Tuesday, 21 January 2014
CGM: Now diabetes cannot stop you from living
Glucose Monitoring System is am efficient device to provide you with the information of glucose level in your body. In order to get an insight about glucose highs and lows after eating different kinds of food, CGM is very useful; especially for diabetic patients. Thus, immediately taking note of changing glucose level, one can take required precautions on the spot.
As per report by Allied Market Research, market for continuous glucose monitoring will reach $568.5 million by 2020 from $194.8 in 2012 at a CAGR of 14.8%. As per AMR’s analysts, this growth of market is because of factors like its ease in use over conventional glucose monitoring devices, its ability to detect hyper and hypoglycemic situation at an early stage, increased awareness among population globally and rising diabetes cases.
As per the report, Market is gradually overcoming the challenge of commercialization for closed loops Continuous Glucose Monitoring devices with technological innovation. Analysts stated that it will lead to mass adoption of CGM. Factors such as CGM’s superiority over self-monitoring devices, Approval for artificial pancreas by FDA and rising diabetic incidence will boost the market growth.
Experts studied that factors like accuracy and cost, less attractive reimbursement policies and stringent regulatory imposition has negatively impacted the commercialization.
As per the report, CGM market is divided into CGM devices, application, types of diabetes, and on the basis of age. Home settings under application type shared the largest part of revenues in 2012. But, hospital market under application segment of CGM is anticipated to be the leading market player in 2020. However, glucose sensor is expected to leady the market in terms of revenue by 2020, as per the analysts.
Transmitter and receivers had the highest market share of $88.5 million in 2012. However, analysts estimated that Glucose sensor will surpass it with a figure of $235.9 million by 2020 at CAGR of 15.3%. Also, insulin pumps are forecasted to have highest growth rate between 2013 and 2020.
North America shared highest revenue in 2012, but Asia Pacific is estimated by AMR’s report to witness the highest growth between 2013 and 2020.