NEW YORK, Nov. 24, 2020 /PRNewswire/ -- The global continuous glucose monitoring (CGM) market is poised to reach a significant market value of USD 12.18 billion by 2026 , registering a healthy CAGR of 15.8% from 2020 to 2026 according to a new study conducted by Polaris Market Research the market Global rise in the prevalence of diabetes, growing demand for less invasive products, and continuous technological advancing driving the demand for the CGM market. Additionally, growing awareness regarding the use of CGM devices in developing countries as well as the untapped market is anticipated to create lucrative opportunities within the market. Moreover, preventive measures from the government in the form of awareness programs for diabetic individuals to understand the disease better before the occurrence of any serious consequences are the major drivers for the global market. Continuous research and development activities to reduce procedural costs are projected to further fuel the growth of the global continuous glucose monitoring market.
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Key Takeaways for Continuous Glucose Monitoring Market
- Based on the component outlook, the sensors segment is holding the largest market share and the trend is anticipated to continue during the forecast period owing to continuous technological advancements to improve the accuracy of sensors and bulk buying across regions.
- The invasive glucose monitoring products accounted for the significant revenue share and are poised to grow at a stable CAGR during the forecast period on account of easy to use, patient-friendly, and cost-effective products, making them more adaptable across the world.
- The homecare settings segment is set to witness tremendous growth owing to the COVID-19 pandemic making people stay at home and use self-monitoring devices for examining their health progress. The segment is expected to register a major growth with a surge in demand for CGM devices for efficient monitoring of blood glucose.
- National Diabetes Services Scheme (NDSS) an initiative of the Australian Government managed by Diabetes Australia provides subsidized continuous glucose monitoring products for younger population aged less than 21 years who are diagnosed with type-1 diabetes.
The adoption of major strategies by market participants enables emphasis on research, innovation, production, and commercialization of devices. Abbott Laboratories, GlySens, Novo Nordisk, Baxter International Inc., Medtronic, Inc., Pfizer Inc., Animas Corporation, and Ypsomed are few players leading the growth of the market. Leading companies are aggressively working on the development of new components to cater to emerging needs. Medtronic, clinical healthcare and medical devices giant, has acquired a start-company named klue to enhance their monitoring devices portfolio.
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Regional Outlook and Trend Analysis:
North America emerging as the largest market for continuous glucose monitoring systems and is projected to take its dominance to the next level over the forecast period. This significant dominance is attributed to the growing geriatric population in the region and increasing demand for portable & wireless devices. In addition to this, increasing cases of diabetes and the availability of advanced reimbursement mechanisms will further create market opportunities in the region. Asia Pacific region is expected to witness a substantial growth due to the prevalence of diseases in developing economies such as India and China. Increasing obesity population and rising urbanization are set to create vast opportunities in untapped markets such as the Middle East & Africa.
- Supply-side: Healthcare Equipment Manufacturers
- Demand Side: Hospitals, Home Care Settings, Diagnostic Centers, Clinical Laboratories
- Regulatory Side: World Health Organization (WHO)
- Associations and Industry Bodies: Food and Drug Administration (FDA)
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Polaris Market research has segmented the Continuous Glucose Monitoring Device Market report on the basis of component type, end-use and region:
Continuous Glucose Monitoring Device component type Outlook (Revenue, USD Million, 2015 – 2026)
- Transmitters & Receivers
- Insulin Pumps
Continuous Glucose Monitoring Device end-use Outlook (Revenue, USD Million, 2015 – 2026)
- Homecare Diagnostics
Continuous Glucose Monitoring Device Regional Outlook (Revenue, USD Million, 2015 – 2026)
- North America (U.S., Canada, Mexico)
- Europe (Germany, Spain, UK, Italy, France, Netherlands, Belgium, Russia)
- Asia Pacific (Japan, China, India, South Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines)
- Latin America (Brazil, Mexico, Argentina)
- MEA (Saudi Arabia, South Africa, UAE)
List of Key Players of Continuous Glucose Monitoring Device Market
- Roche Diagnostics
- Abbott Diagnostics Inc.
- Dexcom Inc.
- Medtronic PLC
- Novo Nordisk
- Ypsomed Holding AG
- Bayer AG
- Insulet Corporation
- Senseonics Holdings, Inc.
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Blood Glucose Monitoring Device Market, [By Products (Single Point Blood Glucose Meters, Continuous Glucose Monitoring Systems (Sensors, Transmitters), Glucose Monitoring strips, Lancet); By End Use (Hospitals & Clinics, Diagnostic Centers, Home care Settings); By Region]: Market Size & Forecast, 2020 – 2026
About Polaris Market Research
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SOURCE Polaris Market Research