Report Ocean introduces a fresh report examining the “Asia-Pacific Self-Monitoring Blood Glucose Devices Market” encompassing its size, share, growth, industry trends, and forecast up to 2030. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
The Asia-Pacific self-monitoring blood glucose devices market is expected to see significant growth during the 2019-2024 period, with a projected compound annual growth rate (CAGR) of 6.34%.
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Technological breakthroughs, rising obesity rates, and the increasing prevalence of diabetes are among the key factors driving this growth.
Product Segment Insights
The testing strips segment is expected to hold the highest market share (81.64%) in 2019, owing to the development of innovative testing strips and a massive increase in the incidence of diabetes. This segment is expected to witness a high CAGR of 6.94% during the forecast period. The glucometers segment is expected to remain steady, generating 12% of the revenue in the Asia-Pacific market in 2019. Factors like the advantages of glucometers over regular monitoring methodologies and the production of a wide range of devices will drive this segment. However, variations in results due to external and physiological factors will lead to a comparatively low CAGR (4.95%) during the 2019-2024 period.
End-User Segment Insights
The shift of medical services to decentralized surroundings like patients’ homes and the development of portable and user-friendly blood glucose monitoring devices will enable the home settings segment to expand at a CAGR of 6.82% during the 2019-2024 period. The hospitals sector will generate almost 7% of the total market revenue by 2019 and is anticipated to expand at a CAGR of 4.78% during the forecast period.
Country-wise Insights
China and India account for half of the total diabetic population in the Asia-Pacific region. Advanced medical facilities, awareness programs, and cost-effective treatments to tackle diabetes will transform this region into the fastest-growing SMBG devices market in the world. China is expected to expand at a CAGR of 6.62% during the forecast period, while healthcare initiatives and government programs in India will enable the market in the country to expand at a CAGR of 6.46%.
Key Market Players
The Asia-Pacific self-monitoring blood glucose devices market has seen significant contributions from several companies, including Wockhardt, Roche Holding, Abbott Laboratories, i-SENS, and Terumo Medical.
These companies have been at the forefront of innovation and have been instrumental in the development of new technologies and applications for self-monitoring blood glucose devices.
Market Analysis
The Asia-Pacific self-monitoring blood glucose devices market is expected to see significant growth during the forecasted period, owing to several factors like the increasing prevalence of diabetes, technological advancements, and rising obesity rates. The testing strips segment is expected to hold the highest market share, while the home settings segment is expected to expand at a CAGR of 6.82%. Countries like China and India are expected to contribute significantly to this growth, transforming the region into the fastest-growing SMBG devices market in the world. The market is also witnessing intense competition among players, with several companies investing in research and development to stay ahead of the curve.
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The report addresses the following key questions regarding the Asia-Pacific Self-Monitoring Blood Glucose Devices market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of Asia-Pacific Self-Monitoring Blood Glucose Devices in the market?
- How are regulatory policies and government initiatives impacting the growth of the Asia-Pacific Self-Monitoring Blood Glucose Devices market?
- What is the market share of the top 5 players in the Asia-Pacific Self-Monitoring Blood Glucose Devices market and how is it likely to change in the future?
- What are the latest technologies and innovations in the Asia-Pacific Self-Monitoring Blood Glucose Devices market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the Asia-Pacific Self-Monitoring Blood Glucose Devices market?
- What are the challenges related to the supply chain and logistics that Asia-Pacific Self-Monitoring Blood Glucose Devices market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the Asia-Pacific Self-Monitoring Blood Glucose Devices market?
- What are the potential risks and uncertainties associated with investing in the Asia-Pacific Self-Monitoring Blood Glucose Devices market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Asia-Pacific Self-Monitoring Blood Glucose Devices market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Asia-Pacific Self-Monitoring Blood Glucose Devices market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Asia-Pacific Self-Monitoring Blood Glucose Devices market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Asia-Pacific Self-Monitoring Blood Glucose Devices business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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