The China Continuous Glucose Monitoring Devices Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Diabetes and Technological Advancements

China Continuous Glucose Monitoring Devices Market

Market Overview:

Continuous glucose monitoring devices help in monitoring real-time glucose levels in interstitial fluid or blood of diabetic patients. They provide frequent glucose readings during the day and night to help patients and clinicians understand patterns with their glucose levels and adjusting treatment. The devices have sensors that are inserted under the skin to monitor glucose levels continuously.

Market Dynamics:

The China Continuous Glucose Monitoring Devices Market is expected to witness significant growth over the forecast period, owing to rising prevalence of diabetes in China. According to the World Health Organization, there were around 116 million adults with diabetes in China in 2021, making it the most affected country in the world. Growing diabetic population increases demand for glucose monitoring devices to manage the condition. Technological advancements in CGM devices are also fueling market growth. Newer devices provide accurate real-time glucose readings, smartphone connectivity for data sharing with caregivers, and are smaller in size reducing patient discomfort. Manufacturers are focused on developing innovative products to expand customer base in China.

SWOT Analysis

Strengths:

- Growing diabetic population in China requiring glucose monitoring.

- Increasing healthcare expenditures and supportive government policies driving market growth.

- Technological advancements enabling development of miniaturized and portable continuous glucose monitoring devices.

Weaknesses:

- High costs of continuous glucose monitoring systems limiting widespread adoption.

- Lack of reimbursement policies for CGMs in many regions of China.

Opportunities:

- Untapped rural regions in China presenting new growth opportunities.

- Rising awareness about benefits of continuous glucose monitoring for better diabetes management.

Threats:

- Strong competition from alternative self-monitoring blood glucose devices.

- Stringent regulatory requirements for new product approval delaying market entry.

Key Takeaways

The global China Continuous Glucose Monitoring Devices market is expected to witness high growth, exhibiting CAGR of 22.8% over the forecast period, due to increasing prevalence of diabetes and growing healthcare expenditure in China.

Regional analysis:

The China region currently dominates the continuous glucose monitoring devices market, capturing over 60% of the share in 2023. Rising geriatric population, improving access to healthcare facilities and growing adoption of advanced diabetes management solutions are driving the growth of CGM devices market in China.

Key players:

Key players operating in the China Continuous Glucose Monitoring Devices market are Medtronic PLC, Abbott Laboratories, Medtrum Technologies, Inc., Senseonics, Nemaura, Microchip Technology Inc., STMicroelectronics, NXP Semiconductors, Qualcomm, Taiwan Semiconductor Manufacturing Company Limited, GE Healthcare, Renesas Electronics Corporation, and Toshiba Corporation.

Read More:

https://www.dailyprbulletin.com/china-continuous-glucose-monitoring-devices-market-trends/