Continuous Glucose Monitoring Systems (CGMS) Market Expected to Reach $4,921 Million by 2024, Says Allied Market Research
PORTLAND, Oregon and PUNE, India, July 9, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Continuous Glucose Monitoring Systems (CGMS) Market by Components, Demographics, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the market was valued at $894 million in 2016, and is projected to reach $4,921 million by 2024, registering a CAGR of 22.9% from 2018 to 2024.
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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 CGMS market. Continuous glucose monitoring systems are mainly used by patients suffering from hypo and hyperglycemic conditions. 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 CGM market. However, lack of adequate reimbursement for devices is the key barrier to the adoption of the devices.
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By component, sensors generated the maximum revenue, accounting for more than two-thirds share of the global continuous glucose monitoring systems market in 2016. By demographics, adult population was the highest revenue generating segment in 2016 while child population was the segment with the highest CAGR during the forecast period
Key Findings of the Continuous Glucose Monitoring Systems (CGMS) Market:
- The sensors segment contributed for nearly two-third share of the global continuous glucose monitoring systems market in 2016.
- The integrated insulin pumps segment is projected to grow at a significant CAGR of 17.3% from 2018 to 2023.
- The ICUs segment is projected to grow at a significant CAGR of 22.3% 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 2016.
- Japan is the major shareholder, accounting for more than one-fourth share of the Asia-Pacific continuous glucose monitoring systems market in 2016.
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Geographical analysis shows, North America and Europe are the most lucrative market segments in the global CGMs market. High purchasing power that renders increased affordability for CGMS devices are the key factors responsible for the growth of this market in Europe and North America. Asia-Pacific market is expected to grow at a highest CAGR of 29.7% over the analysis period and thus constitutes potential market opportunity for the new market players. Moreover, factors such as rise in the number of patients with diabetes, growth in the purchasing power of the patients and awareness can positively impact the growth of the market in this region.
The major companies profiled in the report are Abbott Laboratories, Dexcom, Inc., A. Menarini Diagnostics, Echo Therapeutics, Inc., Insulet Corporation, GlySens Incorporated, Johnson & Johnson, Medtronic plc, Senseonics Holdings, Inc., and F. Hoffmann-La Roche Ltd.
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