Continuous Glucose Monitoring Devices To Accelerate Growth In China Owing To Increasing Adoption Among People With Diabetes
The China continuous glucose monitoring devices market is expected to be flourished by increasing adoption among diabetic population. Continuous glucose monitoring (CGM) devices continuously monitor glucose levels in interstitial fluid or blood. These devices are less invasive than frequent finger pricking and significantly improve glycemic control for people with diabetes. Popular CGM systems include the Dexcom G6 CGM System and Abbott's FreeStyle Libre Flash Glucose Monitoring System.
The global 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 Dynamics:
Increasing adoption among diabetic population: One of the key drivers for the growth of the China continuous glucose monitoring devices market is the increasing adoption among people with diabetes. According to the International Diabetes Federation, there are an estimated 151 million adults living with diabetes in China as of 2021. Continuous glucose monitoring devices allow people with diabetes to monitor glucose levels without frequent finger pricking and help in better diabetes management.
Growing awareness: Implementation of various awareness programs by healthcare organizations, the government, and device manufacturers is also fueling the adoption of CGM systems in China. Rising awareness regarding benefits of continuous glucose monitoring over conventional self-monitoring of blood glucose is increasing the acceptance of these devices.
Segment Analysis
The China continuous glucose monitoring devices market is segmented into hospital based CGM devices and personal CGM devices. Personal CGM devices are dominating the segment with around 60% share. This is because personal CGM devices are increasingly being prescribed by physicians as they provide real-time glucose level data to patients with diabetes without requiring laboratory blood testing. These devices help patients gain better control over their glucose levels and manage diabetes more effectively.
PEST Analysis
Political: The Chinese government supports healthcare research and development through funding and regulations. It has implemented regulations to lower medical device prices to increase affordability and accessibility of CGM devices.
Economic: Rising disposable incomes and healthcare spending in China is driving demand for advanced diabetes management devices like CGM systems. Higher costs of treating diabetes related complications also increases uptake of CGM devices for improved glucose monitoring.
Social: Growing diabetes prevalence coupled with increasing health consciousness among Chinese population is raising awareness about benefits of continuous glucose monitoring. However, limited reimbursement coverage acts as a barrier for widespread adoption of CGM devices.
Technological: Leading players are introducing more compact, sophisticated CGM devices with longer sensor durations and smart connectivity features. Integrated insulin pumps with automated responses based on real-time glucose data are being researched.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Size is expected to witness high growth rate during the forecast period. The global 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.
The continuous glucose monitoring devices market in East China region dominates with around 40% share due to increasing diabetes cases especially in large provinces like Guangdong and Fujian.
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. Cargill Incorporated leads the market with their wide glucose monitoring product portfolio offered under various brand names. The company is investing in new sensor technologies and cloud connectivity to maintain its leading position in China.
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