March 19, 2020
According to the research report titled ‘Asia Pacific Self-Monitoring Blood Glucose Devices Market Size By Product, End-User, Industry Analysis Report, Regional Outlook, End-User Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific self-monitoring blood glucose devices market is expected to cross USD 4 billion by the year 2024.
Rising elderly population and increased pervasiveness of obesity leading to type II diabetes, especially in China and India are prime factors fostering the demand for self-monitoring blood glucose (SMBG) devices in Asia-Pacific. Various initiatives undertaken by governments to increase the awareness regarding diabetes management is creating lucrative growth avenues. Moreover, public entities are focusing on reducing the prevalence of prediabetes by offering appropriate diabetes education to the healthcare providers as well as the patients.
Rising R&D activities to develop technologically advanced glucose monitoring devices which are portable, user-friendly, and offer better accuracy is also driving the market growth. However, factors such as high costs of the product, unfavorable reimbursement policies, and strict government standards may hinder the expansion of self-monitoring blood glucose devices industrhttps://www.marketstudyreport.com/reports/asia-pacific-self-monitoring-blood-glucose-devices-market-statisticsy in Asia-Pacific.
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As per product type, the report states that continuous glucose monitors (CGM) segment is presumed to expand with a CAGR of 6.8% during 2018-2024. Growing adoption of CGM devices in hospitals for continuously measuring blood glucose levels of ICU patients is fueling the segmental growth.
Citing the end-use landscape, APAC SMBG devices market from hospitals segment generated USD 1.3 billion in 2017 and is expected to register continuous growth during the study period. High occurrence of hypo and hyperglycemia coupled with availability of advanced healthcare facilities as well as skilled medical professionals in hospitals are favoring the market outlook.
As per the regional analysis, the report cites that China self-monitoring blood glucose devices industry garnered USD 743.3 million in 2017 and will witness consistent growth during the forecast timeframe. Increasing cases of diabetes and rising geriatric population are augmenting the demand for self-monitoring blood glucose devices in China.
The prominent companies operating in Asia-Pacific self-monitoring blood glucose devices industry are Trividia Health, Sinocare, Nova Biomedical, Nipro Diagnostics, Medtronic, LifeScan, Johnson & Johnson, F. Hoffman-La Roche, Dexcom, Bionime Corp., Bayer Healthcare, B. Braun Melsungen AG, Arkray, All Medicus, and Abbott Laboratories.
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