China Continuous Glucose Monitoring Devices (CGM) Market has emerged as a prominent market owing to growing awareness and demand for advanced diabetes management solutions. CGM devices play a pivotal role in glycemic management for diabetes patients through real-time continuous monitoring of glucose levels. They assist diabetes patients through alerts regarding high and low blood glucose levels and provide a detailed overview of glucose fluctuations over a period of time to help manage the condition better. Though initial upfront costs of these devices are high, overall healthcare expenditure is reduced in the long run due to better diabetes control and reduction in hospital admissions for emergencies like hypoglycemia.
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 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
According to International Diabetes Federation, China has the second highest number of diabetes patients in the world with over 116 million diabetics. Growing aging population and increasing lifestyle diseases like obesity are expected to further boost diabetes burden demanding effective solutions like CGM for glycemic control. Another key driver propelling the China CGM devices market growth is the increasing awareness about benefits of real-time glucose monitoring through conferences, social media campaigns by manufacturers and diabetes advocacy groups. This is encouraging more patients to opt for CGM devices compared to self-monitoring blood glucose meters. However, high costs of these advanced devices especially for uninsured or underinsured patients act as a barrier to wider adoption. Manufacturers are focusing on lowering device costs through reimbursement programs to make CGM accessible for more diabetes patients in China.
SWOT Analysis
Strength: China has the largest population in the world which presents a huge potential customer base for continuous glucose monitoring devices as diabetes cases are increasing rapidly. It also provides many low-cost manufacturing options to device makers. Regulatory policies are gradually being updated to promote innovative medical technologies.
Weakness: Low healthcare access and coverage in rural areas may limit adoption. Initial costs of continuous glucose monitoring devices are high which discourages use. Some local firms still lack capabilities for cutting-edge research.
Opportunity: Growing health awareness and diabetes prevalence is stimulating demand for long-term glucose control options. If regulatory barriers ease further, many international firms could boost investments. Rising incomes increase affordability of premium healthcare products over time.
Threats: Intense competition from rivals may squeeze profit margins. Knock-off products undermine branded devices’ sales potential. Trade tensions rise risks of tariffs disrupting supply chains.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Size is expected to witness high growth. 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 5.7% over the forecast period 2023 to 2030.
Regional analysis related content: The China market dominates the Asia Pacific continuous glucose monitoring devices market. It accounted for over 70% of sales in 2023 in the region due to high population suffering from diabetes in China.
Key players related content comprises Key players related content: 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. These players have established positions in distributing continuous glucose monitoring devices in China. They are focusing on expanding their product portfolios and regional presence through strategic collaborations.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.