Continuous Glucose Monitoring Devices Contribute Largest Share
Market Overview:
Continuous glucose monitoring devices provide real-time glucose level readings through a sensor attached to the skin with a thin insertion device. These devices offer advantages such as ability to monitor trends and patterns, identify low or high patterns, and alert users when glucose levels rise or fall to abnormal levels. The need for continuous monitoring devices arises due to increasing population suffering from diabetes and associated complications.
Market key trends:
Cloud-based CGM systems are gaining popularity as they offer real-time data sharing with healthcare providers and family members. These cloud-based systems provide patient glucose trends and insights through a mobile application or web portal. The cloud storage of data allows physicians to track patterns over time and efficiently manage diabetes. This is encouraging more individuals to opt for connected CGM systems for remote monitoring.
Segment Analysis
The China Continuous Glucose Monitoring Devices Market in China is dominated by self-monitoring blood glucose systems (SMBG) segment which held around 60% of the market share in 2023. SMBG systems are conventional glucose monitoring systems that require pricking of finger for blood sample collection. Their high penetration and availability of low-cost products have led to the dominance of this segment in the Chinese CGM devices market. However, continuous glucose monitoring (CGM) systems segment is expected to witness fastest growth during the forecast period owing to growing preference for non-invasive monitoring and advantages of real-time glucose monitoring provided by CGM systems.
Key Takeaways
The global 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 geriatric population.
Regional analysis
The CGM devices market in China is dominated by East China region which accounted for around 35% share in 2023. Higher population and economic growth in provinces like Jiangsu and Zhejiang have contributed to the large share of East China region. However, North China region is poised to witness fastest growth during the forecast period owing to increasing healthcare investments and awareness regarding diabetes management.
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. Medtronic and Abbott control over 65% of the market share due to their established product portfolio and brand presence in China.
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