Continuous Glucose Monitoring (CGM) devices are used to continuously monitor glucose levels in patients with diabetes, and provide real-time glucose data through a transmitter and sensor inserted under the skin. CGM devices help patients better manage their blood glucose levels and thus reduce complications associated with improper glucose management. The rising prevalence of diabetes is significantly driving demand for CGM devices in China.
The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 176.4 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing adoption of advanced diabetes management devices represents a major market opportunity. Rising awareness regarding diabetes self-management and care, coupled with increasing healthcare expenditure is expected to boost adoption of CGM devices in China. Furthermore, improving reimbursement policies by the Chinese government and private insurance providers for diabetes management devices like CGM systems, will further drive the market growth over the forecast period. Innovative technologies and new product launches by leading manufacturers, focusing on user-friendliness, affordability and accuracy of CGM devices, are also anticipated to provide significant opportunities in the China continuous glucose monitoring devices market during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is medium as Global China Continuous Glucose Monitoring Devices Market Size requires significant capital investment for R&D, manufacturing facilities, and regulatory approvals. However, presence of large player create barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high as there are many existing players offering similar products at competitive prices in the market. Buyers can negotiate on pricing and switch between brands easily.
Bargaining power of suppliers: The bargaining power of suppliers is medium as raw material suppliers have limited control over pricing due to availability of substitutes. However, suppliers of key components may negotiate on pricing.
Threat of new substitutes: The threat of new substitutes is medium as new non-invasive technologies for glucose monitoring may emerge as alternatives.
Competitive rivalry: Competition in the market is high due to presence of global and local players.
SWOT Analysis
Strength: Availability of advanced products, high accuracy of readings, and presence of major brands. Growing penetration of smartphones is enhancing connectivity of devices.
Weakness: High cost of devices, need for frequent calibrations, possibility of inaccurate results. Lack of reimbursement policies hinders adoption.
Opportunity: Rising diabetes incidence, increase in healthcare expenditure, growing awareness. Untapped rural markets offer significant potential.
Threats: Stringent regulatory approvals, data privacy and security concerns. Reimbursement policies vary significantly across regions.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 176.4 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030.
The China continuous glucose monitoring devices market is expected to witness high growth during the forecast period owing to rising prevalence of diabetes in the country. According to the International Diabetes Federation, there were 116 million adults with diabetes in China in 2020. The South East region dominates the continuous glucose monitoring devices market in China with the highest number of patients diagnosed with diabetes. The presence of major players and availability of advanced healthcare facilities have boosted adoption. However, the North region is expected to witness fastest growth during the forecast period buoyed by rising healthcare investments, growing awareness, and expanding eligibility criteria.
Key players operating in the China continuous glucose monitoring devices market are Medtronic PLC, Abbott Laboratories, Medtrum Technologies, Inc., Senseonics, Nemaura, STMicroelectronics, NXP Semiconductors, Qualcomm, Taiwan Semiconductor Manufacturing Company Limited, GE Healthcare, Microchip Technology Inc., Texas Instruments Inc., Micron Technology Inc., Renesas Electronics Corporation, and Toshiba Corporation.
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