The cases of diabetes have risen significantly among populace over the past few decades and this has helped in the expansion of diabetes care market. With the increase in diabetic population, there has been a simultaneous development in the healthcare technology and the integration of smart medical devices in the medicare system. This simultaneous development is a perpetual process, with new innovations in diabetic care technologies, which helps in building a conglomerated platform for further advancement.
There is a surge in demand for Continuous Glucose Monitors(CGM), Self-Blood Glucose Monitors(SBGM), and insulin delivery devices, which in turn has created opportunities for manufacturers to develop and deliver cost-effective and efficient devices in the market. Of these devices, Continuous Glucose Monitoring (CGM) Systems market has been identified as the fastest growing industries. This high rate of growth is attributed to the changing dynamics of the legal and regulatory framework and the competitive environment among a plethora of companies the market.
The global CGM Systems market is expected to grow at a CAGR of 24.10% from 2016 to 2022 and reach $2.13 billion by 2022. Due to the high prevalence of diabetes in many countries, especially in middle and low-income countries, the CGM market sees an opportunity to spread its wings. The gradual advancements in the healthcare technologies with time, ease of use and smart device connectivity are some of the factors driving the rapid growth of the market.
A report composed by BIS Healthcare has classified the global CGM Systems on the basis of the component, end user group, application, and geography. Among components, Sensors will generate the maximum revenue, at a CAGR of 24.60% from 2016 to 2022. The affordability, durability, and miniaturization of sensors are some of the factors driving this growth. Sensors are being closely followed by the insulin pumps, which is expected to be the fastest growing segment. The emerging artificial pancreas technology exhibits insulin pumps to grow at a CAGR of 24.80% from 2016 to 2022.
The effect of diabetes spreads across all age groups, hence, the need for CGM system is growing exponentially with the growing awareness and adoption of the device. Hence, the global CGM systems market provides a range of products for different age groups according to their requirements and needs. The end application of the CGM systems can be seen in home, hospitals, clinics and diagnostic centres. Among these, home application system has dominated the market in 2015 and is expected to grow at a CAGR of 24.70% from 2016 to 2022.
Geographically, North America held the major share of the global CGM systems market in 2015, with 46%. The CGM systems market grew rapidly in North America due to the increasing adoption of CGM devices for better healthcare management. However, Asia-Pacific region holds the largest number of diabetic patients, which has given the manufacturers ample opportunity to develop their market in this region, and the same has been noticed in the last few years. The APAC is expected to show the highest growth with a CAGR of 26.32% from 2016 to 2022 specifically in the Middle East region.
BIS Healthcare has compiled an extensive market research report on ‘Global Continuous Glucose Monitoring (CGM) System Market - Analysis & Forecast, 2016-2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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