China Continuous Glucose Monitoring Devices Market, By Component (Transmitters, Receivers, Insulin Pumps, and Sensors), and By End User (Hospitals & Clinics, Homecare Settings, and Others) is estimated to be valued at US$ 176.4 Million in 2023 and is expected to exhibit a CAGR of 22.8 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The advent of continuous glucose monitoring systems is expected to provide lucrative growth opportunities for players. Thus, key market players are focused on adopting growth strategies such as collaboration, which will drive the China continuous glucose monitoring devices market. For example, on May 18, 2021, DiNovA Medtech, a China-based medical device manufacturer company, announced a joint venture with Metronom Health Inc., U.S. based Developer of continuous glucose monitoring systems to develop and sell a continuous glucose monitoring system (CGM) in China. It is a minimally invasive CGM system that uses proprietary Opto-enzymatic technology to capture both high and low ranges of a patient's glucose profile. It is said to have high accuracy and also asserts that its device's sensor may last up to 14 days and reduce patient discomfort and infection risk.
China Continuous Glucose Monitoring Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: the manufacturing and distribution of products due to lockdown, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Also due to social distancing, the procedures were reduced. Due to the lockdown, several countries faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the China continuous glucose monitoring devices market. This is because of the increased risk of getting diabetes after contracting a COVID-19 infection. For instance, according to data shared by China Center for Disease Control and Prevention on January 14, 2022, people aged <18 years with COVID-19 were more likely to receive a new diabetes diagnosis >30 days after infection than those without COVID-19. This can increase the demand for continuous glucose monitoring devices.
China Continuous Glucose Monitoring Devices Market : Key Developments
The launch of new products in the market is expected to boost market growth during the forecast period. For instance, on January 12, 2022, F. Hoffmann-La Roche Ltd., a Switzerland-based pharmaceutical company, launched Cobas Pulse System a blood glucose management solution with mobile digital health capabilities to improve patient care in selected countries accepting the Conformité Européenne (CE) mark. This system combines high-performance and simple usability and expanded digital capabilities similar to that of a smartphone in a single blood glucose meter.
Browse 8 Market Data Tables and 12 Figures spread through 115 Pages and in-depth TOC on “China Continuous Glucose Monitoring Devices Market ”- Forecast to 2030, China Continuous Glucose Monitoring Devices Market, by Component (Transmitters, Receivers, Insulin Pumps, and Sensors), and by End User (Hospitals & Clinics, Homecare Settings, and Others)
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Key Takeaways of the China Continuous Glucose Monitoring Devices Market :
- The China continuous glucose monitoring devices market is expected to exhibit a CAGR of 8% during the forecast period. Launch of new products offers lucrative growth opportunities for players in the China continuous glucose monitoring devices market. For instance, on June 09, 2022, Ascensia Diabetes Care Holdings AG., a Switzerland-based global diabetes technology company, launched a newer version of POCTech, a CGM system. POCTech is originally a product of Zhejiang POCTech Co., Ltd., a China-based diabetes device company.
- Among components, the insulin pump segment is expected to grow in the China continuous glucose monitoring devices market over the forecast period. This is due to the approval of new insulin pump based products by the U.S. Food and Drug Administration (FDA). For instance, on April 21, 2023, Medtronic plc, U.S. based global medical device company, received U.S. FDA-approved to MiniMed 780G system with the Guardian 4 sensor requiring no fingersticks while in SmartGuard technology. This is the only system with meal detection technology that provides automatic adjustments and corrections to sugar levels every 5 minutes
- Major players operating in the China continuous glucose monitoring devices market include Medtronic Plc., Abbott Laboratories, Medtrum Technologies, Inc., Senseonics, Nemaura, STMicroelectronics, NXP Semiconductors, Qualcomm, Taiwan Semiconductor Manufacturing Company Limited, GE Healthcare, Microchip Technology Inc., Texas Instruments Inc., Micron Technology Inc., Renesas Electronics Corporation, and Toshiba Corporation.
