Market Overview:
Continuous glucose monitoring (CGM) devices and systems are medical devices that measure glucose levels in interstitial fluid or blood continuously and provide glucose readings in real-time to help manage diabetes. CGM devices eliminate the need for frequent fingerstick testing and provide accurate and timely glucose monitoring. They alert patients when their glucose levels are too high or too low via remote monitor devices. The use of CGM devices and systems help improve blood glucose control and reduces the risks of diabetes-related complications. The market is driven by rising prevalence of diabetes, growing awareness about diabetes management, technological advancements in CGM devices and systems, and favorable reimbursement policies in China.
Market key trends:
One of the major trends in The China Continuous Glucose Monitoring Devices Market is the increasing adoption of remote or non-invasive CGM devices and systems. Traditional CGM devices require a sensor inserted under the skin. However, recent technological developments have enabled manufacturing of non-invasive or needle-free CGM devices that measure blood glucose levels from a small distance through the skin. These novel devices eliminate the need for finger pricks or insertion of sensors under the skin. For instance, in 2022, Medtronic launched Guardian 4 Connect CGM system that does not require finger pricks or sensor insertion. Such advancements are driving the demand for pain-free and hassle-free continuous glucose monitoring in China. Additionally, integration of AI and machine learning capabilities in advanced CGM devices and systems for personalized data analysis and decision support is another emerging trend gaining traction in China.
Porter’s Analysis
Threat of new entrants: The China continuous glucose monitoring devices market requires significant investments in R&D for technological advancements and is dominated by major players, which poses high entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several vendors providing similar products. However, increasing need for glucose monitoring devices aids their bargaining power.
Bargaining power of suppliers: Major technology players dominating the supply side gives them higher bargaining power. However, the availability of substitutes puts downward pressure on prices.
Threat of new substitutes: Alternatives like self-monitoring blood glucose systems pose threat of substitution. However, continuous glucose monitoring systems offer convenient real-time glucose monitoring without the need for frequent finger pricking.
Competitive rivalry: The market is highly competitive with major players differentiating based on product offerings, pricing, quality, technology, and customer service.
Key Takeaways
The China continuous glucose monitoring devices market size is expected to reach US$ 176.4 million by 2023, exhibiting a CAGR of 22.8% over the forecast period. Continuous innovation to develop advanced products and increasing diabetic population are expected to drive the market.
Regionally, South China dominated the market and is anticipated to grow at the fastest rate during the forecast period. This is attributed to improved healthcare infrastructure and rising awareness about diabetes management. North China is also expected to witness significant growth owing to the growing geriatric population.
Key players operating in the China continuous glucose monitoring devices market are Medtronic PLC, Abbott Laboratories, Medtrum Technologies, Inc., Senseonics, Nemaura, STMicroelectronics, NXP Semiconductors, Qualcomm, Taiwan Semiconductor Manufacturing Company Limited, GE Healthcare, Microchip Technology Inc., Texas Instruments Inc., Micron Technology Inc., Renesas Electronics Corporation, and Toshiba Corporation. These players are focusing on new product launches and partnerships with regional players to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
