June 25, 2024

China Continuous Glucose Monitoring Devices Market Driven By Rising Prevalence Of Diabetes In China

Continuous glucose monitoring (CGM) devices have revolutionized the management and monitoring of diabetes by continuously tracking blood glucose levels. CGM devices have a small sensor that is inserted under the skin to check glucose levels in interstitial fluid. The sensors measure glucose every few minutes and transmit the data to a monitor or smartphone. This helps manage diabetes more effectively by closely tracking the impact of diet, medication, exercise, stress and other factors on blood glucose. CGM devices provide real-time alerts when glucose levels are too high or too low, reducing the risk of dangerous complications.

The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 2 Billion in 2024 and is expected to exhibit a CAGR Of 3.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the China continuous glucose monitoring devices market is the development and launch of advanced systems with cutting-edge features. Several companies are focusing on integrating CGM systems with other digital health technologies to offer complete diabetes management solutions. For instance, Dexcom has launched its G6 CGM system with smartphone compatibility for easy data sharing and remote monitoring capabilities. Abbott launched the FreeStyle Libre 2 CGM device with extended 14 day wear which does not require finger pricks for calibration. Such innovative products are expected to gain more popularity and drive the overall market growth during 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 it requires huge capital investments and stringent regulations.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players and low differentiation between products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitute components.

Threat of new substitutes: The threat of new substitutes is low as continuous glucose monitoring offers better accuracy and real-time monitoring compared to alternatives.

Competitive rivalry: The competition in the market is high due to the presence of Dexcom, Abbott, and Senseonics.

Key Takeaways

The China Continuous Glucose Monitoring Devices Market Demand is expected to witness high growth. The global China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 2 billion in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031.

Regional analysis

The Southern region dominates the China Continuous Glucose Monitoring Devices Market owing to increasing obesity rates and growing geriatric population suffering from diabetes. The Eastern region is also expected to grow significantly during the forecast period supported by improving healthcare infrastructure and rising awareness.

Key players

Key players operating in the China Continuous Glucose Monitoring Devices Market are Dexcom, Abbott, and Senseonics. Dexcom leads the market with innovative products whereas Abbott focuses on expansion strategies. Senseonics offers cost-effective alternatives to gain market share.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it