Continuous glucose monitoring devices are medical devices used for monitoring glucose level in people with diabetes. These devices help in measuring glucose levels in fluid under the skin (interstitial fluid) or in blood through a tiny sensor inserted just beneath the skin. The continuous glucose monitoring systems provide real-time updates on glucose levels which enable faster insulin therapy decisions. Reading of glucose levels through these devices helps patients adapt their lifestyle and diet accordingly to keep diabetes in control.
Key Takeaways
Key players operating in the China continuous glucose monitoring market are Abbott Laboratories, Dexcom Inc., Senseonics Holdings Inc., Medtronic plc.
The China market offers immense growth opportunities owing to rising government initiatives promoting CGM adoption along with favorable reimbursement policies. Increasing awareness among patients and physicians regarding benefits of CGMs is further driving the demand.
Major players are focused on expanding their presence in China by strengthening their distribution networks across the country. Strategic collaborations with local players are helping global companies penetrate untapped regional markets and rural areas.
Market drivers
The China Continuous Glucose Monitoring Devices Market Size is primarily driven by the growing prevalence of diabetes. As per the International Diabetes Federation, China has the largest diabetes population in the world with an estimated 116 million cases in 2021. Diabetes management has become a key focus area for Chinese healthcare system to curb rising medical costs associated with the disease. Increasing preference for non-invasive monitoring solutions will further boost adoption of CGMs over the forecast period.
PEST Analysis
Political: The government continues to support the healthcare sector with new policies and regulations to improve diabetes care.
Economic: Rising disposable incomes and growing health awareness is increasing spend on diabetes management devices.
Social: Growing incidence of diabetes due to changing lifestyles and increasing obesity is raising demand for blood glucose monitoring devices for better management of the condition.
Technological: Advanced technologies are enabling the development of comfortable and small form factor continuous glucose monitoring systems that provide real-time glucose readings without the need for finger pricking. Cloud connectivity allows sharing data with caregivers.
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