China Continuous Glucose Monitoring Devices Market Poised To Witness High Growth Owing To Increasing Prevalence Of Diabetes

Continuous glucose monitoring (CGM) devices are medical devices used for monitoring blood glucose (sugar) levels in people with diabetes continuously for several days. They work by inserting a biosensing electrochemical strip transducer under the skin that measures the interstitial glucose levels.

The global CGM 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 Dynamics:

One of the key drivers propelling the growth of the China continuous glucose monitoring devices market is the increasing prevalence of diabetes in China. As per the International Diabetes Federation, currently, around 116 million adults live with diabetes in China and this number is expected to reach 137.4 million adults by 2045 if urgent action is not taken. Diabetes imposes a heavy economic burden and in 2021, the country spent an estimated USD 30.7 billion on diabetes related healthcare expenditures. CGM devices help in better management of diabetes by continuously monitoring glucose levels which helps lower blood sugar levels and reduces the risks of diabetes related complications.

Moreover, advancements in CGM technology is also fueling the market growth. Key players are focusing on developing innovative CGM systems that offer advanced features such as smartphone connectivity, smaller sensors, and longer sensor life. For instance, in 2021, Dexcom launched G7 CGM system with a 10 day wearable sensor and other smartphone connectivity features. Such innovations enhance customer experience and retention, thereby driving the adoption of CGM devices in China.

SWOT Analysis
Strength: The China Continuous Glucose Monitoring Devices market has a large patient population suffering from diabetes which creates a strong demand for these devices. Government initiatives to spread awareness about diabetes management and regular monitoring have boosted the market. Manufacturers are focusing on developing user-friendly devices with advanced features.
Weakness: Limited medical reimbursement policies act as a barrier for widespread adoption of expensive CGMS devices. Many patients cannot regularly afford out-of-pocket expenses. Accuracy issues persist with some low-cost devices requiring frequent calibrations with finger-prick tests.
Opportunity: Rising healthcare expenditure and increasing disposable incomes are contributing to higher spending on chronic disease management. There is scope to enhance product offerings targeted at younger patients and seniors. Partnerships with hospitals can aid penetration into lower-tier cities.
Threats: Stringent regulatory norms and delays in approval process impact the time-to-market for new products. Patent expiries of blockbuster drugs allow local firms to launch cheaper generics.

Key Takeaways
The China Continuous Glucose Monitoring Devices Market Growth is expected to witness high growth over the forecast period driven by a large diabetic patient pool, growing health awareness,and favorable regulations promoting preventive care. The global Continuous Glucose Monitoring Devices Market in China 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: The market leader is currently China and captures over 50% share owing to established local manufacturers and favorable reimbursement policies. Southern and Eastern China have the highest prevalence of diabetes owing to rapidly changing lifestyle and dietary habits in these regions. Key cities like Shanghai, Guangzhou and Shenzhen are major revenue contributors currently. However, Northern China is witnessing faster adoption rates as medical infrastructure develops in lower-tier areas.

Key players: Key players operating in the China Continuous Glucose Monitoring Devices market are Cargill Incorporated, Archer Daniels Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Tate & Lyle PLC, Didion Milling, Semo Milling, Agrana Beteiligungs-AG. Key players operating in the China Continuous Glucose Monitoring Devices market are Roche, Dexcom, Medtronic and Abbott. Roche dominates with its Accu-Chek brand and has a strong distribution network across hospitals. Dexcom is rapidly growing its market share with innovative products integrating with insulin pumps.

For more insights, read- https://www.pressreleasebulletin.com/china-continuous-glucose-monitoring-devices-market-trends-size-and-share-analysis/