by Continuous glucose monitoring (CGM) devices provide real-time monitoring of glucose levels in interstitial fluid and are widely used for managing diabetes. CGM devices help in optimizing insulin therapy and reducing risk of hypoglycemia through continuously tracking of an individual’s glucose levels. The devices allow close monitoring of glucose readings through a small sensor inserted under the skin to detect tiny changes in glucose levels. The readings are transmitted via a transmitter to a monitor or receiver, enabling patients to easily track patterns and see how food, medication, exercise and other factors affect glucose levels. Rising prevalence of diabetes in China has significantly increased demand for CGM devices to help manage the chronic condition. It is estimated that over 140 million adults in China have diabetes as of 2022, posing a major healthcare burden.
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:
One of the major trends spurring growth in the China CGM market is technological advancements. Leading manufacturers are focusing on introducing innovative products integrated with advanced features. For instance, Abbott’s Freestyle Libre 3 CGM system approved in 2022 provides real-time glucose readings through a small sensor worn on the back of the upper arm for up to two weeks. It has no fingersticks required and also continuously displays current glucose reading and directional trend arrow through a Bluetooth connected receiver or smartphone. Such innovative products with enhanced functionalities are boosting adoption. Similarly, increasing adoption of integrated CGM systems is another prominent trend propelling market expansion. Integrated CGM systems allow continuous glucose monitoring along with automated insulin delivery through insulin pumps, thereby helping manage diabetes more effectively.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to absence of patents. However, established industry players and regulatory requirements limit new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products. However, rising health awareness increases dependency on CGM devices.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternate component suppliers and dependencies of industry on raw material supplies.
Threat of new substitutes: Threat of new substitutes is low as no close substitutes exist for CGM devices. However, self-monitoring blood glucose devices are alternatives.
Competitive rivalry: Market features strong competition among leading industry players. Companies compete based on product design, reliability, pricing and customer service.
Key Takeaways
The Global China Continuous Glucose Monitoring Devices Market Size is expected to witness high growth. 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.
China dominates the market owing to rising diabetes prevalence, increasing healthcare expenditure and growing geriatric population. The country accounted for over 35% of the Asia Pacific CGM devices market share in 2023. North America is the second largest market driven by supportive reimbursement policies and increased adoption of advanced diabetic care devices. Europe is also among the fast growing regional markets due to rising focus on effective diabetes management.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
