Continuous glucose monitoring (CGM) devices are medical devices used for monitoring glucose levels in patients with diabetes on a regular basis. These devices help in checking glucose levels using a small sensor inserted into skin that measures glucose in interstitial fluid every few minutes. The CGM devices are useful for remote patient monitoring and helps in better management of diabetes. The information from CGM devices can be accessed remotely by caregivers and physicians, allowing timely decisions to manage diabetes.
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 Opportunity:
The growing demand for remote patient monitoring in China is expected to present a significant growth opportunity for players in the continuous glucose monitoring devices market. The ability of CGM devices to transmit data remotely allows caregivers to track patients' glucose levels from anywhere and help in timely interventions. With rapid urbanization and changing lifestyles, remote monitoring helps in better management of diabetes without frequent hospital or clinic visits. The increasing focus on telehealth and telemedicine is supporting the adoption of CGM devices for remote diabetes care in China, which is expected to propel the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the China continuous glucose monitoring devices market. Manufacturing medical devices and obtaining regulatory approval requires significant capital investments and resources, presenting a barrier to entry. However, the growing market presents opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. While large hospitals and institutions can negotiate prices, individual consumers have less influence. However, increasing awareness about benefits of CGM devices empowers consumers.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. Key components such as sensors and transmitters have few substitutes and suppliers, giving them some power. However, established medical device makers can choose from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is moderate and growing. Alternatives like self-monitoring blood glucose devices compete with CGMs. However, CGMs provide added benefits of continuous and automated monitoring.
Competitive rivalry: Competition in the market is high as major global players dominate the market.
SWOT Analysis
Strengths: High demand for diabetes management, growing awareness about benefits of CGM.
Weaknesses: High costs of devices, limited insurance coverage.
Opportunities: Expanding customer base, potential for development of affordable products.
Threats: Threat from alternatives, stringent regulatory norms.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Demand is expected to witness high growth over the forecast period driven by increasing diabetes prevalence. 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 dominated the market accounting for around 40% share due to growing medical infrastructure and higher diagnosis rates in Guangdong and Fujian provinces. Several local companies are also focusing on developing affordable CGM devices to address the needs of low-income population in these regions.
Key players:
Key players operating in the China continuous glucose monitoring devices market are Dexcom, Abbott, Senseonics, Medtronic and Novo Nordisk. Dexcom and Abbott are the leading global players with continuous innovations in CGM technologies. Local companies like Lepu Medical are also expanding their presence with affordable CGM offerings.
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