Market Research Report
Asia-Pacific Self monitoring Blood Glucose Devices Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||808268|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Asia-Pacific Self monitoring Blood Glucose Devices Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 80 Pages||
The Asia-Pacific self-monitoring blood glucose devices market is segmented into blood glucose meters, blood glucose testing strips, and lancets. Self-monitoring blood glucose (SMBG) devices markets across the Asia Pacific are still in their growing phases. In China, the market size for self-monitoring blood glucose devices is projected to reach USD 0.9 billion by 2019. The market is driven by the increasing diabetic population and continuous innovations in the diagnosis and treatment of diabetes. The Chinese and Japanese markets are the most competitive ones, with a significant number of market players and strong local competition.
Asia-Pacific is at the fore front of the diabetic epidemic, with more than 200 million people suffering from diabetes in 2013, and this number is expected to increase in the coming years. 6.3% of the total APAC population was suffering from diabetes in 2015. With the increasing rate of diabetes cases, self-monitoring with glucose meters and strips has become an important aspect of diabetes care and management.
This report includes a detailed study about self-monitoring blood glucose devices, test strips and lancets in the Asia-Pacific market, and further study includes hospital usage and home usage of glucometer devices, test strips, and lancets, in each country.
Key Market Trends - In Asia-Pacific, Glucometer Device Segment Registered the Highest CAGR with 10.6%
The personal-use glucometer is expected to see high sales in the future, owing to the rising awareness and reducing costs associated with the glucometer.
Glucometers, which can be used for critically ill patients, have been approved, like the finger stick glucometer that is available in the market.
The glucometer segment is expected to continue to expand in the future, due to the innovative developments in the same, such as glucometers that can be plugged into smartphones using headphone jack, to automatically record the values. Additionally, making the devices light with long efficient batteries would further promote the adoption of glucometer.
China has the Highest Market Share in Asia-Pacific and Will Continue to Grow in the Future with the CAGR of 7.63%
China faces the largest diabetes epidemic in the world. The number of insulin users increased among the Chinese population, with an increase in Type 1 and Type 2 patients. The trend of self-monitoring blood glucose levels increased more among the Type 1 population. The Chinese blood glucose monitoring market has majorly increased to monitor glycosylated haemoglobin (HbA1c) levels.
In 2015, in the Chinese blood glucose monitoring devices market, the consumables accounted for 88.6%, of which, 75.88% of the market share was held by test strips and the 11.2% was occupied by glucometer devices.
The Asia-Pacific self-monitoring blood glucose devices market is highly fragmented with few major manufacturers gaining presence in major countries of the Asia-Pacific market, while the remaining market comprises other local or region-specific manufacturers.
Mergers and acquisitions that happened between players in the recent past helped the companies to strengthen their market presence; for instance, Ascensia Diabetes Care was established itself in 2016 through the acquisition of Bayer Diabetes Care by PHC Holdings (formerly known as Panasonic Healthcare Holdings).