千亿蓝海，患者庞大，巨头躁动，免扎针血糖仪CGM，会是一个性感的故事吗？

Investment Rating - The report indicates a bullish outlook on the Continuous Glucose Monitoring (CGM) industry, highlighting its potential as a significant growth area due to a large patient base and increasing market demand [3][4]. Core Insights - The CGM technology offers a revolutionary alternative to traditional blood glucose monitoring methods, providing continuous and reliable data on blood sugar levels [2][3]. - The global blood glucose monitoring market was valued at over 40 billion RMB in 2021 and is expected to exceed 80 billion RMB by 2027, indicating substantial growth potential [4]. - The CGM market is primarily driven by the increasing prevalence of diabetes, with an estimated 537 million adults affected globally in 2021, projected to rise to 783 million by 2045 [22]. - Major players in the CGM market include Abbott and Dexcom, with Abbott holding a 50% market share as of 2021 [24][23]. Summary by Sections Market Overview - The CGM market is characterized by a significant patient base and is seen as a "blue ocean" opportunity, especially in developing countries where traditional methods are still prevalent [3][5]. - The CGM market accounted for over 70% of the total blood glucose monitoring market in the US and Europe, where it has been included in health insurance coverage [23]. Competitive Landscape - The competitive landscape shows that domestic companies like Shenzhen Silikon Bionic Technology and Weitai Medical are emerging players in the CGM space, with several products recently approved for market entry [26][29]. - Weitai Medical's CGM product AiDEX has entered multiple international markets, including the UK and Italy, showcasing its global expansion strategy [48]. Company-Specific Insights - Sanofi's acquisition of THI Company for 2.73 billion USD (approximately 17.31 billion RMB) aimed to enhance its position in the global blood glucose monitoring market, but the company has faced significant financial challenges since the acquisition [13][33]. - Weitai Medical has seen a remarkable growth in its CGM segment, with a revenue increase of 245% year-on-year for the first half of 2024, indicating strong market demand for its products [60][61]. - The report highlights that CGM products are becoming increasingly competitive, with domestic manufacturers poised to challenge established players in the global market [64].