The Global Continuous Glucose Monitoring Systems Market is Forecast to Reach $216m in 2016
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TheGlobal Continuous Glucose Monitoring Systems Market is Forecast to Reach $216m in 2016
The global Continuous Glucose Monitoring (CGM) systems market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 12% from 2009-2016, to reach $216m in 2016. The increasing worldwide diabetic population is the major driver for the CGM systems market. According to the International Diabetes Federation (IDF) the global prevalence of diabetes among adults aged 20-79 years of age is 6.6% in 2010 and will increase to 7.8% by 2030. About 220 million people worldwide have diabetes and it will reach 336 million by 2030. The market opportunity is high in emerging countries as 80% of all new cases of diabetes are expected to be reported in these countries by 2025.
Also, the incidence of childhood-onset type1 diabetes in group under the age of 15 is increasing in many countries in the world. About 76,000 children aged under 15 develop type 1 diabetes annually, worldwide. The large and growing number of insulin dependent diabetes patients, specifically in the US, Western Europe, and Japan, require continuous monitoring of their glucose levels. This type 1 diabetic population serves as the major patient pool for the usage of CGM systems. The increasing demand for non-invasive systems is leading to the development of new technologies which in turn will increase patient adoption of newer systems.
The US Remains the Largest Continuous Glucose Monitoring Systems Market
The US CGM systems market is expected to reach $209.5m in 2016, growing at a CAGR of 12% from 2009 to 2016. The US remains the largest CGM market with a market share of more than 96% in 2009. The CGM systems market in the US is going to be driven by the increased penetration of well-established players. The high acceptance of CGM systems from both physicians and patients coupled with a large diabetic population and an improvement in reimbursement policies is expected to drive the US CGM systems market in the near future.
Medtronic, Dexcom and Abbott with a Combined Market Share of About 99%, Dominate the Global Continuous Glucose Monitoring Systems Market
The global CGM systems market was dominated by Medtronic with 81.6% followed by Dexcom with 16.8% market share. The top three players accounted for 99.7% of the total market value in 2009.Medtronic, with more than 80% share, is the dominant player in the CGM systems market. The company’s MiniMed Paradigm is the best selling product in this area. The MiniMed Paradigm REAL-Time is the only Food and Drug Administration (FDA) approved product which integrates continuous glucose monitoring and insulin pump and thus results in effective glucose control. This has resulted in
an increase in the adoption of this product by physicians and patients. The strong revenues of Dexcom resulted from the increased demand of its SEVEN PLUS CGM device which is the only FDA approved product for continuous use up to seven days.
GlobalData’s new report, “Continuous Glucose Monitoring (CGM) Systems - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016” provides key data, information and analysis on the global Continuous Glucose Monitoring (CGM) systems market. The report provides market landscape, competitive landscape and market trends information on the Continuous Glucose Monitoring (CGM) systems market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.
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