Continuous Glucose Monitoring Systems Market Overview
Continuous glucose monitoring system is a device inserted on skin which is a boon for the diabetes patients as it helps to monitor real time glucose levels in interstitial fluids of the patients. It helps in giving continuous information about the glucose levels and suggesting or maintaining the glucose level in patients. Increasing prevalence of diabetes and advancements in self blood glucose monitoring systems are accelerating the growth of the global continuous glucose monitoring systems market.
The various components included in these systems are: sensors, that detects the level of interstitial glucose; transmitters, that send real time information in the form of readings to the receiver; and integrated insulin pumps, that deliver the required amount of glucose to patient’s body. Among these components, sensors is expected to be the leading category in the continuous glucose monitoring systems market, since these need to be replaced frequently.
Type1, Type 2, and gestational diabetes are the major application areas in the continuous glucose monitoring systems market. Of all these applications, type 2 diabetes is the largest revenue generating category in the global market.
Based on demography, the continuous glucose monitoring systems market is bifurcated into child population (<=14 years) and adult population (>14 years). The market in the category of adult population is predicted to hold the larger market share, as adults are more susceptible to disease, as compared to the other category.
North America has the highest prevalence rate for diabetes, due to which the region will hold the largest share in the continuous blood glucose monitoring systems market, throughout the period of analysis. Furthermore, the region had 9.4% of its population having with diabetes, in 2015. Besides, region-wise diabetes prevalence rates are highest in the WHO Eastern Mediterranean followed by South-East Asia, and African Regions, and much lower in the remaining regions. In the European and South-East Asia Regions and the Region of the Americas, high blood glucose mortality rates are considerably higher for men than for women. Such demographic changes are predicted to lead to high demand for these products in the coming years, across the globe.
On the basis of end user, the continuous glucose monitoring systems market is classified as diagnostic centers and clinics, hospitals, ICUs, and home healthcare. Home healthcare is expected to be the fastest growing end-user category in this market during the forecast period, mainly on account of easy to use nature of these products.
Continuous Glucose Monitoring Systems Market Dynamics
Increasing prevalence of diabetes is a notable factor for the growing demand of in the continuous blood glucose monitoring systems industry, across the globe. According to the World Health Organisation (WHO), the global prevalence of diabetes increased from 4.7% in 1980 to 8.5% in 2014. Moreover, the International Diabetes Federation (IDF), states that over 1 million children and adolescents have type 1 diabetes.
Diabetes is also a major cause of other health conditions, such as blindness, kidney failure, heart attacks, stroke, and lower limb amputation. Furthermore, hyperglycemia has affected one in six births and increases the risk of heart and blood vessel damage, eye damage, skin issues, hearing impairments, and Alzheimer’s disease. These risk factors have increased the need for these products, which, in turn is supporting the growth of the market.
Furthermore, according to the IDF diabetes atlas - 8th edition, the global expenditure on diabetes is projected to increase from 727 billion dollars in 2017 to 776 billion dollars by 2045. This indicates an increasing demand for continuous glucose monitoring systems, to constantly monitor the levels of diabetes in the patients. However, factors like limited government reimbursements are impeding the growth of the continuous glucose monitoring systems market.
Continuous Glucose Monitoring Systems Market - Competitive landscape
Dexcom Inc. and Medtronic plc are the two major players in the continuous blood glucose monitoring system industry. Dexcom G4 Platinum, manufactured by Dexcom Inc. has an in built sensor which alerts the users about the rise in glucose level above threshold. Medtronic plc on the other hand markets three products namely: Guardian Real Time, MiniMed Paradigm Real-Time Revel, and MiniMed 530G with Enlite. Among these Guardian Real Time and MiniMed Paradigm Real-Time Revel are approved for pediatric use as well.
The industry is also witnessing several advanced product approvals. For instance, in 2018, the United States Food and Drug Administration (USFDA) approved Guardian Connect System by Medtronic plc, which monitors blood glucose levels in every five minutes and displays the values through the Guardian Connect app installed on a compatible mobile device (i.e., an iPhone or iPad).
Some of the other players in continuous glucose monitoring system industry are: Baxter International Inc., Animas Corporation, Abbott Laboratories, Pfizer Inc., Novo Nordisk, Ypsomed Holding, and GlySens Incorporated.