The glucose monitoring system usually refers to the usage of equipment and devices that help in monitoring the glucose level in the blood. The market for the continuous glucose monitoring system is growing rapidly due to the rising prevalence of diabetes across the globe. With growing technological advancement and increasing awareness in underdeveloped and developed economies drive the growth of the market in the coming years.
Technological advancement in the healthcare industry is likely to boost the global continuous monitoring systems market
The demand for continuous glucose monitoring system has been escalating with the advancement in the manufacturing and production domain of medical products and devices. The glucose level in the blood is a significant factor for the treatment and diagnosis of various infections and diseases in the body and therefore medical practitioners are largely using and purchasing glucose monitoring systems to track the patients' health. This particular factor is is likely to boost the growth of the market over the projected period. Some of the other factors such as rising prevalence of diabetes across the globe, increasing elderly population, rising innovative product and technology, and growing awareness among patients are propelling the growth of the market in the near future.
However, inadequate reimbursements and product recalls are some of the factors that restrict the growth of the glucose monitoring system market.
Sensors segment accounts for the largest market share over the anticipated period
The global market for the continuous glucose monitoring system is segmented into by product type and by applications.
Based on the product, the market is segmented into Integrated Insulin Pumps, Sensors, and Transmitters & Receivers. The sensors segment occupies the largest market share due to bulk purchases, recurring sales, and short scrap life of the product. Therefore, sensors are installed in the diagnostic clinics/centers.
The application type is segmented into Home Healthcare, Diagnostics/Clinics, and ICUs. Therefore the adoption of a continuous glucose monitoring system in this segment has raised in last few years.
North America to lead the Global Continuous Glucose Monitoring Systems Market
Due to the unhealthy lifestyles the population in North America has been suffering from several disorders and diseases such as high blood pressure and diabetes which is responsible for the growing demand of the continuous glucose monitoring system during the predicted period. Europe is also expected to grow at a remarkable rate in the coming years. The Asia Pacific market is likely to grow during the predicted period.
Launching of new products is the significant strategy of the key players functioning in the global continuous glucose monitoring systems market
A large number of medium and small players are operating in the global market for glucose monitor system offering immense growth opportunity particularly in the developing economies. The top players are focusing on the new product launches and product approvals to develop their market strategies in an attempt to increase their market share.
Some of the key manufactures operating into the global market for continuous glucose monitoring system are F. Hoffmann-La Roche Ltd, Abbott Laboratories, Senseonics Holdings, Inc, Dexcom, Inc., Medtronic, A. Menarini Diagnostics, Johnson & Johnson, Echo Therapeutics, Inc., GlySens Incorporated, and Insulet Corporation.