Continuous Glucose Monitoring Devices Market to Reach Beyond US$ 15 Billion by 2025

Published On : May 24, 2018

The Global Continuous Glucose Monitoring Devices Market, by Component (Transmitter, Receiver, Insulin Pump, and Sensor), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 2.9 billion in 2017 and is projected to exhibit a CAGR of 22.7% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. The continuous glucose monitoring devices market is expected to gain significant traction due to increasing patient awareness, rising prevalence of diabetes globally and increasing government funding to support diabetes patients.

Increasing diabetes prevalence and favorable government funding are expected to drive growth of the market

Continuous glucose monitoring devices (CGM) plays a crucial role in diabetes management, as it offers early detection of blood glucose to avoid diabetes-associated risks such as kidney failure, heart attack, stroke, vision loss, leg amputation, and nerve damage. Moreover, CGM devices has gained significant attention for gestational diabetes monitoring among pregnant women, to decrease risk of complications during pregnancy. The use of CGM sensors helps improve quality of life by detecting hypoglycemia. Increasing prevalence of diabetes and increasing demand for non/minimally-invasive devices are expected to drive growth of the continuous glucose monitoring devices market. According to a research paper published in Multidisciplinary Digital Publishing Institute (MDPI) journal 2017, the number of people affected from diabetes is rapidly increasing due to sedentary lifestyles and aging populations, and is projected to account for above 500 million cases by 2030, resulting in a major socio-health emergencies of the third millennium, globally.

Moreover, increasing support from various government organizations to fund numerous research studies on different types of artificial pancreas devices, is expected to help individuals suffering from diabetes, in turn, fueling demand for CGM devices. In 2016, the U.S. Food and Drug Administration (FDA) approved Hybrid Closed-loop System (an artificial pancreas system), which measures the glucose readings every five minutes through a CGM, and automatically delivers the required amount of basal insulin through an insulin pump. However, several setbacks such as high cost and dearth of reimbursement policies are expected to hamper growth of the continuous glucose monitoring devices market. A CGM system is more expensive than a standard glucose meter, as the sensor lifespan is a major factor affecting the cost, inconvenience, and user acceptance. Also, health plans, insurance companies, and governments in most countries do not provide reimbursement for CGM. This has reduced the adoption of CGM among patients due to high cost of around US$ 3,000 per year, per patient according to US National Library of Medicine National Institutes of Health. According to the Diabetes Council, earlier Medicare has refused to cover CGM sensors, receivers, and transmitters, stating they are simply ‘convenience items’ and are not eligible for coverage. However, in 2017, Medicare announced the coverage of Dexcom’s G5 Mobile CGM under Durable Medical Equipment status.

Browse 60 Market Data Tables and 30 Figures spread through 290 Pages and in-depth TOC on “Continuous Glucose Monitoring Devices Market, by Component (Transmitter, Receiver, Insulin Pump, and Sensor), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2025”

To know the latest trends and insights prevalent in the continuous glucose monitoring devices market, click the link below:

https://www.coherentmarketinsights.com/market-insight/continuous-glucose-monitoring-market-57

Key industry players operating in the continuous glucose monitoring devices market include Medtronic plc, Dexcom Inc., Abbott Laboratories, Medtrum Technologies, Tandem Diabetes Care, Senseonics, and Glysens. Major industry players in the CGM devices market are focusing on developing new products to target a much wider customer base, including Type 2 Diabetes, which affects around 90% to 95% of diabetics and gestational diabetes present in 3% to 9% of pregnant women with an increasing trend. New products are expected to be less expensive, compact, and highly accurate. In 2015, Verily Life Sciences and Dexcom collaborated for developing a series of factory-calibrated, miniaturized, and low-cost CGM products to target Type 2 Diabetes and gestational diabetes, along with prediabetics and obese patients. In 2016, Qualcomm Life, Inc. and Medtronic collaborated to develop a next-generation of low-cost and single-use CGM sensors for Type 2 Diabetes. Other emerging manufacturers, such as Nemaura Medical Inc. and Glucovotion, are also working on low-cost continuous glucose monitoring products, designed for diabetics as well as for non-diabetics as part of fitness and weight-reduction programs.

Key Takeaways of the Continuous Glucose Monitoring Devices Market:

  • The global continuous glucose monitoring devices market is expected to exhibit a CAGR of 22.7% over the forecast period, owing to rising prevalence of diabetes and increasing patient awareness
  • Among components, the sensors segment is estimated to hold the dominant position in the Continuous Glucose Monitoring Devices market, in 2017, owing to higher sales as compared to other components.
  • North America holds a dominant position in the global continuous glucose monitoring devices market, owing to increasing number of product launches by major industry players and affordability among the population
  • Key players operating in the global continuous glucose monitoring devices market include Medtronic plc, Dexcom Inc., Abbott Laboratories, Medtrum Technologies, Tandem Diabetes Care, Senseonics, and Glysens.

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