Portland, Oregon (PRWEB UK) 30 May 2014
According to the new market research report titled "Continuous Glucose Monitoring Market (CGM Systems, Application, Diabetic Type, and Adoption by Age Group) - Current Trends, Size, Share, Industry Analysis, Competitive Intelligence, Growth, Opportunities and Global Forecasts, 2012 - 2020" by Allied Market Research, the global continuous glucose monitoring (CGM) market is projected to reach $568.5 million by 2020 from 2012 value of $194.8 million growing at a CAGR of 14.8% during 2013 - 2020. The major factors driving the market growth are convenience offered by CGM over conventional glucose monitoring devices, earlier detection of the hypo and hyperglycemic events, rise in incidences of diabetes cases globally, and awareness among global population.
"The market is overcoming several challenges towards the commercialization of closed loop CGMs with significant focus on technological innovation. This is expected to take the concept of CGM to a next level from research to mass adoption" noted AMR analyst Debbie Shields. Despite such encouraging innovations, commercialization has not reached to desired levels. Major factors responsible for this are issues related with accuracy as well as cost, less attractive reimbursement coverage, and strict regulatory impositions. "However, the under commercialization is presenting opportunities for the marketers as new and innovative products will easily take the advantage of lower product presence," Debbie explains. The impact of FDA approval for artificial pancreas, superiority of CGMs over self-monitoring devices and rise in diabetes cases will have significant impact on the overall market growth.
The complete report is available at http://www.alliedmarketresearch.com/continuous-glucose-monitoring-cgm-market.
The market is categorized into CGM devices, application, type of diabetes, and on the basis of age. In the CGM application market, home settings was largest revenue generating segment in 2012. CGM application in hospitals is expected to emerge to be the most attractive segment in the overall application market during the forecast period.
In the overall market, largest revenue is projected to be generated from glucose sensors. This is mainly due to the fact that more improvement is expected in the sensors during forecast period.
View similar market studies by AMR
Global male infertility market: The male infertility market is expected to grow to $301.5 million by 2020 with a CAGR of 4.9% during 2013-2020. Male infertility is defined as the inability of a male to impregnate his female partner after a year of unprotected intercourse. 20% of the total infertility is due to male factors. The major factors driving the male infertility market are the change in lifestyle, increasing age, environmental effects, etc., and these factors are majorly contributing to the rise in male infertility levels.
Global digital pathology market: The digital pathology is a new technology that has digitalized the instruments used in the pathology labs for testing. The digitalization has led to the automation of the tests done during the diagnosis procedures. For example, a single digital instrument operated by a single pathologist can perform tests that were previously done using five instruments. The global digital pathology market, valued at $1.98 billion in 2012, is estimated to reach $5.7 billion by 2020. Automation in the conventional methods of pathology is the major driving force of this market, which has resulted in workflow efficiency, efficiency in analysis. Thus, resulting in fast and accurate results of the pathology tests.
Global medical device connectivity market: In today’s information age, medical device connectivity allows establishment of connection between various medical equipment and devices in a healthcare setting for information sharing. The global medical automation market attained market value of $ 43,200 million in 2013 and expected to have a sustained growth. Medical devices connectivity market is gaining significance as it allows better patient monitoring and information system, which is the key driver of the market. Additionally, the connected medical devices carry important information such as maintenance schedule along with device tracking system through real time location system (RTLS).
Global pain management devices market: Pain management is a stream of medical sciences that eases the suffering of patients who have chronic pain. The global medical devices market is expected to grow at a CAGR of 7.1% between 2012 and 2017 with revenue of $303 billion, by 2017. The pain management devices market is expected to grow at a respectable rate. Pain management has gained significance over the last few years as it eases the sufferings of patients, which is the key driver for the market growth. For example, tech giant Google has entered the pain management market to develop smart contact lenses to monitor glucose levels in diabetic patients. This will save the patients from the pain of pricking their fingers for blood glucose test.
Global portable medical electronic products: Portable medical electronic devices are the electronic equipment used in healthcare industry for monitoring, operating managing medical conditions. The global market for minimal invasive medical device is expecting the growth of approximately $24 billion. Increase in the aging population, and rising healthcare costs are driving the growth for this market. Increase in technological advancement will affect the cost of medical devices, which is providing a competitive edge for the manufacturers. For example, Rapid technological advancement in semiconductor is providing large-scale integration and reduced power consumption for ECG devices. The growth of global market for portable medical electronic devices is hampered due to security concerns in the device, and connectivity problems.
Transmitters and receivers market accounted for the largest share of revenue of the overall Global continuous glucose monitoring systems market at $88.5 million in 2012. However, Glucose sensors market will surpass transmitters & receivers and attain a market size of $235.9 million by 2020 growing at a CAGR of 15.3% during 2013-2020. Insulin pumps segment is expected to have the highest growth rate during the analysis period.
North America region accounted for the largest share of revenue of the overall global continuous glucose monitoring systems market in 2012, whereas Asia Pacific will have the highest growth rate during the analysis period.
Browse all medical devices research reports by Allied Market Research at http://www.alliedmarketresearch.com/medical-devices-market-report.
The report analyzes 2011, 2012 market and forecast demand for continuous glucose monitors through 2020. Companies profiled in this report include Medtronic Inc., Dexcom Inc., Novo Nordisk, Spring Health Solution Ltd, Roche, Animas Corporation, Ypsomed AG, and Insulet Corporation.
Allied Market Research (AMR) is a global market research and business consulting wing of Allied Analytics LLP based inPortland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in capturing most accurate market data and confirms utmost accuracy of our market forecasts. Each and every data presented in the reports published by us is also extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5320 SW Macadam Avenue,
Suite 100, Portland, OR 97239
Toll Free: +1(855)711-1555 (U.S. & Canada)