Factors behind $4 bn Asia Pacific Self-Monitoring Blood Glucose Devices Market by 2024
Oct 16, 2019
Asia Pacific self-monitoring blood glucose devices market size was valued at USD 2.7 billion in 2017 and is expected to witness growth of more than 6.1% CAGR from 2018 to 2024
India - October 16, 2019 /MarketersMedia/ —
According to the Graphical Research new growth forecast report titled “Asia Pacific Self-Monitoring Blood Glucose Devices Market analysis based on Product, End-User, Industry Analysis Report, Regional Outlook, End-User Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 4 billion by 2024. Rising prevalence of obesity in highly populated countries such as India and China will be a major factor that will drive the self-monitoring blood glucose devices market during the forecast period. Increasing cases of obesity leading to type II diabetes will increase the demand for SMBG devices in the region. Growing geriatric population base will further act as primary driver for growth of Asia Pacific self-monitoring blood glucose devices market during the forecast period.
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Segments we Cover:
Asia Pacific Self-Monitoring Blood Glucose Devices Market By Product
Self-monitoring blood glucose meters
Continuous glucose monitors
Testing strips
Lancets
Asia Pacific Self-Monitoring Blood Glucose Devices Market By End-user
Hospitals
Home settings
Diagnostic centers and clinics
Several efforts undertaken by government and other organizations to increase awareness pertaining to diabetes management will accelerate SMBG devices market growth. National Program for Prevention and Control of Diabetes organized by Ministry of Health and Family Welfare, Diabetes Foundation of India and International Diabetes Federation (IDF) Diabetes Program focusing on reducing the burden of prediabetes by providing appropriate diabetes education to patients as well as healthcare providers will escalate the adoption of SMBG devices, thereby propelling industry growth.
Advancements in technology to develop novel glucose monitoring devices coupled with availability of portable, user-friendly and accurate SMBG devices will increase the adoption of such advanced devices. However, prohibitive costs associated with self-monitoring blood glucose devices and their accessories may hinder industry expansion in the foreseeable future. Stringent regulations and poor reimbursement scenario should impede the industry growth in near future.
Browse key industry insights along with Table of Content @ https://www.graphicalresearch.com/industry-insights/1013/asia-pacific-self-monitoring-blood-glucose-devices-market
Continuous glucose monitors segment is estimated to witness lucrative growth of 6.8% during the forecast period. Demand for continuous glucose monitoring devices is high in patients that require continuous monitoring. CGM systems monitor blood glucose levels every 5 minutes or at frequent intervals. Increasing adoption of such devices in ICU patients or in hospital settings will foster the segmental growth during the forecast period.
Hospitals segment accounted for USD 1.3 billion in 2017 and is anticipated to show significant growth over the analysis timeframe. The growth is attributable to the increasing incidence of hypo and hyperglycemia among patients. Ability of hospitals to buy advanced and costly devices, well-developed infrastructure as well as availability of skilled technicians will further drive segmental growth in the coming years.
China self-monitoring blood glucose devices market accounted for USD 743.3 million revenue in 2017 and is estimated to witness robust growth over the forecast period. China being highly populous country comprises of large population base suffering from diabetes. Increasing prevalence of diabetes as well as growing elderly population will augment industry growth over the analysis timeframe.
Some of the notable players operating in Asia Pacific self-monitoring blood glucose devices market include Abbott Laboratories, All Medicus, Arkray, B. Braun Melsungen AG, Bayer Healthcare, Bionime Corporation, Dexcom, F. Hoffmann-La Roche, Johnson & Johnson, LifeScan, Medtronic, Nipro Diagnostics, Nova Biomedical, Sinocare and Trividia Health. Market players are focusing on new product development, acquisitions and mergers to broaden product portfolio as well as widen company’s customer base.
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Contact Info:
Name: Parikhit B.
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Organization: Graphical Research
Website: https://www.graphicalresearch.com/industry-insights/1013/asia-pacific-self-monitoring-blood-glucose-devices-market
Source: MarketersMedia
Release ID: 88928364
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