The presence of a large pool of participants points towards the prevalence of a highly competitive vendor landscape in the global continuous glucose monitoring market, states a new research report by Transparency Market Research (TMR). The leading players in this market are Medtronic, Inc., Abbott Laboratories Inc., Dexcom Inc., Bayer AG, Senseonics Inc., GlySens Inc., Nova Biomedical Corp., and Insulet Corp. These players are likely to engage more into mergers, acquisitions, and strategic alliances in the near future, in a bid to gain more traction, notes the research study.
According to the research report, the global market for continuous glucose monitoring was worth US$370 mn in 2012. Expanding at a CAGR of 13.60% during the period from 2013 to 2019, the opportunity in this market is likely to reach US$910 mn over the period of the forecast. The key products available in this market are Guardian Real Time CGM system, Dexcom seven plus CGM system, freestyle navigator, Dexcom G4 platinum, and MiniMed paradigm revel/Veo system. Among these, the demand for Guardian Real Time CGM system is relatively higher and this trend is likely to continue over the next few years. The Demand for the Dexcom G4 platinum CGM system is also projected to increase significantly in the years to come, states the market report.
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North America to Remain Market Leader
On the basis of the geography, the worldwide market for continuous glucose monitoring is mainly spread across North America, Asia Pacific, Europe, and Rest of the World. In 2012, the global market was led by North America and researchers anticipate that this scenario will remain the same over the forthcoming years. The North America market for continuous glucose monitoring is majorly driven by the significant rise in the geriatric and the obese population and the continuous technical advancements in medical devices and equipment.
Among other regional market, Asia Pacific is anticipated to registers promising growth opportunities in the years to come. The constantly changing lifestyles of consumers, economic strengthening, and the rise in the patient awareness level are likely to boost the Asia Pacific market for continuous glucose monitoring, reports the research study.
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Increasing Demand for continuous Glucose Monitoring Systems to Boost Market
“With the increasing awareness about the efficiency of continuous glucose monitoring systems in displaying real-time glucose levels of patients at regular intervals, their demand is increasing continuously, leading to a tremendous rise in the global continuous glucose monitoring market,” says a TMR analyst. Over the coming years, the rising number of people being diagnosed with diabetes is projected to propel this market. However, the market may face challenges from unfavorable reimbursement policies and calibration issues in the near future, states the research report.