Continuous glucose monitoring (CGM) devices are medical devices used to track changes in blood glucose (sugar) levels in people with diabetes. They work by inserting tiny sensors just under the skin to measure glucose levels without the need for frequent finger pricks. CGM devices have advantages such as ease of use, near real-time monitoring and alerts for high or low blood sugar levels. With rising prevalence of diabetes in China, there is an increased need for continuous glucose monitoring to manage the disease effectively.
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 Opportunity:
Elderly people aged 60 and above are more susceptible to chronic conditions like diabetes. Continuous glucose monitoring devices provide hassle-free glucose monitoring for elderly diabetic patients. The large aging demography in China presents substantial opportunities for adoption of CGM devices, driving the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the China Continuous Glucose Monitoring Devices market is low as setting up manufacturing facilities requires huge initial investment.
Bargaining power of buyers: The buying power of buyers is high in this market as there are numerous established players offering similar products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw material suppliers are fragmented.
Threat of new substitutes: The threat of new substitutes is low as there are limited product alternatives for continuous glucose monitoring.
Competitive rivalry: The competitive rivalry is high due to presence of many global as well as local players offering similar products in this market.
SWOT Analysis
Strength: Continuous glucose monitoring devices offer real-time glucose monitoring without needing multiple daily finger pricks helping manage diabetes efficiently.
Weakness: High costs associated with continuous glucose monitoring devices limits their adoption.
Opportunity: Increasing prevalence of diabetes and growing healthcare expenditure in China provides growth opportunities.
Threats: Stringent regulatory approvals and reimbursement policies poses threats to market growth.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Size is expected to witness high growth owing to the increasing prevalence of diabetes. 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 for China Continuous Glucose Monitoring Devices market: China dominates the continuous glucose monitoring devices market in the region holding over 85% share due to rising aging population and changes in lifestyle.
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, The Andersons, Inc., LifeLine Foods.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it