China Continuous Glucose Monitoring Devices Is Estimated To Witness High Growth Owing To Rising Prevalence Of Diabetes In China
Continuous glucose monitoring devices are medical devices used to monitor glucose levels continuously in patients with diabetes. They allow measuring glucose levels in real-time by insertion of a tiny sensor through the skin and transmitting glucose data via transmitter to a receiver or smart device. This helps in managing diabetes more efficiently by guiding insulin injections and dietary decisions.
The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at Us$ 2 Bn in 2024 and is expected to exhibit a CAGR Of 3.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of diabetes in China is one of the major drivers for growth of continuous glucose monitoring devices market in the country. As per the International Diabetes Federation, there were 133.4 million adults living with diabetes in China in 2019, the highest number globally. This is estimated to reach 151.7 million by 2045, unless urgent prevention and management improves. Continuous glucose monitoring devices provide valuable insights into glucose levels to users, healthcare providers and caregivers to better manage diabetes. Moreover, technological advancements in these devices with introduction of smart sensors, transmitters and receivers with cloud-connectivity that provide real-time glucose reports on smart devices and computers are further fuelling adoption. However, high device costs and limited insurance coverage still pose challenges to widespread uptake of continuous glucose monitoring in China.
SWOT Analysis
Strength:
- Continuous glucose monitoring devices help manage diabetes by keeping track of glucose levels in real-time without the need for finger pricking. This makes managing diabetes more convenient.
- Technological advancements have led to compact and easy-to-use continuous glucose monitoring devices which are gaining popularity among patients.
- Higher awareness and acceptance levels regarding benefits of continuous glucose monitoring are driving more patients and physicians to opt for these devices.
Weakness:
- Continuous glucose monitoring devices are more expensive than traditional self-monitoring blood glucose devices, restricting adoption levels.
- Accuracy and reliability of data obtained from some continuous glucose monitoring devices is still being improved by manufacturers.
Opportunity:
- Growth of aging population and rising obesity levels are resulting in higher prevalence of diabetes in China, opening up opportunities.
- Government initiatives to promote digital health management and remote patient monitoring are expected to boost adoption of continuous glucose monitoring devices.
Threats:
- Entry of local manufacturers producing low-cost alternatives can capture market share from established brands.
- Stringent regulatory norms and data security issues may delay product approvals and commercialization.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 2 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031.
The regional analysis indicates that South China region currently dominates the market and is expected to grow at the fastest pace going forward due to growing diabetes prevalence and supportive government healthcare programs focusing on digital health adoption.
Key players operating in the China continuous glucose monitoring devices market are Roche, Dexcom, Abbott, Medtronic and Senseonics. Roche and Dexcom currently have the largest market share. Local players such as Lepu Medical and Ypsomed are also gaining ground with their affordable continuous glucose monitoring systems.
The key players operating in the China continuous glucose monitoring devices market are focusing on new product launches, expanding regional presence and collaborating with local hospitals and clinics to drive adoption. Technological advancements in sensor accuracy and smartphone integration are also expected to boost demand.
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