment, registering a CAGR of 22.9%.
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Key Findings Of The Study
• The sensors segment contributed to nearly two-thirds share of the global continuous glucose monitoring systems market in 2019.
• The integrated insulin pumps segment is projected to grow at a significant CAGR of 22.4% from 2020 to 2027.
• The ICUs segment is projected to grow at a significant CAGR of 21.6% during the forecast period.
• Germany and France are the major shareholders, which collectively accounted for more than one-fourth share of the European continuous glucose monitoring systems market in 2019.
• Japan was the major shareholder that accounted for more than one-fourth share of the Asia-Pacific continuous glucose monitoring systems market in 2019.
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In 2019, North America was the highest contributor to the market in terms of revenue, owing to increase in wellness trend and early adoption of novel technologies. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the presence of high populace countries such as India and China.
The key players operating in the global continuous glucose monitoring systems market include Abbott Laboratories, Dexcom, Inc., A. Menarini Diagnostics, Echo Therapeutics, Inc., GlySens Incorporated, Johnson & Johnson, Medtronic plc, Senseonics Holdings, Inc., and F. Hoffmann-La Roche Ltd.
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