China Continuous Glucose Monitoring Devices incorporate Augmented and Virtual Reality to Drive Personalized Diabetes Care Market

Purvaja Jadhao

posted on 10 months ago — updated on 1 second ago

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The China Continuous Glucose Monitoring Devices Market is estimated to be valued at US$ 176.4 million in 2022 and is expected to exhibit a CAGR of 22.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

China Continuous Glucose Monitoring Devices incorporate Augmented and Virtual Reality to Drive Personalized Diabetes Care Market

Market Overview:

Continuous glucose monitoring devices help people with diabetes to measure glucose levels in real time without painful fingersticks. The devices work by measuring glucose levels in interstitial fluid via a small sensor that is usually inserted underneath the skin. This provides timely data on trends and patterns to help diabetes patients make effective treatment decisions.

Market key trends:

One of the major trends driving the China continuous glucose monitoring devices market is the incorporation of augmented reality and virtual reality capabilities. Emerging CGM devices are being integrated with AR/VR technologies to provide enhanced visualization of glucose data. This allows patients to view trends and patterns overlaid on a virtual interface for improved understanding. Furthermore, AI capabilities are enabling personalized alerts and notifications based on individual patterns as detected by CGM sensors. The integration of advanced technologies thus helps drive better diabetes management outcomes through customized care approaches.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the development of continuous glucose monitoring devices requires huge research and development investments.
Bargaining power of buyers: The bargaining power of buyers is high since there are many players operating in the market providing substitutable products to consumers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited influence over the prices owing to availability of substitute raw materials.
Threat of new substitutes: The threat of new substitutes is moderate due to requirements of regulatory approvals and certifications.
Competitive rivalry: High.

SWOT Analysis
Strength: The China Continuous Glucose Monitoring Devices Market has high growth potential due to increasing incidence of diabetes.
Weakness: Minimal reimbursement for CGM devices limits their adoption. High cost of innovative products is another weakness.
Opportunity: Growing geriatric population susceptible to diabetes offers opportunities for market players. Rising awareness about benefits of CGMs presents an opportunity.
Threats: Stringent regulatory framework and longer timelines for approval poses a threat. Reimbursement policies remain a challenge.

Key Takeaways
The global China Continuous Glucose Monitoring Devices market is expected to witness high growth, exhibiting CAGR of 22.8% over the forecast period, due to increasing incidence of diabetes. The market size is projected to reach US$ 176.4 million by 2023. Regional analysis: China dominates the CGM devices market in the region with more than 50% market share due to large patient pool and government support. Other rapidly growing markets include Japan and South Korea. Key players operating in the China Continuous Glucose Monitoring Devices market are 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.