Transparency Market Research Report Added "Continuous Glucose Monitoring Market" to its database.
Albany, NY -- (SBWIRE) -- 09/06/2016 -- Rapid rise in diabetic population across the globe has considerably increased the demand for effective diabetes management systems. Currently, blood glucose meters are widely used for diabetes management; however, the trend is shifting towards minimally invasive (CGMS) or noninvasive glucose monitoring systems as these systems reduce the need for regular finger pricking and also lessen the pain. Continuous glucose monitoring systems are real time glucose sensing and monitoring devices that measure and display glucose levels of a patient at regular intervals. The usage of CGM is substantially increasing over traditional glucose monitoring systems as these systems are user friendly, provide access to real time values and trend, and provide enhanced accuracy. Additionally, it has been observed that continuous glucose monitoring significantly helps in diabetes management especially in type I diabetics, and helps in reducing long-term complications associated with diabetes. Increasing awareness in developed and developing economies, technological advancements and rising number of diabetic patients are some of the key factors that are expected to fuel the growth of this market.
According to International Diabetes Federation (IDF) reports, approximately 382 million people globally were diagnosed with diabetes in 2013 and this number is expected to grow to 592 million by 2035. Additionally, as per Juvenile Diabetes Research Foundation (JDRF), the prevalence of type I diabetes rose by 23% in the U.S. between 2001 and 2009 for children under 20 years of age and is identified as the seventh leading cause of death in the country. Hence, rising number of patients suffering from type I diabetes is likely to increase the demand for CGMS. The continuous glucose monitoring market has been segmented on the basis of various CGM systems available in the market including Guardian Real Time CGM System, FreeStyle Navigator, Dexcom Seven Plus, Dexcom G4 Platinum and MiniMed Paradigm Revel/Veo CGM Systems. In 2012, the market for Guardian Real Time CGM system held the largest share globally, followed by Dexcom Seven Plus CGM system. However, during the forecast period 2013 to 2019, growth of the market for Guardian Real Time CGM system is expected to be slowest due to market saturation and development of innovative competitor products. Dexcom G4 Platinum CGM System market is expected to witness the fastest growth during the forecast period. FreeStyle Navigator that witnessed a decline in its market share in 2012 due to product recall from the U.S. market is anticipated to show significant growth during the forecast period due to expected launch of FreeStyle Navigator ll in 2014 in the U.S. market.
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North America held the largest share in the global continuous glucose monitoring market in terms of revenue in 2012. Factors responsible for the leading position of this region were rising obesity population, aging population and increasing acceptance of technologically advanced devices. Europe held the second largest market in 2012, followed by Asia-Pacific. The Asia-Pacific region is expected to show the highest CAGR during the forecast period because of the presence of growing patient awareness, economic development and changing lifestyle. Other factors such as increasing healthcare expenditure, increasing market penetration by CGM players in this region are anticipated to increase the uptake of these devices in this region.
Medtronic, Inc., Dexcom, Inc., Abbott Diabetes Care, Inc., Bayer AG, Nova Biomedical Corporation, Senseonics, Incorporated, GlySens, Incorporated and Insulet Corporation are the major companies engaged in the development and commercialization of the continuous glucose monitoring systems. Presence of very few players in the CGM market provides ample opportunity for further research and development for both existing and emerging players.
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