Portland, OR, April 21, 2016 --(PR.com
)-- A new report published by Allied Market Research, titled, Europe Continuous Glucose Monitoring Systems Market - Opportunities and Forecasts, 2014 - 2021, projects that the European Continuous Glucose Monitoring Systems (CGMS) market would grow at a CAGR of 38.0% from 2015 to 2021. Sensors segment is anticipated to generate the highest revenue in the European CGMS market during the forecast period.
The European CGMS market is expected to witness dynamic growth, owing to increasing incidence rates of diabetes, growing per capita healthcare expenditure, and rising disposable income of individuals. In addition, CGMS offers various benefits over conventional glucose monitors such as higher precision, greater sensitivity, and periodic monitoring. CGMS technology is applicable in artificial/bionic pancreas; hence, several CGMS and insulin pump manufacturers focus on the development of novel and advanced CGMS. CGMS can be used across all age groups and various healthcare settings. However, unfavorable reimbursement policies for CGMS is expected to hamper the market growth.
Glucose sensors is expected to dominate the European CGMS component market during the forecast period due to CE approval on CGMS sensors and supportive reimbursement policies. Moreover, technological advancements in this sector have led to the development of sensor-augmented pumps that can be linked with CGMS devices for real-time monitoring using various wireless monitoring systems such as smartphones.
Germany is the leading revenue-generating country, owing to favorable guidelines about pricing and fixed reimbursement budget allocation for CGMs devices. In addition, the European CGMS market is estimated to exhibit significant growth in Norway, Sweden, and Denmark due to advanced diabetes care facilities and robust clinical guidelines and standards for diabetes management.
Key findings of the study:
U.K. is projected to grow at the highest CAGR of 40.9% during the forecast period.
Germany generated one-fourth of the total market revenue in 2015 and is projected to be the maximum revenue generating country till 2021.
Sensors segment accounted for about two third of the market revenue in 2015 and is projected to exhibit prominent growth during the forecast period.
U.K., Germany and France contributed over half of the market share in 2015.
Renowned companies, such as Senseonics and Rubin Medical, have adopted the collaboration strategy to commercialize their CGMS products in Denmark and Sweden. Increasing number of diabetic patients, well-structured diabetes management regime, and proactive initiatives taken by the government have encouraged several CGMS companies to invest in Europe. Medtronic Inc., Dexcom, Inc., Abbott Diabetic care, Senseonics Incorporated, Insulet Corporation, Echo therapeutics, Glysens Inc. and Animas Corporation are some of the prominent players in the European CGMS market.