Continuous Glucose Monitoring Market: Competitive Research and Precise Outlook 2021 to 2028
Wilmington, Delaware: The global continuous glucose monitoring market depicts the presence of a large competitive vendor landscape, says Transparency Market Research on the basis of a newly research report. Such a high state of competition mainly exists due to the presence of innumerable players operating in this sector. Most companies are focusing on implementing prime strategies such as mergers and acquisitions, collaborations, and partnerships, to gain high revenue valuations in the continuous glucose monitoring market.
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Some of the key players operating in the global continuous glucose monitoring market are Medtronic, Inc., Abbott Laboratories Inc., Dexcom Inc., Bayer AG, Senseonics Inc., GlySens Inc., Nova Biomedical Corp., and Insulet Corp. With the number of players expected to rise in the upcoming future, the market is foretold to witness a highly intensified competitive scenario.
As per expert analysts from TMR, the global continuous glucose monitoring market had registered revenue valued at US$370 mn in 2012. This revenue is prophesized to reach US$910 mn during the forecast period ranging from 2013 to 2019. This growth is predicted to expand at a splendid CAGR of 13.60% during this forecast period.
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Under product type, the Guardian Real Time CGM system segment dominates the global continuous glucose monitoring market owing to its advantages possessed compared to other alternatives. With respect to regional spread, North America holds a leading position in the global continuous glucose monitoring market thanks to strong healthcare facilities associated with glucose monitoring processes in the region.
Rising Diabetes Cases Stoke Growth in Continuous Glucose Monitoring Market
Rising awareness about the efficiency of continuous glucose monitoring systems with regards to treatment of patients suffering from diseases caused by imbalance of glucose levels. This is majorly witnessed in case of diabetes occurrences. These occurrences are increasing in recent times due to changing lifestyles and rising cases of obesity and junk food eating. Hence, the global continuous glucose monitoring market is expected to showcase splendid growth in the near future.
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Rapid developments occurring in the healthcare sector mainly with respect to treatment of maladies showcasing changing glucose levels is majorly responsible for driving the continuous glucose monitoring market. Numerous players are pouring extensive investments to bring forth advancements to their monitoring systems. This too is a significant factor driving the global continuous glucose monitoring market in recent times.
Calibration Issues Stunt Use of the Glucose Monitoring Devices
However, the market is substantially challenged due to the presence of numerous unfavorable reimbursement policies put forth by healthcare organizations and other institutes. Some of these systems are quite expensive to manufacture, and this might translate into costly treatment processes. Those having less disposable income might not be able to opt for such costly treatments involving use of glucose monitoring devices.
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Moreover, many of these systems have calibration issues, thereby providing inaccurate and erroneous readings. These factors too exist as major hindrances for the global continuous glucose monitoring market’s growth. Nonetheless, several players are working towards reducing such issues in the systems, thereby aiming towards manufacturing highly upgraded products. This could offset effects of most restraints affecting the global continuous glucose monitoring market in the near future.
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