Continuous Glucose Monitoring System Market is forecasted to grow at high rate due to increase in government spending on research & development of medical device, rise in disposable income, and increase in awareness regarding self-glucose monitoring system.The Global Continuous Glucose Monitoring System Market was valued at USD 1.9 Bn in 2020 and is expected to reach USD 8.1 Bn by 2027, with a growing CAGR of 23.2 % during the forecast period
Continuous glucose monitoring system is automated medical device which tracks the blood sugar level in the body. These are self-monitored glucose tracking device which can be operated anywhere and anytime. This device helps to keep close check on blood sugar level of diabetic patient. This works on the basis of sensors which are placed within skin. CGMS are easy to handle, carry and effective way to monitor blood sugar level.
The driving factors influencing the growth of global continuous glucose monitoring system market include rise in adoption of self-glucose monitoring devices, increase in geriatric diabetic population and growing healthcare facilities. Moreover, increase in government spending on technological advances in developing medical devices, spread of awareness regarding early-diagnosis diabetes through campaigns and rising funds for research facilities fuels the growth of continuous glucose monitoring system market.
Emergence of new, highly sensitive technologies in healthcare system boost the growth of continuous glucose monitoring system industry across the globe. However, lack of data integrity and poor reimbursement policies for medical devices hinder the growth of continuous glucose monitoring system market.
This industry is broadly segmented into components, demographics, end user and region. Based on components, sensors held the largest market share in 2020 owing to increase in its use in diagnostics kits. Based on demographics, adult population is projected to show highest market growth during forecast period due to rise in incidence of diabetes among adults. Based on end user, diagnostics/clinics held the largest market share in 2020 due to increase in demand for CGMS in diabetes diagnosis. Geographically, North America accounted for largest market share in 2020 due to increase in awareness regarding early-diabetes diagnosis and strong government support in this region.
Global Continuous Glucose Monitoring System Market by Region Outlook (Revenue, USD Million, 2021-2027)
Based on region, North America held maximum market share in 2020 about 86 % due to high prevalence of diabetes, life-style diseases, and thereby high demand for continuous sugar monitoring in this region. Moreover, increase in number of hospitals in this region, rise in disposable income, government spending on innovation of medical devices and research facilities fuels the growth of continuous glucose monitoring system market in this region. Technological advances, demand for self-examination and ready-to-use blood sugar monitoring devices are responsible for the dominance of the region in the global continuous glucose monitoring system market.
On the contrary, Asia-Pacific anticipated highest market growth during the forecast period due to increase in diversification in healthcare and urbanization in this region, growing adoption of CGMS devices, and growing R&D facilities boost the growth of global continuous glucose monitoring system market industry in this region.
The Global Continuous Glucose Monitoring System Market Segmentation:
Global Continuous Glucose Monitoring System Market by Component Type Outlook (Revenue, USD Million, 2021-2027)
Global Continuous Glucose Monitoring System Market by Demographic Type Outlook (Revenue, USD Million, 2021-2027)
Global Continuous Glucose Monitoring System Market by End User Type Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the continuous glucose monitoring system market are:
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