Continuous glucose monitoring devices are medical devices used for monitoring blood glucose level in patients suffering from diabetes continuously and in real-time. These devices help in analyzing long-term trends in glucose levels and determine how food, medication, exercise and stress affect blood sugar.

The global 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 Dynamics:

High Growth Owing to Increasing Prevalence of Diabetes: China has the largest diabetes population in the world with over 100 million people suffering from the disease. The high prevalence of diabetes is expected to increase the demand for blood glucose monitoring devices for better management and control of diabetes. According to the International Diabetes Federation (IDF) China Atlas 2021, the prevalence of diabetes in China is estimated to increase from 142 million in 2021 to 191 million by 2045. The increasing prevalence of diabetes is expected to drive the growth of the continuous glucose monitoring devices market in China over the forecast period.

Real-Time Continuous Glucose Monitoring Helps in Better Management of Diabetes: Continuous glucose monitoring devices help in monitoring glucose levels continuously and in real-time. This helps people with diabetes get an accurate understanding of how different lifestyle factors such as food, medication, exercise and stress affect their blood sugar levels. Real-time glucose monitoring provides alerts whenever glucose levels fall or rise so that corrective action can be taken immediately. This leads to better management of diabetes and reduces the risk of complications. Thus, the ability of continuous glucose monitoring to facilitate better diabetes management is expected to fuel market growth during the forecast period.

SWOT Analysis

Strength: Global China Continuous Glucose Monitoring Devices Market Size provide comprehensive and accurate real-time glucose level tracking for patients with diabetes. This helps manage blood sugar levels more effectively and prevents complications. The portability of these devices also allows for freedom of movement while monitoring glucose readings. Government initiatives and funding for digital health are encouraging adoption of advanced diabetes management technologies.
Weakness: Continuous glucose monitoring can be more expensive than conventional self-monitoring of blood glucose using finger sticks. The sensors also need to be replaced regularly, increasing ongoing costs. Certain groups may find the device inconvenient or discomforting to wear continuously. Data accuracy can be impacted by user behavior and device calibration.
Opportunity: Growing prevalence of diabetes and increasing awareness about benefits of tight glycemic control present a sizable addressable patient population. Younger demographic is more open to novel digital health solutions. Expanding indications to pre-diabetes and broader population screening can further stimulate market growth. Partnerships with digital health platforms allow for remote monitoring and telehealth services.
Threats: Stringent regulatory approvals and reimbursement policies can delay product launches. Established rivals have significant resources for R&D and marketing. Data privacy and cybersecurity concerns may hinder patient acceptance of connected monitoring devices. Alternate sensing technologies from new entrants could disrupt the market.

Key Takeaways

The China continuous glucose monitoring devices market is expected to witness high growth over the forecast period of 2023 to 2030. The global 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 prevalence of diabetes is increasing rapidly in China due to changing lifestyles and aging population. According to estimates, around 140 million people in China have diabetes or prediabetes currently. This growing patient pool represents a sizable market opportunity for CGM devices, which can help achieve better glycemic control. China dominates the Asia Pacific continuous glucose monitoring devices market currently. Favorable government policies supporting digital healthcare adoption and increasing healthcare spending are driving the market in China. Major players are focusing on expanding their presence through partnerships and new product launches catering to the local requirements. The Chinese market is expected to witness the fastest growth during the forecast period.

Key players: Key players operating in the China continuous glucose monitoring devices market are Medtronic PLC, Abbott Laboratories, Senseonics, STMicroelectronics, 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 currently dominate the market with their established product portfolios and brand presence. Other players are focusing on new product development and partnerships to gain market share.

Get More Insights On This Topic: https://www.trendingwebwire.com/china-continuous-glucose-monitoring-devices-market-analysis-growth-forecast-outlook-2023-2030/