Published Date: 14-May-2020
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According to a new report Global Continuous Glucose Monitoring Device Market, published by KBV research, The Global Continuous Glucose Monitoring Device Market size is expected to reach $8.5 billion by 2026, rising at a market growth of 12.4% CAGR during the forecast period. Growing cases of diabetes have accelerated the market, along with the rising use of continuous glucose monitoring (CGM) devices. CGM devices are minimally invasive and provide a simple and reliable approach to diabetes treatment. They can also track dramatic changes in levels of blood glucose, thereby avoiding hypoglycemic disorders.
With the sudden break of Covid-19 in late months of year 2019, the markets worldwide are unfortunately experiencing its grip. The suppliers and consumers of the products & Services are affected in a big way across the sectors resulting in declining revenues in last quarters of year 2019. The declining trend in market sizes is expected to not only sustain but will also amplify itself in year 2020 hugely disturbing the economies worldwide.
On the basis of component type, the market for continuous glucose monitoring systems is segmented into transmitters and sensors. Since sensors are the most important component of these products, they held the largest market share in the past. Such sensors are expected to drive segment growth during the forecast period as technical advancements to increase accuracy. The Transmitters market is poised to grow at a CAGR of 13.1% during (2020 - 2026).
The segment of home care settings has led the global market and is expected to see the highest CAGR over the forecast period. These devices provide patients with decreased doses of insulin and promote continuous blood glucose monitoring. Due to secure and effective control of blood glucose, home care settings are expected to fuel the market for CGM devices. The Hospitals market is expected to witness a CAGR of 12.6% during (2020 - 2026). The growing number of hospital visits to treat diabetes was responsible for increasing the use of these devices in hospitals. Complications caused by diabetes require hospital visits, such as retinopathy, nephropathy, and neuropathy. Therefore, hospital settings are also expected in the near future to capture significant market share.
The North American region is predicted to be the global industry leader. Growing diabetes cases and national government initiatives to control the disease at a wider level are projected to drive growth in the region. Asia Pacific market is predicted to have the fastest growth over the projected period. The high prevalence of the disease has spurred global demand development in developed countries such as India and China. In addition, increasing healthcare spending, extensive business activity, and supportive regulatory policies will have a positive effect on the development of this region's market. Additionally, The Europe market is experiencing a CAGR of 12% during (2020 - 2026).
Structural Insights: https://www.kbvresearch.com/continuous-glucose-monitoring-device-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Abbott Laboratories, Medtronic PLC, F. Hoffmann-La Roche Ltd., Novo Nordisk A/S, DexCom, Inc., Ypsomed AG, Senseonics Holdings, Inc., GlySens, Incorporated, A. Menarini Diagnostics Ltd. (The Menarini Group), Echo Therapeutics, Inc., Johnson and Johnson.
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