Rise in incidence of diabetes across the globe has elevated the need of innovative diabetic management devices which in turn has increased adoption of continuous glucose monitoring (CGM) devices. The existing glucose monitoring devices have few gaps which are bridged by the innovative CGM. With continuous glucose monitoring, significant improvement has been observed in stabilizing elevated A1C levels which in turn reduces risk of developing long term diabetic complications. Other driving factors for CGM market are technological innovation in the form of artificial pancreas, increasing awareness among developed, developing and under developed economies, and rise in incidences of diabetic patients. However, factors such as strict regulatory impositions, inadequate reimbursement options for CGM and accuracy as well as cost of the CGMs are restraining the market growth.
The global continuous glucose monitors market generated revenue of $194.8 million in 2012 and is expected to reach market size of value $568.5 million by 2020 growing at a CAGR of 14.8% during 2013-2020. This growth is attributed to increase in technological innovations namely launch of artificial pancreas, convenience offered by CGM over self monitoring glucose devices, and earlier detection of the hypo & hyperglycemic events by CGM.
BRICSS Cardiac Monitoring and Diagnostic Devices sector to worth US$406 million by 2016
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