LONDON, Dec. 18, 2016 /PRNewswire/ --
Key Findings
The global continuous glucose monitoring system market is poised
to grow during the forecast period of 2015-2023. Various reasons
for growth of the continuous glucose monitoring system market are
exponential increase in number of people suffering from diabetes,
higher awareness, and approval of artificial pancreas, better
healthcare infrastructure and ease of using continuous glucose
monitoring devices.
Continuous glucose monitoring system is used to measure blood
sugar in both hyperglycemic and hypoglycemic diabetic patients.
Continuous glucose monitoring involves measuring glucose levels are
regular intervals. It helps to get a better insight into glucose
level trends. This system consists of a glucose sensor that is
placed subcutaneously to get glucose level reading in the tissue
fluid. Information about glucose level is transmitted using radio
waves from the sensor to a receiver display. This monitoring also
provides information about HbA1C and fructosamine levels.
Incidences of diabetes have been rising at an alarming rate all
over the world. The WHO data indicates that 422 million people
currently have diabetes and it is expected by 2030, there will be
642 million people affected by this, all over the world. It is more
prevalent in middle to low-income countries. Almost 12% of global
health expenditure is spent on diabetes. Advances in technological
innovation and approval of artificial pancreas have help in
management and control of diabetes.
Continuous glucose monitoring system market is segmented on the
basis of geography, product type and application. There are various
kinds of product types that comprise a continuous glucose
monitoring system. These are transmitters and receivers, insulin
pumps and sensors. Sensors can be non-invasive glucose sensors,
minimally invasive glucose sensors, real time sensors and holter
type retrospective sensors. These glucose monitors have
applications in hospitals, home and at diagnostics and clinic.
Market Insights
Market drivers for continuous glucose monitoring system are huge
rise in incidences of diabetes, growing awareness about health in
developing economies, changing and sedentary lifestyle, increasing
need for efficient and easy blood monitoring and launch of
artificial pancreas.
Transmitters and receivers is the product type with the largest
market share currently. It is expected that in the forecast period,
insulin pumps will show good CAGR and capture a big market share.
Sensors too are expected to report effective growth rate in the
forecast period.
In terms of end-users, currently hospitals have the largest
market share. Going forward, it is expected that the home
healthcare segment will show highest CAGR.
Factors that will restrain market growth are high cost of
continuous glucose monitoring systems, strict regulatory norms and
insufficient reimbursement options.
Regional Insights
Market regions that are covered in the report are North America, Europe, Asia-Pacific and RoW. North America has the largest market share of
continuous glucose monitoring system market. There is awareness
about advantages of using continuous glucose monitoring systems,
better healthcare infrastructure, growing incidences of diabetes
due to sedentary lifestyle and high healthcare expenditure.
Europe also has a good market
share due to high awareness and good healthcare infrastructure.
Asia-Pacific market is expected
to report highest growth in the years 2016-2023. Increasing
awareness, higher spending power and more number of people
suffering from chronic diseases and growing investment in
healthcare infrastructure by government will be the market drivers
for growth of continuous glucose monitoring system market in
Asia Pacific region. Higher rate
of obesity cases and more knowledge about managing the disease will
lead to market growth.
Competitive Insights
The major market players for continuous glucose monitoring
system are Novo Nordisk, Dexcom Inc., Roche, Animas Corporation,
Medtronic Inc., Insulet Corporation, Bayer AG, Ypsomed AG, Glysens
Inc. and Abbott Laboratories. Established companies have a good
hold on the continuous glucose monitoring system market due to high
cost of investment needed to enter and sustain in the market.
Companies are forming alliances and are going for mergers and
acquisitions to strengthen their market position. Organizations are
investing in research and development to come up with novel and
innovative products that will capture new market share.
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