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 expected 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), as highlighted in a new report published by Coherent Market Insights.
Increasing research and development activities as well as increasing strategic funding by key players operating in the market for development of innovative continuous glucose monitoring devices is expected to drive the market growth over the forecast period.
For instance, in December 2018, Medtrum Technologies Inc., a Chinese medical devices manufacturing company. Medtrum Technologies Inc., has received series C funding of US$ 29 million from Sequoia China, Bank of China Investment Group (BOCIG) followed by 3E Bioventures and Nuokai Capital to improve and simplify diabetes management through continuous glucose monitoring, intelligent drug delivery system, and artificial pancreas system for diabetes treatment.
Moreover, introduction of cost effective components and durable sensors is expected to drive the market growth over the forecast period. The currently available sensors have a life expectancy of 6 to 7 days. Moreover, the sensors pose a threat of infections if not replaced periodically, thus accounting for an expense of around US$ 35 to US$ 100 per piece.
The development of innovative sensors with sturdier infection resistant material that can stay in place and having enhanced life expectancy could possibly be a cost effective option for patients requiring continuous glucose monitoring. Thus, the introduction of these components in the market is likely to help increase the user demand for CGM systems, improve the quality of care and offer a viable new approach to continuous glucose management.
Browse 07 Market Data Tables and 10 Figures spread through 95 Pages and in-depth TOC on “Continuous Glucose Monitoring Devices Market”- China Forecast to 2027, by Component (Transmitters, Receivers, Insulin Pumps, and Sensors), and by End User (Hospitals & Clinics, Homecare Settings, and Others)
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Key players operating in the china continuous glucose monitoring devices market are focused on facility expansions to increase their geographical presence and product portfolio, which is expected to drive the market growth over the forecast period. For instance, in January 2016, Medtronic Plc, announced to build its facility in Chengdu, China for the manufacture of advanced diabetes devices, and next-generation sensor and pump systems for CGM devices to tackle the growing incidence of diabetes in the country.
Key Takeaways of the China Continuous Glucose Monitoring Devices Market: