The continuous glucose monitoring devices help manage blood glucose levels continuously for people with diabetes. It provides real-time glucose level readings as well as alerts patients when their levels are too high or too low. Currently, these products play a vital role in improving the quality-of-life for millions facing diabetes 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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing diabetes problem in China has been a key trend propelling the Global China continuous glucose monitoring devices market Size in the country. As per estimates, more than 130 million people suffer from diabetes in China currently. This makes China home to the largest diabetes population globally. As diabetes symptoms worsen and complications arise if not managed well, there is a growing demand for glucose monitoring devices that can help maintain ideal blood sugar levels and avoid health issues. Continuous glucose monitoring devices are gaining more importance as a cornerstone for diabetes management and prevention of long-term health impacts in China.
SWOT Analysis
Strength: Continuous glucose monitoring devices offer real-time glucose readings and trends that help manage diabetes better. They reduce the number of finger pricks required for testing blood glucose levels.
Weakness: These devices are expensive and not affordable for many patients. The sensors also need to be replaced frequently, increasing recurring costs.
Opportunity: Growing prevalence of diabetes in China is increasing demand for diabetes management devices. Favorable government policies for accessibility of diabetes care products present an opportunity.
Threats: Strict regulations and lengthy approval process for new medical devices in China poses challenges. Patent expirations of blockbuster drugs increases competition.
Key Takeaways
The China continuous glucose monitoring devices market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is projected to reach US$ 176.4 Mn, indicating strong growth prospects.
Regional analysis: The south China region currently dominates the market due to growing medical facilities and rising incidence of diabetes. Cities like Guangzhou and Shenzhen are major revenue generators. However, north and northeast China are anticipated to exhibit fastest growth during the forecast period owing to increasing healthcare investments in these regions.
Key players: Key players operating in the China continuous glucose monitoring devices market are Roche, Dexcom, Medtronic and Abbott. Roche leads the market with its products like Accu-Chek and EGlucose devices. Dexcom is expected to strengthen its presence with innovative G6 CGM system and partnership deals with local diabetic management clinics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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