China Continuous Glucose Monitoring Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Diabetic Patients, Critical Patients), And By End User Industry (Hospitals, Diagnostic Centers And Clinics, Home Care) - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061614931
- Pages : 80
The China Continuous Glucose Monitoring Market is projected to grow at a CAGR of 22.26% during the forecast period to reach US$1,260.513 million by 2028, from US$308.719 million in 2021.
Continuous glucose monitoring or CGM is a wearable medical device that continuously tracks blood sugar levels for people with type 1 and type 2 diabetes. Tracking blood sugar levels is extremely essential for diabetic patients as they have to make sure when to take insulin and CGM devices help them in determining that. CGM is a widely used technology as it is advantageous for diabetics. Studies have shown that the use of CGM devices ensures a shorter duration of hypoglycemia or a lower level of glycated haemoglobin. In China, the continuous glucose monitoring market is segmented by application and end-user.
The growing prevalence of type 1 and type 2 diabetes, continuous product launches by key market players along with rising government initiatives and programmes to educate people about diabetic health & care are some of the key determinants which are positively impacting the demand for CGM devices in this country.
However, the high price of CGM devices and the lack of reimbursement policies by the national medical insurance provider in this country is obstructing the growth of the Chinese market for continuous glucose monitoring devices during the analysis period.
During the anticipation period, the growing incidences of diabetes will support the growth of the Chinese continuous glucose monitoring market during the projection period.
One of the primary factors driving the growth of continuous glucose monitoring devices in China is the high prevalence of type 1 and type 2 diabetes among the population. According to the statistics presented by the International Diabetes Federation, 13 per cent of Chinese adults, or more than 140 million people, have diabetes in 2021. This number is expected to reach 174.4 million by 2045. Moreover, 169.8 million people have impaired glucose tolerance in this country, which puts them at a greater risk of becoming type 2 diabetes. This number is anticipated to reach 196 million by 2045. Those who have diabetes run the risk of significant and fatal consequences like heart attack, kidney failure, blindness, and lower limb amputation. This leads to a lower quality of life and higher medical expenditure. The prevalence of diabetes has alarmingly increased across China in recent years, reaching an all-time high mostly due to lifestyle changes. According to IDF data, there has been a 20 per cent increase in the number of diabetics in China. China has the largest number of diabetes-related deaths in the world. According to IDF data, nearly 1.4 million people died due to diabetes. Diabetic patients must make several adjustments throughout the day to keep their blood glucose levels within acceptable ranges. Therefore CGM devices are extremely crucial for them. The decreasing cost of CGM devices in the country is also propelling market demand.
Rising commercialisation of the CGM market in the country along with favourable key developments to spur growth during the projection period.
The commercialization of CGM is well underway in China. Four businesses—Yuwell, Jiunuo Medical, Silicon-based Bionics, and Weitai Medical—aggressively introduced CGM devices in 2021. Sinocare Medical and Kefu Medical, two listed firms, are also actively developing CGM products. The impact of the introduction of domestic CGM players has led to a decrease in the price of products by key market players. Abbott's immediate sensor is now available for less than 300 yuan, while the cost of an Abbott instant sensor on Pinduoduo is about 294 yuan.
Large-scale market promotion and technological innovation by domestic market players are also driving the demand for the CGM market in China. For instance, Weitai Medical CGM integrates silicone-based bionics in their continuous glucose monitoring devices. Silicon-based Bionics uses its Internet hospital resources to construct a professional medical service team, which includes specialised doctors, health managers, and nutritionists. A customised blood sugar control plan and the rate of blood sugar compliance can both be improved with the use of monitoring and scientific advice. According to the annual reports, Weitai Medical sold 50 million units of its silicone-based bionic CGM device in the first half of 2021 which is a 500 per cent YoY increase in sales and a 300 per cent increase in active users.
Market Key Developments
- In May 2021, Dinova Medtech, a Chinese medical device innovation hub, and Metronom Health, a US-based medical device business, formed a joint venture in order to create and market a continuous glucose monitoring system in China. The "disruptive" technology used by Metronom, which offers patients information about diabetes, data analysis, and other services, is driving the development of digital diabetes treatment.
- In October 2022, Dexcom introduced the Dexcom G7, a next-generation continuous glucose monitor (CGM), for diabetics two years of age and above. The Dexcom G7 improves on the Dexcom CGM by adding new features such as a 60 % smaller, all-in-one, discrete wearable and the quickest 30-minute sensor warm-up of any CGM on the market.
- In December 2022, Chinses medical technology and health tech company SiBionics received an investment of 500 million yuan or US$72 million for the development of artificial intelligence-based continuous glucose monitoring devices and chronic disease management devices.
- By Application
- Diabetes Patients
- Critical Patients
- By End User
- Diagnostic Centers & Clinics
- Home Care
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. CHINA CONTINUOUS GLUCOSE MONITORING (CGM) MARKET, BY APPLICATION
5.2. Diabetes Patients
5.3. Critical Patients
6. CHINA CONTINUOUS GLUCOSE MONITORING (CGM) MARKET, BY END-USER INDUSTRY
6.3. Diagnostic Centers & Clinics
6.4. Home Care
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. Ypsomed AG
8.2. Dexcom, Inc.
8.3. Abbott Laboratories
8.4. Medtronic plc
8.5. Roche Diabetes Care, Inc.
8.6. Senseonics Holdings, Inc.
8.7. Insulet Corporation
8.8. Tandem Diabetes Care, Inc.
8.9. Zhejiang POCTech Medical Technology Co., Ltd.
8.10. Biolight Meditech Co., Ltd.
Roche Diabetes Care, Inc.
Senseonics Holdings, Inc.
Tandem Diabetes Care, Inc.
Zhejiang POCTech Medical Technology Co., Ltd.
Biolight Meditech Co., Ltd.
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