According to a new report published by Allied Market Research, titled, "Continuous Glucose Monitoring Systems (CGMS) Market by Components, Demographics, and End User: Global Opportunity Analysis and Industry Forecast, 2016-2024," the market was valued at $894 million in 2016, and is projected to reach $4,921 million by 2024, registering a CAGR of 22.9% from 2018 to 2024.

The Continuous Glucose Monitoring System (CGMS) market has emerged as a promising diabetes management tool for monitoring all types of diabetic patients. Replacement / repetitive sales of components such as sensors accelerate the growth of the CGMS market. Continuous glucose monitoring systems are mainly used by patients suffering from hypo and hyperglycemic conditions.
The CGM market has grown significantly due to increased worldwide incidence of diabetes, increased benefits of CGMS devices compared to POC glucometers, increased awareness of developing countries and underdeveloped economies, and technological advances focused on developing CGMS devices I did. However, the absence of proper refund of the device is a major barrier to the adoption of the device.
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The major companies profiled in the report are
• Abbott Laboratories
• Dexcom Inc.
• Menarini Diagnostics
• Echo Therapeutics Inc.
• Insulet Corporation
• GlySens Incorporated
• Johnson & Johnson
• Medtronic plc
• Senseonics Holdings Inc.
• F. Hoffmann-La Roche Ltd.

By component, the sensor generated the highest revenue in 2016, accounting for more than two-thirds of the global continuous blood glucose monitoring system market. According to demographics, the adult population was the highest-earning segment in 2016 and the highest-ever segment of the population.

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Key Findings of the Continuous Glucose Monitoring Systems (CGMS) Market:
• The sensors segment contributed for nearly two-third share of the global continuous glucose monitoring systems market in 2016.
• The integrated insulin pumps segment is projected to grow at a significant CAGR of 17.3% from 2018 to 2023.
• The ICUs segment is projected to grow at a significant CAGR of 22.3% during the forecast period.
• Germany and France are the major shareholders, which collectively accounted for more than one-fourth share of the European continuous glucose monitoring systems market in 2016.
• Japan is the major shareholder, accounting for more than one-fourth share of the Asia-Pacific continuous glucose monitoring systems market in 2016.
Geographical analysis shows, North America and Europe are the most lucrative market segments in the global CGMs market. High purchasing power that renders increased affordability for CGMS devices are the key factors responsible for the growth of this market in Europe and North America. Asia-Pacific market is expected to grow at a highest CAGR of 29.7% over the analysis period and thus constitutes potential market opportunity for the new market players. Moreover, factors such as rise in the number of patients with diabetes, growth in the purchasing power of the patients and awareness can positively impact the growth of the market in this region.

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