Continuous Glucose Monitoring Systems Market Players Invest in Expansion of Portfolio with Advanced Technologies to Bolster Market Presence
The continuous glucose monitoring systems market is anticipated to expand with a 12.1% CAGR in the period of projection between 2015 and 2020.Across the world, a large number of patients affected by covid-19 are also diabetes patients. Such patients are far more vulnerable to the effects of the virus, resulting in higher rates of mortality and morbidity. Consequently, the demand for continuous glucose monitoring systems in healthcare facilities has jumped during the crisis period. However, disruptions in supply chains have hindered market operations to an extent.
“New continuous glucose monitoring systems provide patients with information on medication dosages, food consumption, illnesses, and physical activities. The growth of digital tools in therapeutics has also supported manufacturers to reach patients with products and services. This trend will help sustain market growth throughout the coronavirus crisis,” states the FMI analyst.
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Continuous Glucose Monitoring Systems Market- Critical Takeaways
- Sensor components are witnessing high demand, propelled by tech advancements for higher accuracy in readings.
- Continuous glucose monitoring systems are largely used in home care settings, owing to efficacy and ease of glucose monitoring operations.
- Rising cases of hospitalization for diabetes is bolstering hospital setting applications.
- North America is a major continuous glucose monitoring systems market supported by government initiatives and growing cases of diabetes. Asia Pacific is displaying rapid growth owing to a larger diabetic population and rising healthcare expenditure.
Continuous Glucose Monitoring Systems Market- Drivers
- Rising cases of diabetes on a global scale is the primary factor driving adoption of continuous glucose monitoring systems.
- High efficacy and easy operations of CGM devices support sales and revenue.
- Patient preference for minimally invasive diabetes monitoring tools is aiding market growth.
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Continuous Glucose Monitoring Systems Market- Restraints
- Lack of standardization for reimbursement policies is a key factor restraining market growth.
- Continuous glucose monitoring systems require frequent recalibration, which hurts adoption.
COVID-19 Impact on Continuous Glucose Monitoring Systems Market
The increased risk of coronavirus to diabetic patients is a major factor bolstering the adoption of continuous glucose monitoring systems during the crisis period. Regulatory authorities are working with manufacturers to maintain supplies of transmitters, sensors, and tech support required for the operation of continuous glucose monitoring systems. Strong demand from hospitals and other healthcare facilities will bolster market prospects in the near future, even after the pandemic comes to an end.
Manufacturers in the continuous glucose monitoring systems market are encouraging research for product development. For instance, Glytec has revealed an insulin management software for performance improvements in continuous glucose monitoring systems called Glucommander.
Pfizer Inc., GlySens, Baxter International Inc., and Abbott Laboratories are some of the leading continuous glucose monitoring system manufacturers.
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About the Study
The study offers readers a comprehensive assessment of the continuous glucose monitoring system market. Global, regional and national-level analysis of the latest trends influencing the continuous glucose monitoring system market is covered in this FMI report. The study provides insights according to component (transmitter and monitor, sensor, and insulin pump), and end user (household, diagnostics center, and hospitals), in seven regions (North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific excluding Japan, and MEA).
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