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 Self-Monitoring Blood Glucose Devices Market, By Product, 2013 – 2024 (USD Million)
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Increasing prevalence of diabetes is the key driver that will boost this market growth over the forecast period. According to World Health Organization, diabetes is one of the leading causes of morbidity and mortality in highly populated countries such as China and India. Moreover, high prevalence of obesity leading to diabetes will further stimulate demand for diabetes monitoring devices. Growing geriatric population base prone to diabetes will propel industry growth.
Government initiatives to increase awareness regarding diabetes care and management will accelerate adoption of self-monitoring blood glucose devices. For instance, Ministry of Health and Family Welfare (MoHFW) in collaboration with WHO country office India, launched mDiabetes, a mobile health initiative, that focuses on early diagnosis, proper adherence to drugs and diet as well as prevention of complications in diabetic patients. Availability of technologically advanced SMBG devices will further drive the industry growth over the analysis period. However, high cost associated with SMBG devices coupled with lack of reimbursement will restrain the business growth over the coming years. Stringent regulations for designing and manufacturing SMBG devices and accessories will further hinder industry expansion.
Testing strips segment dominated the self-monitoring blood glucose devices market with USD 2.1 billion revenue in 2017. Segmental growth is attributable to frequent usage of testing strips to monitor blood glucose levels. Advancement in testing strips that facilitates more accurate and better test results using small blood sample will increase adoption of such strips in near future thereby fuelling APAC self-monitoring blood glucose devices market growth.
Home settings segment is estimated to witness 6.8% CAGR over the analysis period owing to rapidly growing geriatric population prone to suffer from diabetes. Availability of small, portable, user-friendly blood glucose monitoring devices will augment the adoption rate of such devices in homecare settings. Furthermore, increasing demand for advanced SMBG devices among the elderly patients will positively impact the segmental growth in the foreseeable future.
India self-monitoring blood glucose devices market accounted for 14.2% revenue share in 2017 and is anticipated to witness robust growth during the analysis timeframe due to large population base suffering from diabetes. Moreover, growing prevalence of obesity, developing healthcare infrastructure as well as increasing disposable income will boost the adoption of SMBG devices in India thereby accelerating industry growth.
Some of the prominent industry 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. Key strategies adopted by the major industry players include collaborations, acquisitions, mergers as well as new product launch to strengthen product portfolio and capitalize on market opportunities.
Diabetes diagnostics market has been in mature stage from many years. However, rapidly growing prevalence of obesity and diabetes has sustained growth and adoption rate of SMBG devices. Market players are primarily focusing on developing technologically advanced SMBG devices to fulfil growing consumer demand for user-friendly, accurate and reliable blood glucose monitoring devices to sustain in highly competitive market and gain significant market share. Key market players are undertaking various organic and inorganic growth strategies such as acquisition, merger, and partnerships to sustain their position in the market.
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