Continuous Glucose Monitoring Systems Market SWOT Analysis, Business Growth Statistics with Key Players Insights & Forecast | FMI Report
Future Market Insights (FMI) provides key insights on the global continuous glucose monitoring system (CGM) in its market research report, “Continuous Glucose Monitoring Systems Market: Global Industry Analysis and Opportunity Assessment
The incidences of diabetes have been increasing across the globe and over the last two decades, diabetes has emerged as a serious health issue. The mortality rate among the age group of 20 to 80 years has increased due to diabetes. Thus, people have become more health conscious and monitor their glucose status regularly so that they will be able to take immediate action under critical conditions.
The key factors driving the continuous glucose monitoring systems market include advancement in CGM technology, increase in prevalence of diabetes, and rising geriatric population.
The key trends analysed by FMI in continuous glucose monitoring systems market include development of innovative CGMs, focus on getting U.S. FDA approval, and integration of CGMs with mobile apps and Apple Watch.
FMI has segmented the CGM systems market into household, and hospital and diagnostics centres.
The household segment accounted for nearly 68.8% share of the overall market in 2015; FMI estimates this segment to expand at a CAGR of 11.9% during the forecast period 2015-2020.
The hospitals and diagnostics centres segment is anticipated to expand at 12.5% CAGR during the forecast period and account for 31.8% market share by 2020.
On the basis of components, FMI has segmented the continuous glucose monitoring systems market into transmitter and monitor, sensor, and insulin pump. Among the aforementioned segments, sensor component segment is anticipated to expand at the highest CAGR of 13.9%.
FMI’s analysis on the competitive landscape in the continuous glucose monitoring systems market has revealed that Medtronic has the largest share. Dexcom and Abbott are projected to account for market shares of 31.1% and 16.7% respectively.
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North America is the most lucrative region for continuous glucose monitoring market, accounting for a market share of 58.6% in 2015. Western Europe is the other big market, with FMI projecting the CGM systems market to account for 20.9% by 2020.