North America Continuous Glucose Monitoring System Market Forecast 2017-2025
The North America CGMS market was valued at $716 million in the year 2016 and is expected to reach a value of $9509.18 million by 2025 with a CAGR of 34.3%. North America has colossal market share of CGMS market. With an awareness of benefits of using continuous glucose monitoring systems, better healthcare infrastructure, accelerated incidences of diabetes due to a sedentary lifestyle and high healthcare expenditure are some of the factors leading to the market growth.
The global CGMS market is anticipated to expand during the forecast years 2016-2025. The diverse factors leading to the CGMS market are an augmented increase in the number of people suffering from diabetes, authorization of artificial pancreas, greater awareness, and improved healthcare infrastructure and ease of using CGMS devices.
Continuous glucose monitoring system aids in measuring the content of sugar in blood in both hypoglycemic and hyperglycemic diabetic patients. It also implicates measuring glucose levels at regular intervals to get an exceptional insight into the glucose level trends. A glucose sensor is placed under the tissue as an injection with a syringe to get the glucose content from the tissue fluid. The glucose level data is then transmitted from the sensor to receiver display with the help of radio waves. Information of HbA1C and the levels of Fructosamine levels in the blood are also provided by the monitor.
On the global level, the number of diabetics has been accelerating at a startling rate. Currently, approximately 423 million people have diabetes and the statistics are anticipated to expand and reach up to 642 million people by 2030 according to the estimation of WHO data. The prevalence of diabetes is exceeding in the moderate to low income countries. Approximately 12.50% of the global health expenditure is spent on diabetes each year. The technological advancements and innovations as well as the authorization of the artificial pancreas benefit in the control and management of diabetes.
The market is segmented by application, product type and geography. There are diverse product types comprising CGMS including the transmitters and receivers, and the sensors. The Sensors are further segmented on the basis of holter type retrospective sensors, insulin pumps, non-invasive glucose sensors, minimally invasive glucose sensors and real-time sensors. The glucose monitors applications end-users include homes, hospitals, diagnostics and clinics.
High acceleration in the prevalence of diabetes, rising health awareness in developing countries, changes in lifestyle, sedentary lifestyle, the rise in the need of efficient and hassle-free monitoring of blood and the launch of an artificial pancreas are the market drivers for CGMS.
The most market share includes the product type, transmitters, and receivers. During the forecast period, it is anticipated that the insulin pumps will show a good CAGR by capturing a big market share. An effective growth rate for Sensors is also expected during the forecast period.
Hospitals have the largest market share in terms of the end-user segment. The highest CAGR is expected for Home healthcare as an end-user.
High costing of continuous glucose monitoring systems, deficient reimbursement options, and stringent regulatory norms are the factors that are likely to restrain the market growth.