The continuous glucose monitoring devices industry offers non-invasive and convenient ways to monitor blood glucose levels in patients with diabetes. Continuous glucose monitoring systems help manage diabetes more efficiently by tracking trends and detecting abnormal levels.
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 key trends:
Increased adoption of homecare services is driving the China continuous glucose monitoring devices market. Home healthcare enables patients to get necessary medical services and real-time monitoring at their homes rather than visiting clinics or hospitals. Continuous glucose monitoring systems allow remote monitoring of blood glucose levels, avoiding frequent visits to clinics. This leads to better management of diabetes and an improved quality of life for patients. Major medical device companies are focusing on developing cost-effective and user-friendly continuous glucose monitoring solutions for home use to capitalize on the rising popularity of home healthcare services.
SWOT Analysis
Strength: The Global China Continuous Glucose Monitoring Devices Market Sizeis driven by factors such as growing prevalence of diabetes, rising demand for remote monitoring devices, and government initiatives to promote digital healthcare.
Weakness: High device costs and restricted insurance coverage limit the adoption of CGM devices. Lack of awareness among patients also poses challenges.
Opportunity: Untapped rural areas provide new growth avenues. Technological advancements will further improve product features and widen the target base.
Threats: Stringent regulatory norms and data privacy issues increase compliance pressures. Supply chain disruptions due to geopolitical issues affect production.
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 North and East China regions currently dominate the market due to concentration of diabetic patients. Guangdong and Shandong provinces are the major revenue generators owing to their large population bases and improving healthcare infrastructure. The central and western parts of China are relatively underpenetrated but offer high potential for market expansion.
Key players
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. The prominent players are focusing on new product launches and technological innovations to consolidate their market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it