PRNewswire–According to a new market research report, the global continuous glucose monitoring market is projected to reach $568.5 million by 2020–up significantly from the 2012 figure of $194.8 million due to a projected compound annual growth rate of 14.8 percent.
The report, from Allied Market Research, is 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.”
According to Allied, the major factors driving CGM market growth are the convenience it offers over conventional glucose monitoring devices in providing earlier detection of hypo and hyperglycemic events, the rise in the number of diabetes cases globally, and growing awareness among the global diabetes population of CGM technology.
The report categorizes the market by devices, application, type of diabetes, and patients’ age. In the CGM application market, home settings was largest revenue-generating segment in 2012. However, CGM application in hospitals is expected to emerge as the highest-growth segment in the overall application market during the forecast period.
In the overall market, glucose sensors are projected to generate the largest revenue, mainly due to improvements in sensor technology over the next seven years.
Transmitters and receivers market accounted for the largest share of revenue in the global CGM market at $88.5 million in 2012. However, the glucose sensors market will surpass transmitters and receivers to reach a market size of $235.9 million by 2020, growing at a compound annual rate of 15.3 percent.
While North America accounted for the largest share of revenue of the global CGM systems market in 2012, the Asia-Pacific region is expected to have the highest growth rate during the analysis period.
Companies profiled in the report include Medtronic Inc., Dexcom Inc., Novo Nordisk, Spring Health Solution Ltd, Roche, Animas Corporation, Ypsomed AG, and Insulet Corporation.