Rise in incidence of diabetes across the globe has elevated the need of innovative diabetic management devices that has increased adoption of continuous glucose monitoring (CGM) devices. The existing glucose monitoring devices have few gaps which are bridged by the innovative CGM. With continuous glucose monitoring, significant improvement has been observed in stabilizing elevated A1C levels which in turn reduces risk of developing long term diabetic complications. Other driving factors for CGM market are technological innovation in the form of artificial pancreas, increasing awareness among developed, developing and under developed economies, and rise in incidences of diabetic cases. However, factors such as strict regulatory impositions, inadequate reimbursement options for CGM, lack of accurate results and cost of the CGMs are restraining the market growth.The global continuous glucose monitors market generated revenue of $194.8 million in 2012 and is expected to reach market size of value $568.5 million by 2020, growing at a CAGR of 14.8% during 2013-2020. This growth is attributed to increase in technological innovations, namely launch of artificial pancreas, convenience offered by CGM over self monitoring glucose devices, and earlier detection of the hypo & hyperglycemic events by CGM.
Global CGM market is segmented based on application as home settings, diagnostics and hospitals. Among all the application segments home settings is expected to generate maximum revenue by 2020.
North America is the maximum revenue-generating segment across the globe, mainly due to rapid acceptance of innovative technology, well-penetrated reimbursement system when compared with other geographies and rise in patient pool. Asia Pacific is expected to grow at a faster rate due to large patient pool, geographical expansion of market players, increase in income levels and improved living standards of the people.
Key market players in this market includes, Medtronics, Dexcom, Animas Corporation, Ypsomed AG, Omnipod and Miraculins, Inc inlcuding others. The major strategies adopted by the market players across geographies are Collaborations, Product launches and approvals. Collaborations in the regions focus on distribution and commercialization of the devices.
KEY MARKET SEGMENTS
GLOBAL MARKET, BY DEVICES
GLOBAL MARKET, BY APPLICATION
GLOBAL MARKET, BY AGE
GLOBAL MARKET, BY GEOGRAPHY
The global continuous glucose monitors (CGM) market is at its emerging state. The market has witnessed launch of various continuous glucose monitoring devices in last 7 to 8 years with continuous improvement in technology. Furthermore, innovations are expected to translate the entire market scenario in the coming five to seven years. The open loop continuous glucose monitoring can now be regarded as closed with the introduction of artificial pancreas named MiniMed 530G with Enlite by Medtronic in September 2013. Launch of this product has taken diabetic care management to a next level. The market is overcoming several challenges towards the commercialization of closed loop CGMs due to significant focus on technological innovation. This is expected to take the concept of CGMs to a next level from research to large level adoption. Major factors driving the market growth are convenience offered by CGM over conventional glucose monitoring devices, earlier detection of the Hypo and Hyperglycemic events, global rise in incidences of diabetes cases, and awareness among global population.
This market research report is an effort to provide the clear picture of the state of the market and sub markets over the next seven years. The report provides micro level analysis of the factors affecting the market, key market trends and industry drives and challenges for the better understanding of the market structure. The presentation of the market dynamics, competitive scenario and developments will enable marketers to aptly design their growth strategies and have competitive edge. Moreover, assessment of the top investment pockets and winning strategies will help in channelizing their investments in the right directions to garner better proceeds.