PORTLAND, Oregon, July 9, 2015 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "World Continuous Glucose Monitoring (CGM) Systems - Market Opportunities and Forecasts, 2014 -2021", the global continuous glucose monitoring market would generate a revenue of $2,930 million by 2021, registering a CAGR of 31.3% during 2015-2021. CGM sensors accounted for about two-third share of the global CGM components market in 2014 and would continue to dominate the market until 2021. The need of active management and control of diabetes has grown considerably with growing number of diabetic population and associated cost burden. It is projected that, by 2035, the diabetes-affected patient population would reach 471 million with an associated cost burden of $627 billion. Continuous monitoring and managing glucose levels is an essential factor in diabetes management, which is primarily delivered by CGMs. In the progression, many high-tech variants of CGMs have evolved such as smartphone-connected CGMs, wearable CGMs and non-invasive CGMs. The improved efficacy and high disease prevalence has brought these devices to center stage to glucose monitoring. Increasing awareness, FDA approval to the novel and innovative products such as bionic pancreas and focus on developing CGM devices to serve new end user segment are prime drivers to the growth of CGM market. However, lack of adequate reimbursement regime for devices and clinicians, has been the key barrier to the adoption of the devices.
To view the report, visit the website at https://www.alliedmarketresearch.com/global-continuous-glucose-monitoring-system-market
Sensors led the market for CGM components and would also be the fastest growing segment. This growth is primarily supplemented by the recurring sales, high frequency of use, bulk purchasing and the limited life of sensors. Integrated insulin pumps would emerge as the lucrative market segment over the forecast period.
CGMS has proved to be an extremely effective tool for glucose monitoring in the Critical Care/Intensive Care Units (ICUs). Many healthcare regulatory authorities across developed and developing regions have imposed Tight Glycemic Control (TGC) protocols. Mandatory Tight Glycemic Control (TGC) protocol in ICUs will render ICUs as a lucrative customer-segment market for CGMs by 2020. The need for POC/OTC CGMs will result in the emergence of Home Healthcare as the second-most lucrative customer-segment in the CGM market.
Key findings of the study:
- The North America CGM market would continue to lead CGM market throughout the forecast period, majorly due to the sustained payers' access, better affordability and increasing confidence of CGMS among dialectologists
- The ever-growing demand for POC/OTC CGM will enable Home Healthcare to be the second-most lucrative end user-segment
- The Gen X demographic segment is the highly amenable for usage of CGMS
- The UK CGM market would register a CAGR of 40.9% during the forecast period
Europe would be the lucrative market segment, as the CE approval process in Europe is faster and relatively easier as compared to the U.S. FDA. However, Asia-Pacific is projected to register the fastest growth mainly due to a large patient pool and rapid penetration of CGMS in emerging markets. China is considered to be the "diabetes capital" of the world by the next decade. Consequently, companies such as Medtronic and Dexcom have already expanded their distribution and supply networks in China. The enhanced supply-side infrastructure and large patient base along with increasing purchasing power would collectively make China CGM market to be the most lucrative within the Asia-Pacific.
The key companies profiled in the report are Abbott, Animas, Dexcom, Glysens, Insulet, Medtronic, Omnipod, Roche, Senseonics and Yposomed.
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Diabetes Management Market - Diabetes, scientifically known as diabetes mellitus, is a clinical condition where person has an elevated blood glucose level. It occurs due to either inefficiency of pancreases to produce insulin (Type I) or unresponsiveness of body cells to the produced insulin (Type II) or both. This condition specifically results in polyuria, increase in thrust and hunger. There is high prevalence of type II diabetes worldwide due to increased obesity, urbanization, poor diet and substandard healthcare conditions. The global market for diabetes is highly lucrative for drug and device manufacturers as treatment majorly demands therapeutic and diagnostic management. Global diabetes management market is growing with high CAGR and expected to continue this trend for the forecast period. The report addresses the key themes such as market segmentation and competitive landscape. This report is investigative towards trends, opportunities and challenges present at current marketplace for diabetes management and it also provides ample information therein. In-depth analysis of market dynamics coupled with upcoming trends would be beneficial to professionals. The report would contain detailed information of key leaders with their business share.
View the Diabetes Management Market Report at https://www.alliedmarketresearch.com/diabetes-management-market
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View the Top 10 Diabetes Care Technologies, Devices and Therapeutics Market Report at https://www.alliedmarketresearch.com/diabetese-care-technologies-devices-therpeutics-market
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research