by Continuous glucose monitoring devices help manage blood glucose levels in patients with diabetes by continuously monitoring glucose levels in interstitial fluid. These devices play an important role in diabetes management by alerting patients in real-time about high and low blood glucose levels. They do not require frequent finger pricking like self-monitoring of blood glucose using glucometers and provide constant visibility to glucose readings which helps users efficiently manage their blood sugar levels. The growing prevalence of diabetes in China has boosted demand for these devices to better manage the disease. Nearly 141 million adults aged 20-79 in China had diabetes in 2020 and this number is expected to rise further over the coming years driving need for continuous glucose monitoring solutions.
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 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the China continuous glucose monitoring devices market has been the introduction of smartphone-integrated devices. These devices integrate with smartphones and alert users about their glucose levels and trends via phone apps. They provide convenience to users by eliminating the need for a separate monitor device. Several players have launched such Bluetooth and Wi-Fi enabled CGM devices integrated with popular health and fitness apps making monitoring more user-friendly. Growing preference for wireless, app-based CGM solutions among tech-savvy Chinese demographics is expected to continue shaping market trends over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as continuous monitoring systems involve high development costs and established regulations. However, new technologies can disrupt the market.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and increasing prevalence of diabetes in China driving price sensitivity.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to standardized components and established supply relationships.
Threat of new substitutes: The threat of new substitutes is moderate as continuous monitoring complements self-monitoring through discrete time-point testing.
Competitive rivalry: Competition in the market is high with regional and global players catering to the growing demand.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Growth is expected to witness high growth over the forecast period supported by rising diabetes prevalence, increasing health awareness, and technological advancements. 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 5.7% over the forecast period 2023 to 2030.
Regional analysis:
North China dominates the market currently due to developed healthcare infrastructure and awareness. However, South China is expected to witness the fastest growth driven by increasing penetration in lower-tier cities and expanding customer base.
Key players:
Key players operating in the China continuous glucose monitoring devices market are Dexcom, Abbott, Senseonics Holdings, Inc., and Medtronic. Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG, The Andersons, Inc., LifeLine Foods primarily focus on innovations to cater to the Chinese population’s needs for diabetes management. Abbott launched FreeStyle Libre 3 system that requires less frequent calibration than other CGM devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
