The CGM System Market was valued at $418.4 million in 2014 and it is expected to reach $2,930 million by 2021, with a CAGR of 31.3% from 2015 to 2021. The Continuous Glucose Monitoring Systems (CGMS) market has emerged as a promising diabetes management tool for monitoring all types of diabetic patients. Replacement/repeat sales of components such as sensors drive the growth of the CGMS market. Continuous glucose monitoring finds its application within the patients suffering from hypo and hyperglycemic conditions.
Key driving factors of continuous glucose monitoring market are the rising incidences of diabetes worldwide, benefits of CGMS devices over POC glucometers, increasing awareness in developing and underdeveloped economies, and focus on developing CGMS devices to serve new end user segment. FDA approval of bionic pancreas would prove to be the major driver of the CGMS market. The CGMS are a more efficient monitoring and treatment alternative for patients with diabetes.
Prevalence of Type 1 diabetes (ageD <15 years), by Geography
The CGMS devices have been subject to continuous technological evolution, for instance, smartphone-connected CGMS are the devices that connect with a smartphone’s built-in activity monitor, GPS, scheduling systems, contacts, camera, and voice activation, and sub-sequentially display results and trend analyses. Wearable (also connected with smartphone) CGMS is another prime-target product in the current and immediate future R&D pipeline of ‘wearable’ healthcare devices. Non-invasive CGMs such as Symphony CGM System are gaining importance owing to their user-friendliness, widespread applications and FDA approvals for these products. Bionic pancreas, a smart and a complete diabetes management solution majorly for Type I diabetes patients, is the ultimate objective in terms of technological evolution of the CGMS.
Global Prevalence of Type-2 Diabetes (2000) and Estimated Prevalence (2030)
The component segment of the CGMS market includes transmitters and receivers, sensors and CGMS compatible insulin pumps. Sensors market contributed for the highest share of revenue in the CGMS market. Sensors market is expected to have the highest growth during the analysis period. Sensors CGMS market will generate the largest market revenue as compared to other CGMS components by 2021. CGM sensors are changed at a very higher frequency as compared to transmitters and receivers due to the limited life. They need to be changed at least once in week, for the proper glucose monitoring in patients body. Due to this limited life, the sensors are purchased in bulk and very frequently by customers. Additionally, the sensors are increasingly used with insulin pumps, which are referred to as an integrated insulin pump. Despite the conversion of existing insulin pump users to CGM users, the CGM manufactures are also collaborating to integrate the newly sold insulin pumps with CGM sensors. The rapid technological advancement in sensors is leading to increased adoption of CGM sensors in diabetes patients. All these factors would eventually lead to an impressive growth of sensors segment in CGMS market.
Based on End-users market analysis, the continuous glucose monitoring market is divided into glucose level testing in diagnostic centers/clinics, ICUs and home healthcare. Among these segments, diagnostics/clinics contributed the highest share of the market revenue. The network of health insurers with the physicians at the Diagnostics/clinics level drives CGMS market in Diagnostics/clinics; also, there are high instances of promotion, usage and deployment of the CGMS products at the Diagnostics/clinics level. However, the CGMS home healthcare market is expected to grow at the highest CAGR. High growth of the home healthcare segment is expected, as home healthcare is economic compared to treatment from healthcare institutions. In addition, home healthcare would be the suitable solution for the geriatric and children population who cannot go to the clinics for the diabetes treatment.
Geographical analysis shows, North America and Europe are the most lucrative market segments in the global CGMs market. High purchasing power that renders increased affordability for CGMS devices are the key factors responsible for the growth of this market in Europe and North America. Asia-Pacific market is expected to grow at a highest CAGR of 48.8% over the analysis period and thus constitutes potential market opportunity for the new market players.
CGMS offers varied benefits over other glucose monitors in monitoring the blood glucose levels of ICU patients. The conventional PoC and SMBG devices impart discomfort or pain in patients. Therefore, CGMS are preferred over SMBG/PoC devices. Undiagnosed’ geriatric patient population would pose as an attractive market opportunity for integrated CGMS developers. Often, the geriatric patients suffer from multiple and chronic diseases that require various medications and at much higher frequency intervals, as compared to the other cohorts. Chances to skip or forget the hypoglycemic medications are higher in geriatric patients. CGMS devices automatically deliver the insulin dosage in such patients without any efforts. Due to these reasons, geriatric patients are more amenable to integrated CGMS devices that help maintain tight glycemic control (TGC) and auto-deliver insulin as per the circadian clock. Over-the-Counter (OTC) customer segment is also the core target market for CGMS devices. Many start-up companies are investing in the development of OTC/Point-of-Care CGMS products, targeting the CGMS products to OTC/POC end user segment such as the non-diabetic population, athletes and other health-conscious population.
These end-users are more conscious about the minimally invasive and routine health monitoring procedures, which is possible with any of the CGMS product option available in the market. However, a variety of CGMS products is available with different pricing for each of them. If competitive price were affixed for products, the products would become attractive for all economic classes and lead to increase in the uptake of the product.
The key developed market, namely the United States, follows stringent regulatory (FDA) procedures and guidelines with respect to approval of newer generations of CGMS devices. Commercializing the CGMS devices in the United States is thus challenging, as compared to other regional markets. It has been observed that, gaining European CE approvals is comparatively speedy and easier process than gaining United States FDA approvals. The companies can therefore initially obtain European CE approvals and target emerging markets such as Asia-Pacific and LAMEA CGMS markets.
Key strategies, which are tracked from the recent developments of the CGMS device manufacturing companies/market players include: product launch, collaborations, mergers and acquisitions, expansion and product clearance that include approvals from regulatory authorities such as U.S.FDA, CE marking. Key market players profiled in this report include Medtronic, Dexcom Inc., Animas Corporation, Abbott Diabetic Care (Abbott Laboratories), and others.
- In-depth and country-level analysis within all the geographic regions would provide a clear understanding of current and future trends in the continuous glucose monitoring systems market.
- Comprehensive analysis of factors that drive and restrict the growth of the continuous glucose monitoring systems market is provided.
- The report covers detailed quantitative analysis of the current market, glucose sensing bio-implants and estimations through 2014‐2021, which would enable the stakeholders to capitalize on prevailing market opportunities
- A detailed SWOT analysis enables to study the internal environment of the leading companies for strategy formulation associated with CGM System market.
- An in-depth analysis of current research and clinical developments within CGM System market is provided with key market dynamic factors that help in understanding the behavior of market
- Key market players within the glucose meter market are profiled in the report and their strategies are analyzed thoroughly, which help in understanding the competitive outlook of Monitoring in diabetes management
CGM SYSTEM MARKET KEY SEGMENTS
The CGM System market is segmented based on components, customer segments, end-user demographics and geography (country-level).
Transmitters & Receivers
Integrated insulin pumps
By Customer Segments
By End-user Demographics