by Market Overview:
Continuous glucose monitoring (CGM) devices work by inserting a tiny sensor just under the skin to check glucose levels in interstitial fluid without the need for finger pricks. They help in managing diabetes by alerting the wearer when their glucose levels are too high or too low. CGM devices have become increasingly popular in China due to their ability to provide real-time glucose readings throughout the day and night.
Market Dynamics:
The China Continuous Glucose Monitoring Devices Market is witnessing high growth driven by the increasing prevalence of diabetes in the country. As per the International Diabetes Federation (IDF), approximately 141 million Chinese adults aged 20-79 years were living with diabetes in 2021. This rising burden of the disease is prompting more people to adopt CGM devices for efficient glucose monitoring and management. Furthermore, the Chinese government is undertaking various initiatives to improve access to diabetes care technologies. For instance, some basic CGM devices are covered under the national insurance system, making treatment affordable. Additionally, favorable reimbursement policies are encouraging more hospitals and clinics to recommend CGM usage. These supportive regulations are fueling the demand for CGM devices in China. Lastly, ongoing technological advancements are resulting in the development of miniaturized, affordable and user-friendly CGM systems with improved accuracy. This is increasing diabetes patients’ acceptance of CGM devices for enhanced glucose management.
Segment Analysis
The China continuous glucose monitoring devices market is segmented into homecare and diagnostic centers. The homecare segment dominates the market owing to the increasing awareness and adoption of CGMs among patients for diabetes management at home. CGMs help patients track their glucose levels remotely and detect patterns which helps them manage diabetes better without visiting diagnostic centers regularly.
PEST Analysis
Political: The Chinese government is taking initiatives to curb the rising diabetes prevalence by improving access to diagnostic devices and treatment. It has passed regulations mandating health insurances to cover costs of CGMs.
Economic: Rising healthcare spending on diabetes management and increasing disposable incomes are fueling the demand for costly but effective diabetes monitoring devices such as CGMs.
Social: Growing health awareness and changing lifestyles are leading to more cases of diabetes in China. This is propelling demand for home-based care and remote monitoring tools.
Technological: Advancements in minimally invasive sensor technologies, wireless connectivity, and data analytics are making CGMs more affordable and user-friendly. This is expected to increase adoption.
Key Takeaways
The China continuous glucose monitoring devices market size was valued at US$ 176.4 million in 2023. The market is expected to witness robust growth at a CAGR of 22.8% during the forecast period owing to rising diabetes prevalence, growing geriatric population, increasing health insurance coverage for diabetes care devices, and launch of affordable and accurate CGMs.
Regional analysis indicated that South China dominates the market due to higher concentration of diagnostic device manufacturers, distributors and availability of advanced healthcare facilities in this region. North and West China are also lucrative markets but are currently growing at a faster pace due to growing healthcare infrastructure development in these regions.
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. Major players are focusing on launching affordable sensors and cloud-based services to tap the high-growth potential in lower-tier areas. Product portfolio expansion and partnerships with local distribution channels are other key strategies being adopted.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
