- High incidence of diabetes, increasing geriatric population, and continuous technological advancements across the globe are the key factors contributing to the high CAGR of the Continuous Glucose Monitoring Devices Market during the forecast period
- Market Size – USD 3.45 Billion in 2019, Market Growth - CAGR of 19.6%, Market Trends – Collaborations, technological developments, and product launches for precise & non-evasive glucose monitoring
VANCOUVER, B.C., Sept. 21, 2020 /PRNewswire/ -- The Global Continuous Glucose Monitoring System Market is projected to reach USD 14.54 billion in 2027. The global spread of diabetes, along with the increasing geriatric population and continuous technological advancements, have propelled the market growth of the CGM devices. Continuous Glucose Monitoring (CGM) devices have been highly in demand as these enable tracking of the glucose levels in the interstitial fluid as a foundation for improving metabolic control and subsidize to better diabetes management.
Moreover, these devices provide for advantageous inceptions into the impacts of exercises, meals, and illnesses that persist on an individual's glucose level and decrease the risk of hyperglycemia and hypoglycemia.
North America accounts for the largest share in the global continuous glucose monitoring devices due to government resourcefulness undertaken for the prevention of diabetes presence of dominant players in this region along with treatment support. Moreover, in this region, the growth of the market is also supported by technological developments, innovative product launches together with several mergers and acquisitions between key players happening in the market.
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Further key findings from the report suggest
- In terms of component outlook, the transmitters and receivers segment accounted for the largest market share in 2019 and is anticipated to hold the dominant position, considering its essential requirement in the devices.
- In the context of component, it is estimated that the insulin pumps segment is projected to be the fastest-growing segment with a growing CAGR of 16.1% owing to the growing occurrence of the target disease, here, diabetes.
- On the basis of end-use, the homecare settings segment is accounting for the largest market share of approximately 1%. The largest market share is closely followed by hospitals due to the high prevalence of diabetes and the growing usage of CGM devices in hospitals.
- In February 2020, Dexcom and DreaMed Diabetes announced their collaboration to integrate Dexcom CGM data into DreaMed Advisor. This partnership will allow numerous Dexcom CGM users in the U.S. to impeccably use DreaMed's Advisor Pro platform for optimal patient insulin therapy management.
- Key players in the market include Medrobotics, Procept BioRobotics, Verb Surgical, DePuy Synthes, BrainLab, Titan Medical, Zimmer Biomet, Globus Medical, Auris Health, TransEnterix, Globus Medical, CMR Surgical, Getinge, Blue Belt Technologies, and ELMED Medical, among others.
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For the purpose of this report, Emergen Research has segmented into the global Continuous Glucose Monitoring System Market on the basis of component, end-use, and region:
Component Outlook (Revenue: USD Billion; 2017-2027)
- Insulin Pumps
- Transmitters & receivers
End-Use Outlook (Revenue: USD Billion; 2017-2027)
- Homecare settings
Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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