Asia Pacific Blood Glucose Monitoring Market

The rising spread of diabetes is driving the market growth

The growing spread of diabetes across the region is driving Market CAGR for Asia Pacific Blood Glucose Monitoring. The majority of diabetics live in Asia-Pacific nations like China and India, where the prevalence rate is on average around 8.5%. Devices that measure blood glucose are used to diagnose and treat diabetes effectively. The market is driven by an increase in the number of diabetics using blood glucose monitoring equipment. Obesity is regarded as one of the primary causes of the disease state, particularly type 2 diabetes.

Additionally, other elements like technical advancements and inventions make it easier to measure blood glucose levels. The market for glucose monitoring is typically driven by the early detection of hypo- and hyperglycemic situations, which are assisted by these devices.

Additionally, rising diabetes incidence is causing a surge in the diabetic population, which is fueling market expansion. Around 88 million persons in the South East Asia area had diabetes as of November 2019, according to the International Diabetes Federation (IDF). By 2045, this population was predicted to grow to 153 million. Therefore, it is anticipated that the growing number of diabetics will increase demand for continuous glucose monitors and therefore propel market expansion.

In the upcoming years, there may be further prospects for the expansion of the Asia-Pacific glucose monitoring devices market due to the level of precision of the medicine, test results, and counseling. The rapid technical advancement in glucose monitoring devices, however, may shortly provide further challenges to the market's expansion in the Asia-Pacific region.

The rise in awareness of diabetes self-management is among the key factors anticipated to propel the growth of the Asia-Pacific glucose monitoring devices market during the forecast period. The market for glucose monitoring devices in Asia-Pacific is also predicted to increase as a result of the swiftly changing regulatory regulations and advantageous investment policies. On the other side, the expansion of the Asia-Pacific glucose monitoring devices market in the timeline period is further expected to be hampered by the strict regulation of glucose monitoring devices by regulatory organizations. Thus, driving the Asia Pacific Blood Glucose Monitoring market revenue.

By region, the study provides market insights into Asia-Pacific. During the projected period, the China Blood Glucose Monitoring market is expected to dominate over the course of the forecasted period. A sizable share of the nation's patient population has fueled market demand. The ability to spend more money on disease control and treatment has fueled industry expansion. The market will rise as a result of increased product accessibility, more consumer awareness, and business expansion by industry participants across the nation.

Additionally, as older people are more prone to develop type 2 diabetes, the nation's aging population is anticipated to enhance industry demand. Additionally, government programs and campaigns to raise awareness of diabetes management will spur business growth.

Figure 2  ASIA PACIFIC BLOOD GLUCOSE MONITORING MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

India’s Blood Glucose Monitoring market accounts for the fastest market share. Since there is financing available for research and because the government supports research and development. This is anticipated to keep driving the Indian market for the anticipated period. Furthermore, countries like Japan, Australia, and the Republic of Korea are experiencing rapid growth in the blood glucose monitoring market. India's blood glucose monitoring market is expanding at the quickest rate due to the country's big patient population, high healthcare spending, and rapidly changing medical technology. 

Additionally, it is anticipated that increasing demand for novel treatment methods in countries like South Korea and India will fuel the fastest-growing industry. Rising healthcare expenditures are also anticipated to increase demand for more advanced technologies, which might expand the market for blood glucose monitoring devices

Leading market players are investing capital and resources across research and development to extend their product offerings, this is expected to help the Asia Pacific Blood Glucose Monitoring market, grow even more. Market leaders and manufacturers are also adopting various strategies to expand their worldwide footprint, with important market developments including new product developments & launches, contracts & agreements, mergers & acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Asia Pacific Blood Glucose Monitoring industry must offer cost-effective items.

The manufacturers are making use of locally available resources to minimize the production costs which will aid the growth of the Asia Pacific Blood Glucose Monitoring industry to benefit clients and increase the market sector. In recent years, the Asia Pacific Blood Glucose Monitoring industry has offered some of the most significant advantages to medicine. Major players in the Asia Pacific Blood Glucose Monitoring Market, including Abbott Laboratories, Arkay Inc., Bayer Healthcare AG, F. Hoffmann-La Roche, Goldsite Diagnostics Inc., GlySure Ltd., Sphere Medical, Dexcom, LifeScan, and others, are attempting to increase market demand by investing in research and development operations.

Continuous glucose monitoring (CGM) systems are created, developed, and sold by Dexcom Inc. (Dexcom) for use by patients with diabetes and medical professionals in hospitals. Integrated Dexcom G6 CGM system, Dexcom Share remote monitoring system, Dexcom Real-Time API, Dexcom ONE CGM system, related software, and mobile apps are some of the company's main products. It also offers various support services including Dexcom Care training to CGM system customers. Endocrinologists, physicians, diabetes educators, and others can purchase products from the business. 

In addition to using a network of distributors in Australia, the US, New Zealand, and other nations in Asia, Europe, Africa, Latin America, and the Middle East, it distributes items directly in the US, Austria, Canada, Germany, Switzerland, and the UK. In the US, San Diego, California, is home to the Dexcom headquarters. In July 2023, A Type 2 diabetes monitor with a 15-day sensor and a cash-pay option for patients who are not covered by Medicare and health insurers but want daily decision support is being developed by Dexcom, a manufacturer of continuous glucose monitors.

A wide variety of healthcare goods are discovered, developed, produced, and sold by Abbott Laboratories (Abbott), including branded generic medications, diagnostic tools and procedures, and infant, child, and adult nutritional supplements. The business also sells a range of medical devices, such as those for neuromodulation, electrophysiology, rhythm control, vascular and structural cardiac devices, and heart failure. The business also sells dietary supplements, minerals, and nutrition goods. It runs manufacturing sites all around the world and has research and development centers in the US, China, Colombia, India, Singapore, Spain, and the UK.

The corporation sells its goods across Africa, the Middle East, Latin America, North America, and the Asia-Pacific region. In June 2022, Abbott disclosed that it is developing a cutting-edge wearable with a sensor for continuous glucose and ketone monitoring. 

The system has been given the breakthrough device classification by the U.S. Food and Drug Administration, which is meant to expedite the review of cutting-edge technology that potentially improve the lives of patients with fatal or permanently debilitating diseases or conditions.