Benefits of CGMS over POC glucometers, increase in incidence of diabetes cases, and high-end technological advancements drive the growth of the global continuous glucose monitoring systems market
PORTLAND, Oregon, May 4, 2020 /PRNewswire/ -- 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, 2020–2027." According to the report, the global continuous glucose monitoring systems industry was estimated at $1.77 billion in 2019, and is anticipated to hit $8.84 billion by 2027, registering a CAGR of 22.0% from 2020 to 2027.
Determinants of the market-
Benefits of CGMS over POC glucometers, increase in incidence of diabetes cases, and high-end technological advancements drive the growth of the global continuous glucose monitoring systems market. On the other hand, adverse effects of the system and several stringent regulatory issues impede the growth to some extent. However, high adoption rate of CGMS in home healthcare & ICUs and rise in product awareness are expected to create multiple opportunities for the key players in the industry.
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COVID 19 scenario-
Rise in demand from healthcare workers for safer ways to monitor hospitalized diabetes patients with COVID-19, Food and Drug Administration (FDA) has encouraged manufactures to supply continuous glucose monitoring (CGM) systems for use in the hospital setting during the pandemic.
- This way, the frontline healthcare workers in hospitals would be able to monitor diabetic patients remotely.
- When it would minimize exposure to the COVID-19 virus, it would also play an important role in preserving the use of PPEs (Personal Protective Equipment).
The sensors segment to dominate by 2027-
Based on component, the sensors segment accounted for around two-thirds of the global continuous glucose monitoring systems market revenue in 2019, and is expected to rule the roost by the end of 2027. The same segment would also grow at the fastest CAGR of 22.6% throughout the forecast period, owing to recurring sales of CGMS, its short scrap life, and bulk purchases.
The adult population segment to maintain the dominant share-
Based on demographics, the adult population (>14years) segment contributed to nearly 99% of the global continuous glucose monitoring systems market share in 2019, and is anticipated to maintain the lion's share during the study period. This is due to the fact that CGMS is considered as a perfect tool to control diabetes in the adult population, as it is a "ready-to-go" treatment tool, effective for diabetes management, and affordable for the working class/employed individuals. The child population (<14years) segment, on the other hand, would cite the fastest CAGR of 22.9% from 2020 to 2027. This is attributed to increase in prevalence of diabetes among children.
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The clinics and diagnostics center segment garnered the major share in 2019 –
Based on end-user, the clinics and diagnostics center segment held the major share in 2019, garnering nearly half of the global continuous glucose monitoring systems market. Growing inclination among patients toward opting for diagnostic centers for monitoring glucose level drives the segment growth. Simultaneously, the home healthcare segment would showcase the fastest CAGR of 29.4% during the estimated period. The fact that CGMS provides an easy and less painful way to maintain glucose levels boosts the growth of the segment.
Frontrunners in the industry-
- Dexcom, Inc.
- A. Menarini Diagnostics
- GlySens Incorporated
- Echo Therapeutics, Inc.
- Johnson & Johnson
- F. Hoffmann-La Roche Ltd.
- Abbott Laboratories
- Medtronic plc
- Senseonics Holdings, Inc.
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SOURCE Allied Market Research