China Continuous Glucose Monitoring Devices Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Prevalence of Diabetes
Continuous glucose monitoring (CGM) devices are medical devices that continuously monitor glucose levels in interstitial fluid or blood. They help in tracking patterns such as hyperglycemia or hypoglycemia and determining whether further adjustments need to be made in food, exercise, or medication.
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 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing Prevalence of Diabetes
According to International Diabetes Federation, in 2021, an estimated 133.2 million Chinese were living with diabetes, accounting for one-third of the world’s total diabetes population. The prevalence rate of diabetes in China has increased dramatically over the past few decades due to changes in diet, lifestyle, and increased urbanization. With growing number of diabetes cases, the demand for continuous glucose monitoring devices is expected to increase rapidly over the forecast period. CGM devices have huge growth potential in China as they enable people with diabetes to better manage their condition and health outcomes.
Porter's Analysis:
Threat of new entrants: Low-moderate threat as the CGM devices market in China requires substantial R&D efforts and capital to develop innovative products. However, new players are entering the market with support from private investors and government funds.
Bargaining power of buyers: Moderate bargaining power as buyers have several options from domestic and international players but brands play a crucial role in purchase decisions.
Bargaining power of suppliers: Low bargaining power as suppliers depend highly on a few dominant players for bulk sales and have high switching costs involved to change suppliers.
Threat of new substitutes: Low threat as there are limited substitutes for CGM devices and technological innovations are increasing scope of CGM Devices.
Competitive rivalry: High rivalry as the major players compete intensely on product portfolio expansion, pricing, and brand marketing.
SWOT Analysis:
Strengths: Growing diabetic patient population, increasing healthcare expenditure, favourable government policies for diabetes management and incentives for innovations.
Weaknesses: Limited insurance coverage in rural areas, presence of alternatives like self-monitoring devices, high device costs limiting widespread adoption.
Opportunities: Untapped rural markets, collaborations with hospitals/clinics, strategic partnerships between device makers and app developers to launch advanced integrated solutions.
Threats: Stringent regulatory approvals delaying new product launches, data privacy and security concerns, reimbursement policies remain challenging.
Key Takeaways:
The Global China continuous glucose monitoring devices market Size is expected to witness high growth during the forecast period backed by supportive initiatives and rising diabetes prevalence. The government is taking efforts to upgrade diabetes management facilities in rural regions through strategic programs. 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 3.9% over the forecast period 2023 to 2030.
Regional analysis: The South China region currently dominates the market owing to presence of leading players and advanced healthcare infrastructure. Cities like Guangzhou and Shenzhen are emerging as key hubs. However, North and Northwest China are expected to showcase fastest growth rates during the forecast period driven by government focus on improving access in remote areas.
Key players analysis: Key players operating in the China continuous glucose monitoring devices market are Dexcom, Abbott, Medtronic, Senseonics, Insulet and GlySens Incorporated. Dexcom and Abbott together hold over 60% market share due to strong brand recognition and wide product portfolio. However, local players like Yingwei and Lepu are gaining traction with low-cost alternatives.
Get More Insights On This Topic: https://www.newswirestats.com/china-continuous-glucose-monitoring-devices-market-forecast-outlook-trend-2023-2030-2/
Explore More Trending Article On This Topic: https://allmeaninginhindi.com/unveiling-the-stealthy-threat-of-catheter-related-blood-stream-infection/
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- Spiele
- Gardening
- Health
- Startseite
- Literature
- Music
- Networking
- Andere
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
English
Arabic
Français
Español
Português
Türkçe
Dutch
Italiano
Russian
Romaian