Asia Pacific Self-Monitoring Blood Glucose Devices Market size valued at USD 4.1 billion in 2020 and is predicted to register over 11% CAGR from 2021 to 2027. Increasing prevalence of diabetes is primary factor accelerating the industry growth and higher incidence rate with adoption of unhealthy lifestyle will continue to drive the market demand.
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Along with increasing patient population, the growing expenditure to diabetes management across developed as well as developing nations will act as a notable industry growth. According to the International Diabetes Federation, the overall spending for diagnosis, management and treatment of diabetes was valued at over USD 109 billion in China. Furthermore, the significant portion of disease population accounting for considerable share in global diabetes population offers growth opportunities to Asia Pacific self-monitoring blood glucose devices market expansion.
The COVID-19 pandemic has positively impacted the adoption of self-monitoring blood glucose devices. As the COVID-19 led to movement restrictions with strict lockdowns, the need for routine monitoring devices in home settings also increased. Thus, the industry experienced sales growth in several countries with high patient preference for home monitoring amid pandemic to reduce the risk of hospital acquired infections. Further, the population with chronic diseases including diabetes is expected to be more susceptible to COVID-19 infection that has further shifted the patient preference towards self-monitoring.
Continuous glucose monitors segment held over 20% Asia Pacific self-monitoring blood glucose devices market share in 2020, attributed to the continuous technological advancements. Several industry players are involved in the development and commercialization of advanced self-assisted blood glucose monitoring devices based on continuous glucose monitoring (CGM) technology. For instance, in July 2021, Terumo Corporation announced the commercialization of the Dexcom G6 continuous glucose monitoring (CGM) system in Japan. The system allows real-time glucose monitoring, with an integrated innovative technology that uses a compact, wearable sensor along with transmitter for the measurement of blood glucose values. Such product launches with innovative technologies benefits the regional product adoption rate. Additionally, rising investment in research and product advancements to continuously offer convenient and reliable devices will offer unprecedented growth opportunities to the segment.
Type 2 diabetes segment revenue will reach USD 8 billion by 2027. The substantial revenue share is owing to the high incidence rate. Changing lifestyle, unhealthy dietary habits, physical inactivity, and excessive body weight are some of the prominent factors contributing to the disease burden. Thus, need to monitor blood glucose level for the optimization of treatment regime among these patients drive the market revenue. Moreover, higher prevalence rate across developed countries with awareness regarding SMBG among type 2 diabetes population will fuel the market revenue.
The retail pharmacies segment accounted for more than USD 1.1 billion revenue in 2020. The strong network of retail pharmacies across the urban as well as rural areas enables broader product accessibility, thus benefiting the product sales. Further, the focus on expansion of existing network by the leading pharmacy chains in the region will offer opportunities to facilitate product distribution.
China self-monitoring blood glucose devices market dominated around 24% revenue share in 2020. Significant portion of patient population in the country has driven the market demand. Increasing spending ability on disease management and treatment have boosted the industry growth. Further, broader product accessibility with awareness and business expansion by industry players across the country will impel the market growth. Additionally, rising rate of population aging in the country is expected to benefit the industry demand as older people are more likely to develop type 2 diabetes. Furthermore, awareness campaigns and government initiatives regarding diabetes management will propel the industry expansion.
Key players operating in the Asia Pacific self-monitoring blood glucose devices market include Abbott Laboratories, B. Braun Melsungen AG, Arkray, F. Hoffmann-La Roche, Bionime Dexcom, LifeScan, Nipro Diagnostics, and Nova Biomedical.
These companies are continuously adopting numerous growth strategies such as product launches, acquisitions & merger, strategic partnerships, and collaborations to enhance their performance and cater large patient pool. For instance, in November 2019, Abbott Laboratories announced the collaboration with Sanofi for the development of innovative glucose sensing technologies that supports the company’s existing portfolio. This has enhanced product development capabilities of both the firms.