The latest market report published by Credence Research, Inc. “Continuous Glucose Monitoring Devices Market: Growth, Future Prospects, and Competitive Analysis, 2017 -2025” the continuous glucose monitoring devices market was valued at US$ 1.3 bn in 2016, and is expected to show a lucrative growth in the forecast period, 2017-2025.
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Diabetes is a condition of major global concern. As per the World Health Organization, 422 million people were affected with diabetes in the year 2014. In 2015, 1.6 million deaths were caused by diabetes. This prevalence is expected to increase further in the forecast period. Effective management and continuous monitoring of glucose levels thus becomes essential in order to provide timely patient-centric care and cope with the disease.
Continuous glucose monitoring (CGM) devices are latest advancement in diabetes monitoring devices. CGM devices consist of a sensor placed on the patient’s skin. The sensor measures glucose levels periodically in the interstitial fluid and provides a trend data which is captured via a transmitter to the receiver. This enables determining any fluctuation in the glucose levels thus rendering the required patient care unlike the traditional self-monitoring blood glucose (SMBG) devices wherein interim glucose fluctuations are difficult to monitor.
These newer devices are projected to show positive market growth in the forecast period 2017-2025. The catalysts that drive the CGM devices market are increasing diabetic population, rise in technological development such as addition of smart connectivity options enabling remote assistance from physicians, rising demand for patient specific treatment approaches, increased awareness of CGM devices amongst payers thus providing structured reimbursement policies and developing healthcare infrastructure.
North America accounts for major share in the continuous glucose monitoring devices market due to existence of developed healthcare infrastructure, favorable reimbursement policies, drive towards attaining a patient-centric healthcare approach and technological advancements in healthcare monitoring. The rising prevalence of diabetes in emerging economies such as India, China, Latin America and Middle East & Africa due to growing life expectancy will also fuel the CGM devices market. However, high pricing of these devices, uneasiness observed in patients using CGM devices, and insufficient existence of healthcare IT products and services may lead to sluggish growth of CGM devices market in the aforementioned geographies.
Market Competition Assessment:
The CGM devices market comprises of an extensive competitive pool. This market provides extensive opportunities for emerging key players with more advanced glucose monitoring devices. The emerging key players would face regulatory challenges while entering the CGM devices market owing to stringent government regulations and approval policies.
The current market leaders are DexCom with its CGM product G5 Mobile and Abbott Laboratories with its product FreeStyle Libre. The other existing and emerging key players in this market are Echo Therapeutics, Inc., Johnson & Johnson, GlySens Incorporated, Medtronic plc, Inc., F. Hoffmann-La Roche Ltd., Senseonics Holdings AgaMatrix, Inc., Glucovation, GlySure, Arkray USA, Inc., Pinnacle Technology, Tandem Diabetes Care, OrSense
Key Market Movements:
- An increasing prevalence of diabetes and rise in demand for patient centric treatment has propelled the CGM devices market
- The expertise for handling CGM devices, higher pricing and stringent regulatory approval process could hinder the growth of this market
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