Continuous glucose monitoring systems are real-time monitoring systems for checking glucose levels in the body. The system consists of a tiny sensor inserted under the skin to test glucose levels in the tissue fluid. The sensor stays in place for several days to a week and then must be replaced. A transmitter sends information about glucose levels via radio waves from the sensor to a pager-like wireless monitor. The key advantage of continuous glucose monitoring is that it can help identify fluctuations and trends that would otherwise go unnoticed with standard HbA1c tests and intermittent finger stick measurements.
Development in the multi-parameter mid-range patient monitoring devices can create a new opportunity for further expansion. Collaboration with established local companies can be helpful for manufacturers to provide effective services and maintain profit margins simultaneously. Further cost reduction by integration of continuous glucose monitors with insulin pumps can be helpful for CGMs to achieve significant popularity among the price sensitive Asian consumers.
The CGM systems market is a highly specialized niche market; it can be further segmented into the market for transmitters-receivers and the one for glucose. The U.S. is contributing the maximum in terms of the total revenue earned from CGMs. The European market is still in a nascent stage and contributes a small amount to the total revenue. The Asia-Pacific region and Brazil also contribute very little to the global revenues.
The CGM systems markets in the U.S and Europe are growing at a fast pace and estimated to reach to a three digit (in USD million) market size globally at a CAGR of double digits. The rapid increase in the number of diabetes patients is the major driving force for the estimated growth. The most important driver for the CGM market in Europe is the need for a convenient, affordable, and patient-friendly device that facilitates superior therapy management for diabetes and this need can be fulfilled by CGM devices.
In the present scenario, the slow growth rate of the market in the Asian region is due to the late launch of CGM systems and a slow acceptance of these systems in low and middle income nations such as China and India due to the unaffordable price. In Japan and Australia, various regulatory approvals are a hindrance for the growth of the market.
Some of the market players in this industry include Medtronic Inc., DexCom Inc., Abbott Diabetes Care Inc and others.
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