The global Continuous Glucose Monitoring Device Market size was valued at USD 3,512.8 million in 2019 and size is expected to reach USD 12.18 billion by 2026 according to a new study by Polaris Market Research.
Continuous Glucose
Monitoring Device have witnessed tremendous growth in the recent past and this
trend is expected to continue from 2020 to 2026. Health agencies as well as
governments have issued health advisories which explicitly mention that people
suffering from diabetes are at high risk of corona virus infection. Experts
have also specifically mentioned that continuous monitoring of blood glucose
levels to avoid worsening of conditions. CGM is expected to benefit from such
trends.
In order to cope with the
rising demand for COVID-19 tests, companies such as Abbot have customized their
production lines and manufacturing schedules to produce corona virus test kits.
However, such companies have stressed on the fact that the production of other
products such as CGM will not be hampered. It is expected that there will be
exponential rise in demand for CGM products in the next few years. As of now,
healthcare has become of prime importance and there is rising importance of
preventive healthcare. Ease of usage of CGM products, easy availability coupled
with COVID-19 scare is expected to fuel the market growth.
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Although, point of care
diagnostic procedures such as CGM proves to be very effective in delivering
healthcare to all, they are an expensive affair for healthcare facilities
dealing with high test volumes. This is expected to impede market’s growth in
the cost sensitive undeveloped economies of the market. However, the
introduction of cheap and cost-effective devices for point of care diagnoses is
expected to gradually reduce the impact of this restraint over the forecast
period.
The regulatory framework
is one of the most restraining factors pertaining to pharmaceutical, biotechnology and
medical technology industry. Absence of clear regulatory framework/guidelines
for the diagnostic sector in developing countries such as India and China where
the CGM market has great growth potential due to the presence of a large
patient base is anticipated to impede growth in the coming years. The presence
of such discrete and uncertain scenario about the regulations for CGM devices
creates confusion among CGM manufacturers regarding commercialization.
North America emerged as
the largest market in 2019 and the regional market is expected to dominate the
market up to the end of the forecast period i.e. 2026. Strong presence of
market participants, high awareness regarding device usage and high inclination
towards preventive healthcare are some of the factors benefitting the regional
market growth.
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Companies such as Senseonics
Holdings, Inc., Insulet Corporation, Bayer AG, Ypsomed Holding AG, LifeScan,
Novo Nordisk, Medtronic PLC, Dexcom Inc., Abbott Diagnostics Inc., and Roche
Diagnostics are some of the key players operating in the Continuous Glucose
Monitoring Device Market.
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
·
Sensors
·
Insulin Pumps
Continuous
Glucose Monitoring Device end-use Outlook (Revenue, USD Million, 2015 – 2026)
·
Hospitals
·
Homecare Diagnostics
·
Others
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