Continuous Glucose Monitoring – Live an Uninterrupted Life
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$ 444 million in 2015 and is expected to expand at a CAGR of 9.8% during the period 2016 – 2024.
Figure 1. Global Continuous Glucose Monitoring (CGM) Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014- 2024
Source: Coherent Market Insights Analysis (2017)
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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.
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.
Integration of advanced technologies is expected to provide a competitive edge to CGM device manufacturers
These new technologies would give Senseonics, Inc., Medtronic, Inc. and GlySens Incorporated a competitive edge over the existing leading players such as Roche Diagnostics, Dexcom Inc., and Bayer AG.
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.
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.
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. Companies therefore, need to improve upon the accuracy of the device, which in turn would encourage healthcare practitioners to recommend the use of CGM devices among diabetic patients.
This report segments the CGM market on the basis of application, and end user. On the basis of application, the market is segmented into monitoring glucose for diabetes patients and critical care patients. In terms of end user, the global continuous glucose monitoring market is analyzed for hospitals, home and ambulatory health centers.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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