Continuous glucose monitoring (CGM) devices provide real-time glucose data through a small sensor inserted under the skin to detect tiny changes in glucose levels. These devices help improve diabetes management by alerting users when glucose levels are too high or too low. The devices are used not only by diabetics but also doctors to better understand a patient's glycemic patterns over time and make lifestyle adjustments.
The Global China continuous glucose monitoring devices market Size is estimated to be valued at US$ 176.4 Mn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Prevalence of Diabetes
The rising prevalence of diabetes in China has boosted the demand for CGM devices. As per International Diabetes Federation, an estimated 11.6 million adults aged between 20-79 years had diabetes in China in 2019. Poor lifestyle habits such as sedentary lifestyle and unhealthy diets are primary reasons for rise in diabetes cases in the country. CGM devices help diabetics manage their condition effectively and avoid immediate health complications.
Ease of Use and Advanced Features
Driven by technological advancements, the new generation CGM devices are compact, comfortable to wear for longer duration and provide accurate readings. Integrations with fitness trackers and insulin pumps have added to their convenience. Real-time data sharing helps physicians and caretakers to promptly address any abnormal glucose level. Superior usability is encouraging greater adoption of CGM devices.
SWOT Analysis
Strength: China has a huge diabetic patient population which provides a large addressable market for continuous glucose monitoring devices. The Chinese government is undertaking various initiatives to improve healthcare infrastructure and awareness which will support the adoption of these devices. Local manufacturers offer these devices at competitive prices compared to international brands.
Weakness: Low awareness among patients regarding benefits of continuous glucose monitoring. Reimbursement policies for these medical devices are still evolving in China. Local players have less technological expertise compared to global market leaders.
Opportunity: Growing geriatric population prone to diabetes will escalate demand. Increasing preference for home healthcare is a major driver. Government focus on preventive healthcare presents an opportunity for mass health screening and early disease detection.
Threats: Strong competition from international brands may impact domestic players. Stringent regulatory approval process can delay product launches. Economic slowdown can dampen discretionary healthcare spending.
Key Takeaways
The China continuous glucose monitoring devices market is expected to witness high growth over the forecast period owing to factors such as rising diabetes prevalence, growing geriatric population, increasing healthcare expenditure etc. The market size is projected to reach US$ 176.4 Mn by 2023 registering a CAGR of 3.9% during the forecast period.
Regional analysis: The East China region currently dominates the China CGM devices market with the highest revenue share of around 35% in 2023. This is attributed to growing patient pool, availability of advanced healthcare facilities and presence of key players in provinces like Jiangsu and Zhejiang. The Central China region is expected to register the fastest growth during the forecast period supported by increasing government focus on enhancing diabetes management in provinces like Henan and Hubei.
Key players: Key players operating in the China continuous glucose monitoring devices market are Roche, Medtronic, Abbott, Dexcom and Senseonics. Roche leads the market with its Guardian Connect CGM system endorsed by doctors and patients. Medtronic has a strong product portfolio including Guardian Sensor 3 and Minimed devices. Abbott continues to strengthen its market share through extensive marketing initiatives of FreeStyle Libre CGM systems.
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