China Continuous Glucose Monitoring Devices Market is Expected to be Flourished by Growing Prevalenc
Author : Sneha Biswal | Published On : 22 Jan 2024
Continuous glucose monitoring (CGM) devices are used to detect glucose levels in body continuously without painful fingerstick tests. These devices are wearable on body and automatically check glucose levels in interstitial fluid or blood at regular intervals. CGM devices help in managing diabetes by alerting the wearer when glucose levels go above or below thresholds set by the user. They provide accurate glucose readings which are beneficial for diabetics to make insulin dosing and lifestyle decisions. The devices are gaining popularity among type 1 and type 2 diabetes patients to easily track sugar levels throughout day and avoid incidences of hypoglycemia or hyperglycemia.
The growing prevalence of diabetes in China is contributing to the rising adoption of CGM devices. According to International Diabetes Federation, there were estimated to be over 140 million adults with diabetes in China in 2021. CGM devices enable close monitoring of blood sugar and improve glycemic control, thereby reducing complications of diabetes. This is encouraging more people to opt for continuous glucose monitoring.
Market Dynamics:
Growing Prevalence of Diabetes - According to estimates, about 11% of Chinese adults were living with diabetes in 2021. China has a large pool of diabetic population prone to chronic complications if blood sugar remains unchecked. Continuous monitoring of glucose levels is important for effective diabetes management and to reduce risks of hospitalization. This growing patient base suffering from diabetes is driving adoption of CGM devices in China.
Technological Advancements - Manufacturers are focusing on development of advanced CGM systems with improved features to expand their customer base. Minimally invasive wearable monitors with automated alerts and wireless connectivity to share data with healthcare professionals and caregivers are enhancing user-friendliness and effectiveness of these devices. Such innovations are positively impacting demand.
Segment Analysis
China Continuous Glucose Monitoring Devices Market is dominated by Homecare Settings sub segment. Approximately 60% of the CGM devices are used in homecare settings as it allows patients to monitor their glucose levels conveniently at home and share the data with doctors and caregivers remotely. This sub segment is dominating due to growing elderly population dealing with diabetes, rising awareness about diabetes management and preference for home healthcare services over hospitals.
PEST Analysis
Political: The market is positively impacted by supportive government policies and initiatives aimed at spreading awareness about diabetes management. Various regulations have been introduced to standardize the use of CGM devices.
Economic: Growing healthcare expenditure, rising affordability among middle class patients and increasing insurance coverage for diabetes management devices are fueling the market growth.
Social: Growing sedentary lifestyle, changing dietary patterns and aging population have led to increased diabetes prevalence. Rising health consciousness is also driving preference for CGM devices to manage diabetes efficiently.
Technological: Advancements in Bluetooth technology, cloud computing and artificial intelligence has enabled real-time data sharing and analysis. Novel sensors and extended use periods of CGM systems are enhancing patient compliance and convenience.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Size is expected to witness high growth owing to rapid urbanization, growing geriatric population susceptible to diabetes and favourable government policies. 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.
The regional analysis indicates that East China region currently leads the market due to presence of major players and advanced healthcare infrastructure. However, Central China is poised to report fastest growth during the forecast period supported by increasing diabetes incidence, rising disposable income and growing medical tourism.
Key players operating in the China Continuous Glucose Monitoring Devices Market are Dexcom, Abbott, Medtronic, Senseonics, Insulet and Tandem Diabetes Care. Dexcom holds the largest share due to its innovative G6 CGM system with enhanced features and customizable alerts. Abbott is emerging as a strong competitor through technological advancements in Freestyle Libre Flash Glucose Monitoring Systems. Growing patient pool suffering from diabetes and favorable regulatory environment will aid the market leaders to further expand their regional presence till 2031.
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