Continuous glucose monitoring (CGM) devices provide real-time glucose readings and trends for people with diabetes. CGM devices monitor glucose levels just under the skin through a tiny sensor inserted by the user. The sensor detects glucose levels in the interstitial fluid, which is the fluid between cells, and transmits the levels wirelessly to a receiver or smart device. CGM devices provide actionable information to patients and healthcare providers to make informed treatment decisions. They help optimize insulin delivery and dosage, reduce time spent in hypoglycemia or hyperglycemia, and improve glycemic control. The increasing prevalence of diabetes in China, coupled with growing awareness regarding diabetes management, has augmented the demand for continuous glucose monitoring devices in the country.
The global China 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 key trends: One of the key trends in the China continuous glucose monitoring devices market is the increasing adoption of next-generation CGM systems with advanced features. Manufacturers are focusing on developing innovative CGM systems with extended sensor wear time, enhanced accuracy and precision, minimal user intervention, integration with other medical devices like insulin pumps, and remote monitoring capabilities. For instance, Dexcom G6 CGM system offers up to 10 days of wear, factory calibration, customizable alerts, and connectivity features allowing data sharing. Medtronic also launched the Guardian Connect CGM system with an innovative smart transmitter providing automatic calibrations and 7 days of wear time. Such innovative products are improving the user experience and driving the adoption of advanced CGM systems in China.
Porter's Analysis
Threat of new entrants: The China continuous glucose monitoring devices market has moderate threat of new entrants due to the increasing healthcare expenditures and rising disposable income of consumers. However, established brands dominate the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many regional players providing substitutes at lower prices. Buyers can easily switch to alternative products from other manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw material suppliers for manufacturing continuous glucose monitoring devices have established supply chains.
Threat of new substitutes: The threat of new substitutes is moderate as alternative low-cost blood glucose monitoring devices are available in the market.
Competitive rivalry: The competition in the China continuous glucose monitoring devices market is high due to the presence of numerous national and international brands.
Key Takeaways
The China Continuous Glucose Monitoring Devices Market Size is expected to witness high growth at a CAGR of 5.7% during the forecast period of 2023-2030. The market size is projected to reach US$ 176.4 Mn in 2023.
Regional analysis
The eastern region dominates the China continuous glucose monitoring devices market due to the growing diabetic population and increasing healthcare expenditures in this region. The northern and central regions also offer lucrative opportunities for market players.
Key players
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 holds the largest market share in China owing to its diversified product portfolio and widespread distribution network across the country.
Get more insights on this topic:
The Global Continuous Glucose Monitoring Devices Market research report offers accurate insights for the growth prospects of the Continuous Glucose Monitoring Devices market in the forecast years 2020-2027.
The report is an all-inclusive study of the Continuous Glucose Monitoring Devices market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Continuous Glucose Monitoring Devices industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2172Scope of the Market Report: The report offers a holistic overview of the Continuous Glucose Monitoring Devices industry that offers all the essential information.
Along with this, the report extensively studies the competitive landscape in the market and profiles the key players of the industry.The report covers extensive analysis of the key market players in the market, along with their business overview, expansion plans, and strategies.
