The Chinese diabetes care devices market is expected to register a CAGR greater than 6% during the forecast period (2020-2025). China is anticipated to dominate the market in Asia-Pacific, during the forecast period, owing to the rising prevalence of diabetes in the region. There have been significant developments in the insulin delivery systems technology, ranging from insulin injections to insulin pumps. Technological innovations and advancements offer many conveniences in measuring blood glucose levels. One such advancement in monitoring the blood glucose levels was the introduction of continuous glucose monitoring devices.
Key Market Trends
Increase in Diabetes Population
China stands third in number among the countries, with the highest diabetes population. The incidence of Type 2 diabetes (T2D) has rapidly increased over the past decade, and it has become a leading public health challenge in China. The growth in the Chinese diabetic market is driven by increasing diabetes patients, growth in high-calorie diets, and sedentary lifestyles. This has led the country to record the highest number of diabetes patients in the world, totaling 120 million people in 2019, roughly 9% of the population. About 110 million people were suffering from diabetes mellitus in 2019, with a prevalence of 10.9% among adults. Out of the 120 million diabetic patients, 11.8 million were Type 1 patients and 108.2 million were Type 2 patients.
Self-monitoring Blood Glucose Devices Recorded the Highest Market Share in the Chinese Diabetes Devices Market in 2019
The Chinese self-monitoring blood glucose (SMBG) devices market was valued at USD 0.9 billion in 2019, and it is expected to reach USD 1.2 billion by 2025. It is also likely to witness a CAGR of above 5% during the forecast period (2020-2025). In the SBGM market, the glucometer test strips and glucometer lancets together account for 87.51% of the share, while the glucometer devices account for 12.49% of the share. The CAGR of glucometer devices is high, as compared to glucometer test strips and glucometer lancets, and it is estimated to be 10.26% during the forecast period. The prevalence of diabetes in the country is rising steadily, and, as of now, nearly 9% of the total adult population has diabetes. However, the lack of awareness about the benefits of monitoring blood glucose levels, low access to healthcare services, and little health awareness, especially among the diabetes population in some parts of China, are the main reasons that are hindering the growth of the blood glucose monitoring market in the country.
Constant innovations are made by manufacturers to compete and struggle in the market. The major players, such as Abbott and Medtronic, resort to inorganic market strategies, such as mergers and acquisitions, to establish market dominance, while also adhering to organic growth strategies, which are evident from the R&D spending of these companies.
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