Asia Pacific blood glucose monitoring devices market is expected to grow USD 2,041.6 Million at a CAGR of 13.6% over the forecast period.
The Blood Glucose Monitoring market is expected to reach USD 2,041.6 Million by 2030 at CAGR 13.6% during the forecast period 2022-2030.Blood glucose monitoring is the process of testing the glucose level in the blood. It helps to identify the blood glucose level within the specified target range. Thus, it helps to understand the food intake, exercise, insulin, and blood glucose level. The blood glucose monitoring devices provide useful information to manage diabetes. It helps to track the progress of treatment goal as well as monitor the effect of diabetes meditation on blood sugar level and understand the effect of illness and stress on the blood sugar level.
Various blood glucose monitoring devices are available in the market, which is referred as blood glucose meter. These device help to track the blood glucose level at home, clinics, hospitals, etc. Furthermore, they are designed to apply to the different type of diabetes.
The blood glucose monitoring devices market growth is majorly attributed to the increasing prevalence of diabetes, developing technology for monitoring and diagnosis of diabetes, early detection of diabetes, and increasing demand for continuous glucose monitoring devices.
The Asia Pacific blood glucose monitoring devices market is expected to grow at a CAGR of 10% over the review period. China and India are potential market players owing to the largest diabetes patient population.
According to the Diabetes prevalence figures suggested by the Australian Bureau of Statistics, more than 5.1% of the Australian population diagnosed with diabetes in 2016.
However, as per the Centers for Disease Control and Prevention (CDC), the risk of transmitting hepatitis B virus (HBV) and other infection during assisted blood glucose monitoring and insulin administration is more.
Figure: Asia Pacific Blood Glucose Monitoring Market, By Application Market Share, 2016 (%) Sources: Annual reports, Press release, White paper, Company presentation
Segmentations The Asia Pacific blood glucose monitoring devices market is segmented on the basis of product type, application, and end user
On the basis of the product type, it is segmented into invasive glucose monitoring devices, continuous glucose monitoring devices (CGM), flash glucose monitoring devices, and others.
On the basis of the application, it is segmented into type 1 diabetes, type 2 diabetes, and others.
On the basis of the end user, it is segmented into diagnostic centers, hospitals, clinics, research centers, and home care diagnostics.
Sources: Annual reports, Press release, White paper, and Company presentation
Regional Analysis China dominates the Asia Pacific blood glucose monitoring devices market owing to well-developed technology, increasing patient population with diabetes, high health care spending, and increasing government support for research & development. Furthermore, increased R&D activities and the concentration of major companies have fuelled the growth of the market in this region.
India holds the second position in the Asia Pacific blood glucose market owing to the government support for research & development and availability of funds for research. This is expected to continue driving the Indian market over the forecasted period. Moreover, countries like Japan, Australia, and the Republic of Korea are showing a considerable growth in the blood glucose monitoring market.
Asia Pacific is the fastest growing blood glucose monitoring market owing to the presence of rapidly developing healthcare technology, huge patient population, and high healthcare expenditure. Moreover, increasing demand for new treatment methods in countries like India and South Korea is likely to emerge as the fastest growing market across the globe. Furthermore, increasing demand for quality devices in the healthcare is projected to lead the demand for advanced equipment, which, in turn, may increase the market demand for the blood glucose monitoring devices in the region.
Key Players Some of key the players in the market are Abbott Laboratories, Arkay, Inc., Bayer Healthcare AG, F. Hoffmann-La Roche, Goldsite Diagnostics Inc., GlySure Ltd, Sphere Medical, Dexcom, Inc., and LifeScan.
|Market Size||USD 2,041.6 Million:2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Abbott Laboratories, Arkay, Inc., Bayer Healthcare AG, F. Hoffmann-La Roche, Goldsite Diagnostics Inc., GlySure Ltd, Sphere Medical, Dexcom, Inc., and LifeScan.|
|Key Market Opportunities||increased R&D activities and the concentration|
|Key Market Drivers||increasing prevalence of diabetes|