CGMS market is gradually increasing due to increase in diabetes patients
The global continuous glucose monitoring system market is expected to reach $27.6 billion in 2020, says a new Research and Markets report.
Continuous glucose monitoring System (CGMS) are medical devices which enable the diabetic patients to track their glucose levels. Sensor, transmitter and receiver are the main components of CGMS devices which are available in the price range of $1000 to $1500. According to the report, CGMS market is gradually increasing due to increase in diabetes patients and pouring investment in research and development.
Globally, the major market for CGMS devices is North America which is responsible for 80 percent of the contribution in total revenues. The CGMS market has been facing tough competition from Self monitoring of blood glucose (SMBG) device market.
North America will continue to be the huge market for CGMS and SMBG devices. However, 80 percent of the total diabetic patients are from emerging economies such as India and China. These are untapped market and the healthcare companies must explore this market for increasing revenues and profit, the report stated.