Asia Pacific Blood Glucose Monitoring Market Analysis

Asia Pacific Blood Glucose Monitoring Market Deep Dive – PESTLE, Porter, SWOT

The Asia-Pacific Blood Glucose Monitoring Market is estimated to grow at a CAGR of a little over 6% by 2022. This growth is expected to be mainly driven by the growing prevalence of diabetes and the increasing awareness of the importance of regular blood sugar testing among patients and health care professionals. The growing lifestyle-related disorders in the region are also driving the demand for easy-to-use and accurate blood sugar monitors. Also, the emergence of newer blood sugar monitoring devices, such as continuous glucose monitors and devices integrated with smart phones, is changing the diabetes care landscape. Furthermore, the supportive government initiatives and the improving health care infrastructure are expected to enhance the market dynamics, thereby fostering a competitive environment for both the established players and new entrants. The convergence of these factors is likely to shape the future of blood sugar monitoring in the Asia-Pacific region, thereby making it a critical area of focus for the key players in the health care industry.

PESTLE Analysis

• Political:
  Among the countries of the Asia- Pacific region, over twenty are implementing national diabetes strategies. For example, India has allocated approximately US$150 million to develop a blood-glucose monitoring system. Moreover, the regulatory bodies in countries such as Australia and Japan are expected to speed up the approval process for new blood-glucose monitors, from the current average of 18 months to 12 months.
• Economic:
  In the Asia-Pacific region, the economic situation is characterized by a growing middle class, which is expected to reach an estimated 1 billion by 2025. This development is expected to increase the average household income by 10 per cent in countries such as India, Indonesia and Vietnam. The result of this is that more and more people can afford advanced blood-glucose monitoring devices. The average price of these devices is expected to be around $ 50 per unit.
• Social:
  The high rate of diabetes in Asia and the Pacific is a matter of concern. In 2025, 150 million people are expected to be living with diabetes in the region, which is a 25 per cent increase on the figures for 2020. This rise in diabetes is due to changes in lifestyle and the aging of the population. Awareness-raising campaigns are expected to reach 200 million people in the region and encourage them to monitor their blood sugar regularly. The trend towards greater health consciousness among younger people will also lead to a demand for new diabetes-monitoring solutions.
• Technological:
  By 2025, technological advances in blood-glucose monitoring are expected to revolutionize the market. More than thirty new devices are expected to be launched, with some including continuous glucose monitors and others including smartphone integration. In this field, investment in R & D will exceed $500 million, with innovations that improve accuracy and ease of use. Artificial intelligence will also play a key role in the analysis of data, with more than 40 percent of new devices including it.
• Legal:
  In 2025, the Asian-Pacific regulatory framework for medical devices will become more stringent, with the introduction of new standards that require manufacturers to meet fifteen different criteria of safety and efficacy. These standards will be introduced in countries like South Korea and Singapore, whose governments are committed to ensuring that blood-glucose monitors are safe for patients to use. The penalties for failing to comply with these standards could be severe, with fines reaching as high as one million dollars.
• Environmental:
  In the blood-glucose-monitoring market, the concern for the environment is becoming increasingly important. By 2025, it is estimated that about a third of the manufacturers will be able to demonstrate a commitment to sustainable development. These efforts include the use of biodegradable materials in the packaging and the implementation of a return and re-use system for used devices. Furthermore, the companies are expected to reduce their carbon footprint by about 20 percent through the use of greener production methods. The trend toward greater concern for the environment in the health care sector is evident.

Porters Five Forces

• Threat of New Entrants:
  The Asia Pacific Blood Glucose Monitoring Market is characterized by a moderate level of market penetration. The market is characterized by a strong presence of large players with a wide distribution network and strong brand recognition. However, the new technology developments and the increasing demand for diabetes management solutions may lead to the emergence of new players. The stringent regulatory requirements and the need for high R & D expenditures may limit the entry of new players.
• Bargaining Power of Suppliers:
  The bargaining power of suppliers in the blood-glucose-monitoring market is low because of the wide availability of raw materials and components. The ability of the producers to easily change suppliers also gives companies an advantage in the market. Moreover, large manufacturers are able to negotiate advantageous terms of trade.
• Bargaining Power of Buyers:
  In the Asia Pacific blood-glucose monitoring market, buyers have considerable bargaining power, due to the increasing availability of alternative products and the growing awareness of diabetes management. In the market, patients, health care professionals and health insurance companies are able to exert pressure on prices and demand for higher-quality products, resulting in a highly competitive environment.
• Threat of Substitutes:
  The threat of substitution in the blood-glucose-monitoring market is moderate. While traditional blood-glucose meters are the most common, alternative monitoring methods such as continuous glucose monitors (CGM) and non-invasive blood-glucose monitors are increasingly being used. These alternative methods can eventually replace the traditional method, but they are still in their early stages of development, which gives some protection to the existing products.
• Competitive Rivalry:
  Competition in the Asia Pacific Blood Glucose Monitoring Market is high, owing to the presence of a large number of established players and the rapid pace of technological development. Companies are engaging in aggressive marketing strategies, product innovation, and price competition to gain market share. The rising prevalence of diabetes in the region has further intensified the competition, as companies seek to meet the rising demand for effective blood glucose monitoring solutions.

SWOT Analysis

• Strengths:
  • The diabetes epidemic in Asia-Pacific is driving demand for blood-glucose monitors.
  • Technological advancements leading to more accurate and user-friendly monitoring devices.
  • Strong support from healthcare providers and government initiatives promoting diabetes management.
• Weaknesses:
  • The cost of the most advanced blood-glucose meters limits their availability for low-income populations.
  • Lack of awareness and education about diabetes management in some rural areas.
  • Dependence on healthcare infrastructure which may be underdeveloped in certain regions.
• Opportunities:
  • The remote monitoring of patients, telemedical applications, and the emergence of telecare and telehealth have opened new horizons for the blood-glucose monitoring industry.
  • PARTNERSHIPS WITH TECH COMPANIES TO INTEGRATE MONITORING DEVICES WITH MOBILE HEALTH APPLICATIONS
  • Expansion of e-commerce platforms providing easier access to blood glucose monitoring products.
• Threats:
  • Intense competition among established players and new entrants in the market.
  • Regulatory challenges and varying standards across different countries in the Asia Pacific region.
  • Economic fluctuations that may impact consumer spending on healthcare products.

The Asia Pacific Blood Glucose Monitors Market to 2025 is expected to be characterized by a strong demand, which is mainly driven by the rising prevalence of diabetes and the technological advancements. However, the market may be restricted by the high cost and the lack of awareness in certain areas. Opportunities are seen in telemedicine and in establishing collaborations with technology companies. However, competition and regulations are likely to pose a threat to the market. Strategic focus on education, availability, and innovation will be crucial for the market to reach its full potential.