Renub Research predicts that, by the year 2024, Global CGM market is forecast to cross more than US$ 4 Billion. Continuous Glucose Monitoring (CGM) systems are the new innovation in diabetes management. In Contrast, to traditional systems that allow for one time check of glucose levels, a CGM device notifies the user if the glucose level nears current levels. The device measures glucose from the tissues as contrasting to manual testing of blood by a finger-stick glucose meter assists in recognizing glucose levels for a longer period, while performing dissimilar activities.
Diabetes is a main worldwide concern that, as International Diabetes Federation (IDF) asserts, affects around 415 million populations in 2015. Effectual management of diabetes is crucial, especially considering the inactive lifestyle that most of the people around the globe have engaged. Continuous glucose monitoring (CGM) systems present the efficient solution in diabetes management through continuous real-time glucose monitoring.
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Behind safety evidence for CGM systems, rising awareness, and emergent demand are major factors driving demand around the globe. Conversely, soaring prices of these systems and the rather awkward experience of wearing of these relatively prominent gadgets all the day are currently limiting its demand in the middle income and Poor Countries, where there is insufficient penetration of services and healthcare IT products.
Report emphasizes on Glucose Sensors & CGM transmitters
The report studied the CGM market and it has been divided into 2 components i.e. Glucose Sensors and CGM transmitters. Transmitters & receivers along with sensors are known as standalone CGM systems, which are preinstalled by the manufacturer. Sensors are not reusable items, so after every 5 to 7 days it should be replaced.
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In CGM system, “Sensor is an integral part”. The compassion and type of the sensor are vital factors that influence the accuracy of sensing glucose level in the interstitial fluid. While, “Transmitters” grasp a leading share, accounting for over 50% (2015) of the market share, revenue contribution of the sensors segment is estimated to add the faster rate during the anticipated period (2017 – 2024).
Soaring Prices of CGM devices affects Low Income Nations
International Diabetes Federation (IDF) asserts that approximately 75% of the diabetic population lives in lower and middle income nations like India, China, Japan and Israel. Almost 50% of the worldwide diabetic population in 2015, in Asia-Pacific regions with occurrence rate being the maximum in India and China. Market penetration in these countries is relatively low, mainly due to high prices of CGM devices. Conversely, the scenario in Asia Pacific region is expected to change in the coming years because of the rising patient awareness and falling down prices of these systems. This would change the industry dynamics and impact the market growth positively.
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United States dominates the CGM Market Globally
CGM (Continuous Glucose Monitor) is an extremely relevant to almost all age groups to manage diabetes efficiently and effectively. The United States controls the global CGM Market. In Europe Germany and France, CGM market has grown to a noticeable strength. According to many experts, CGM is the best device for proper diabetes management for those having severe diabetes complications occurred periodically.
Reimbursement policy in Distinguished Nations
CGM reimbursement is still in its infancy stages in many countries but the policy has been expanding over a period of time and addition of technological device under diabetes management is implemented by many countries. At present, CGM is reimbursed for pediatric, gestational diabetes and Type 1 diabetes patients in some countries and it is expected that it will be accessible to all diabetes patients in due course of time. As countries are continuously expanding their diabetes management policy and several positive assessments are being done in favor of CGM it is expected to drive the market in future.
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