LONDON, June 16, 2010 /PRNewswire/ -- The continuous glucose monitoring (CGM) market is in its development stage. The primary factor leading to the growth of the (CGM) market in Europe is the need for an easy-to-use and patient-friendly glucose-monitoring device. The traditional method of monitoring glucose was difficult and inconvenient for patients. The CGM method is not only hassle-free, but also gives a better diagnosis of diabetes.
New analysis from Frost Sullivan (http://www.patientmonitoring.frost.com), European Market for Continuous Glucose Monitoring, finds that the market earned revenues of $23.5 million in 2009 and estimates this to reach $52.0 million in 2016. The markets covered by region in this research service are Benelux, Germany, France, Italy, Scandinavia, Spain and the United Kingdom.
The most important driver of the CGM market in Europe the market is the requirement of a convenient, patient-friendly, and affordable device that facilitates superior therapy management for diabetes, says Frost Sullivan Senior Research Analyst Akanksha Joshi.
An increase in the aging population in the western European region has resulted in the higher incidence of fatal diseases such as cardiovascular diseases, diabetes and stroke, spurring the need for regular monitoring of the glucose levels of patients. Therefore, pioneering technology in the product line at considerably lower rates is sought after by the medical community to help in proper therapy management for diabetes, prevent the occurrence of cardiovascular disorder, reduce patient stay in hospital and lower the costs incurred by patients.
However, CGM is not reimbursed and the per sensor cost is steep. This restrains patients from purchasing the devices.
The traditional finger-stick method offers glucose monitoring solution at much lower rates and is reimbursed all across Europe, explains Joshi. On the other hand, while using a CGM the patient has to buy a starter kit and pay for the disposable sensors year-on-year, making the method of treatment more expensive.
Nonetheless, collaboration with established local companies will help manufacturers to provide effective services and, at the same time, maintain profit margins. Integration of continuous glucose monitors with insulin pumps will pave way for reimbursement options for manufactures, thus reducing the total cost incurred by patients.
To enable the market participants to include such systems in the reimbursable category, significant clinical evidence suggesting that the device is essential for the patient's well-being is required, concludes Joshi. Moreover, when CGM is integrated with insulin pumps, the product will become reimbursable as it is likely to fall under the medically essential classification of insurance agencies.
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European Market for Continuous Glucose Monitoring is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Market for Ventilation and Airway Management Devices, European Markets for Disease Management, European Telemetry Equipment Market, and European Market for Multiparameter midrange Patient Monitors. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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