The continuous glucose monitoring
(CGM) devices market is expected to reach USD 1.01 billion
by 2024, according to a new report published by Grand View Research, Inc.
The CGM
devices market is anticipated to witness a lucrative growth during the period
2016 to 2024.The prevalence of diabetes is increasing worldwide and calls for
the continuous monitoring of blood glucose levels. The traditional methods of
blood glucose monitoring have been compromised by the advent of continuous
glucose monitoring systems.
These
devices come with an innovative technology allowing quick and easy detection of
blood glucose levels in the tissue fluid utilizing a small sensor for
observation. By continuously observing readings at regular intervals, the
continuous glucose monitoring systems allow patients to take adequate measures
before hyperglycemic or hypoglycemic levels are reached.
Factors that
support the growth of CGM devices market are its benefits over the other blood
glucose monitoring systems, early detection of glucose levels, an increase in
the number of diabetics worldwide, and growing awareness among developing and
under-developing countries about such devices. The restraints for CGM devices
market are stringent regulatory impositions and expensive systems. One of the
key opportunities for this market would be the approval of the artificial
pancreas that would accelerate the application of CGM devices.
The CGM
devices industry, by product, is segmented into three types, transmitters and
receivers, sensors, and insulin pumps. On the basis of end-user, the continuous
glucose monitoring industry is categorized into hospitals, homecare
diagnostics, research institutes, diagnostics, and clinical laboratories.
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Further key findings from the study suggest:
- North America is expected to lead the market for CGM systems throughout the forecast period, owing to the presence of a large patient base and the growing demand for patient monitoring devices in the region. The U.S. leads the regional market due to its technological supremacy and ground breaking research innovations.
- Asia Pacific is anticipated to grow at the highest CAGR owing to an increase in market potential along with partnerships with well-established organizations in the region. Additionally, the emerging economies, such as India, is estimated to fuel the market growth during the forecast period.
- The homecare diagnostics segment is set to garner most of the revenue in this market owing to the utilization of these products at a primary level by patients on the grounds of efficacy and user-friendliness.
- Some key market players include Novo Nordisk, Abbott Laboratories, Dexcom, Inc., Roche Diagnostics, Medtronic, and Animas Corporation.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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