Worldwide continuous glucose monitoring (CGM) market is projected to accumulate up to US $1,325.9 million by the year 2025, showing a 15.8 percent CAGR, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
According to the latest report, the global continuous glucose monitoring market is significantly driven by the burgeoning prevalence of diabetes across the world, coupled with the rising demand for glucose level testing. Industry analysts believe that the innovative technology that allows convenient access to blood glucose level analysis, will trigger the growth of the overall industry. Rising awareness of the use of these gadgets in the emerging countries is expected to fuel the CGM market development in the ensuing years. Also, the growing need for the diagnosis of hypoglycemic and hyperglycemic conditions and multiplying opportunities in the developing nations, along with growing need of research & development by key market players promote market expansion. On the other hand, several stringent government policies and expensive systems are likely to impede the growth of the market over the forecast timeframe.
The latest report entails an exhaustive examination of global continuous glucose monitoring market the in view of the crucial market dynamics, drivers, along with current market scenario and future prospects. The report also takes into account multiple market restraints and challenges which tend to influence the scope of commercialization of this industry over the forecast period. Additionally, the report involves a detailed industry analysis based on Porter’s five forces including the degree of competition, bargaining power of buyer, threat of new entrant, bargaining power of supplier, and threat of substitute.
Speaking of the component gamut, the worldwide continuous glucose monitoring market is bifurcated into transmitters & receivers, insulin pumps, and sensors. Reportedly, the sensors segment had bagged the largest market fragment with respect to revenue, in the global CGM market in the year 2018. The segment is anticipated to maintain its stance over the predicted period by virtue of the advantages offered by it, such as ascending awareness about blood glucose level testing in minimum time, and user-friendly technology.
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On the basis of the end user landscape, the global market is segmented into hospitals, homecare diagnostics, and others. The homecare diagnostics segment is said to be holding the largest share in the CGM market, owing to the constant innovations of products which can be operated without the intervention of hospital staff.
Depending on the geographical segmentation, the global market comprises five major regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Market analysts claim that North America currently holds the leading position in the global CGM market, while Europe and Asia Pacific also exhibit significant signs of market growth. Development in the North America CGM market is boosted by escalating obesity rate in the region, the tech-savvy people, sedentary lifestyle, and growing prevalence of diabetes. The report speculates that the APAC market would grow rapidly over the estimated timeline, backed by the flourishing economies of China and India.
The report enumerates well-known players of the global CGM market, namely Medtronic Plc, Dexcom Inc., Abbott Laboratories, Ypsomed AG, Novo Nordisk, Animas Corporation, Insulet Corporation, Sensonic Corporation, Bayer AG, and Roche Diagnostics.