Continuous Glucose Monitoring Systems Market to Reach $4.92 Billion, Globally, by 2024 at 22.9% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 1, 2018 /PRNewswire/ --
Surge in geriatric population and increase in number of patients suffering from diabetes are expected to drive the global continuous glucose monitoring systems market
Allied Market Research published a report, titled, Continuous Glucose Monitoring Systems Market by Components (Sensors, Transmitters & Receivers, and Integrated Insulin Pumps), Demographics (Child Population (<=14years), and Adult Population (>14years), and End User (Clinics and Diagnostics Centers, ICUs, and Home Healthcare): Global Opportunity Analysis and Industry Forecast, 2018-2024. The report studies the current market trends and offers estimations for the future. Moreover, it includes market drivers, restraints, challenges, opportunities, and marketing strategies adopted by leading market companies across the globe. According to the report, the global continuous glucose monitoring systems market was valued at $1.15 billion in 2017 and is expected to reach $4.92 billion 2024, registering a CAGR of 22.9% from 2018 to 2024.
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Surge in geriatric population and high prevalence of diabetes, especially in adult population, have boosted the growth in the global continuous glucose monitoring systems market. However, lack of awareness and adequate reimbursements for devices hamper the market growth. On the contrary, high adoption rate of CGMS in healthcare and rise in number of undiagnosed patients would create lucrative opportunities for market players in the future.
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Sensors segment manifests lucrative opportunities
In the global continuous glucose monitoring systems market, the sensors segment is the fastest growing segment, registering a CAGR of 25.1% during the forecast period. In addition, the segment held the largest share in the market in 2017, contributing about two-thirds of the total market revenue, owing to the technological developments. Other segments such as transmitters & receivers and integrated insulin pumps would manifest gradual growth during the study period.
Diagnostics centers/clinics segment dominates in terms of revenue
In 2017, the diagnostics centers/clinics segment held about half of the total market share and is expected to continue its dominance throughout the forecast period. However, the home healthcare segment would show the fastest growth, registering a CAGR of 30.9% from 2018 to 2024. The other major end user discussed in the report is ICUs.
Adult population: major shareholder in the market
The adult population (>14 years) segment is the major shareholder in the market, contributing about 99% share of the total market, owing to rapid increase in the geriatric population. However, child population (<14 years) segment would register the fastest CAGR of 26.3% during the forecast period, owing to the increase in number of children with diabetes.
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North America: largest revenue contributor in the market
According to the report, North America held the largest market share in 2017, contributing more than 85.5% share of the total market, owing to the high prevalence of diabetes, rapid acceptance of novel technologies, and adequate reimbursements in the region. However, Asia-Pacific would manifest the fastest CAGR of 29.7% during the forecast period, owing to the increase in number of patients suffering from diabetes.
Torchbearers of the industry
The report discusses the major players operating in the continuous glucose monitoring systems market such as Abbott Laboratories, A. Menarini Diagnostics, Insulet Corporation, Johnson & Johnson, Senseonics Holdings, Inc., Dexcom, Inc., Echo Therapeutics, Inc., GlySens Incorporated, Medtronic plc, and F. Hoffmann-La Roche Ltd. They have adopted various strategies including collaborations, partnerships, mergers & acquisitions, joint ventures, and others to gain a strong position in the industry.
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