CGM Market To Witness Growth Based On Enhanced Demand In Hospitals, Homecare Diagnostics, Diagnostic Centers, Clinics Till 2024: Grand View Research, Inc.
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
Browse full research report on Continuous
Glucose Monitoring Devices Market
- 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.
For more information: http://www.grandviewresearch.com
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