SEATTLE, March 25, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the China continuous glucose monitoring devices market is estimated to be valued at US$ 78.2 million in 2019, and is projected to exhibit a CAGR of 22.8% over the forecast period (2019–2027).
Key Trends and Analysis of the China Continuous Glucose Monitoring Devices Market:
Key trends in the market are increasing incidence of diabetes, research and development of novel devices, and strategic collaborations and acquisitions among key market players.
According to the International Diabetes Federation’s 2019 report, around 116 million people in China in the age group of 20-79 years suffered from diabetes in 2019.
Increasing research and development activities by key players operating in the market are expected to contribute to growth of the China continuous glucose monitoring devices market over the forecast period. In October 2019, Medtronic Plc initiated the company's pivotal trial for its next-generation Guardian continuous glucose monitoring (CGM) sensor designed to improve accuracy and overall system performance, reduce sensor calibrations, and enhance overall user experience.
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Moreover, key players operating in the market are focused on adopting inorganic growth strategies such acquisitions, collaborations, and distribution agreements to expand their product offerings in the market. In September 2019, Abbott Laboratories announced a collaboration with Sanofi for the development of a tool that integrates blood sugar tracking and insulin delivery technologies. The collaboration is aimed at combining Abbott’s FreeStyle Libre, a continuous glucose monitoring system, with Sanofi’s expertise in insulin dosing. New compatible devices are being developed for regulatory approval in the near future.
Furthermore, in February 2019, Senseonics Holdings, Inc., a medical technology company focused on the development and commercialization of a long-term, implantable continuous glucose monitoring (CGM) system for diabetes, announced an extension of its distribution agreement with Roche Diabetes Care. Under the terms of the extended agreement, Roche will continue its role as the exclusive distributor of Senseonics in Europe, Middle East, and Africa, excluding Scandinavia and Israel. Additionally, the agreement has been expanded to provide Roche with exclusive distribution rights in 17 additional countries including Brazil, Russia, India, and China, as well as select markets in the Asia Pacific and Latin America regions.
Key Market Takeaways:
- The China continuous glucose monitoring devices market is expected to exhibit a CAGR of 22.8% over the forecast period, owing to rising prevalence of diabetes and increasing launch of technologically advanced continuous glucose monitoring devices. For instance, in January 2019, Medtronic has launched its Guardian Connect, which is the world’s first smart continuous glucose monitoring device
- Among components, insulin pump segment is expected to hold the dominant position in the continuous glucose monitoring devices market in 2019 owing to convenience offered by compact insulin pumps. The software for diabetes management also restricts the need for multiple daily injections.
Key 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.
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Market Segmentations:
- China Continuous Glucose Monitoring Devices Market, By Component:
- Transmitters
- Receivers
- Insulin Pumps
- Sensors
- China Continuous Glucose Monitoring Devices Market, By End User:
- Hospitals & Clinics
- Homecare Settings
- Others