2022-11-24 08:37:47

Asia Pacific Continuous Glucose Monitoring Market Expected to Reach USD 2,967.2 Million by the end of 2030

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EIN Presswire

CHICAGO, UNITED STATES, November 24, 2022 /EINPresswire.com/ -- Asia Pacific Continuous Glucose Monitoring Market size was US$ 1,081.6 Mn in 2021 and the market is forecast to reach US$ 2,967.2 Mn by the end of 2030, growing at a CAGR of 12.22% over the forecast period from 2022 to 2030.

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Continuously glucose monitoring systems track blood glucose levels, commonly known as blood sugar, during the day and night by insulin-requiring people with diabetes, such as those with type I, type II, or other kinds of diabetes. People can always quickly view their blood glucose levels. The use of CGM systems results in improved daily glucose level management, fewer low blood glucose emergencies, and fewer finger sticks. The three parts of a continuous glucose monitor include an electrode placed under the skin, a transmitter that sends readings every 5 to 15 minutes, and a receiver that receives the reading.

Factors Impacting Market Growth

The factors driving the Asia Pacific continuous glucose monitoring market include rising diabetic rates and greater public awareness of monitoring and preventative health. Growing awareness of the benefits of effective healthcare systems and healthy lives and the rising disposable income in Asia Pacific nations is propelling market expansion.

The other factor contributing to the market growth is the growing prevalence of diabetes in Asia. As per the International Diabetes Federation (IDF), in 2019, 463 million people globally had diabetes. By 2045, that number is likely to increase to 700 million. Eighty percent of them reside in low- and middle-income nations; more than 60% are from Asia, with China accounting for over one-third of cases. As a result of the rapid and ongoing socioeconomic transformation, there have been significant increases in the prevalence of diabetes in developing nations, which will probably drive the market growth.

The cases of both type 1 and type 2 diabetes (T2DM) have grown significantly over recent years. Numerous interconnected variables, such as fast urbanization, sedentary lifestyles, poor diets, cigarette use, and rising life expectancy, can drive the rising prevalence of diabetes. In India diabetes is a major concern, with an estimated 8.7% of people between the age of 20 and 70 having the disease. The prevalence of type 1 and type 2 diabetes (T2DM) has increased significantly during the past few decades. Numerous interconnected variables, such as fast urbanization, sedentary lifestyles, poor diets, cigarette use, and rising life expectancy, can drive the rising prevalence of diabetes. In addition, diabetes is a concern in India, with 8.7% of people aged 20 to 70 having the disease.
On the other hand, CGM devices may be costly, and the final results might not be authentic as a fingerstick check, which may have a negative influence on market growth.

Segmentation Analysis

In 2021, on the basis of components, the sensors segment accounted for a market share of 44%. The glucose found in the fluid between the cells or the interstitial glucose level is calculated by a tiny sensor that is implanted under the skin as part of the CGM system. Therefore, features like detailed glucose level data, user-friendliness, and budget-friendly boost the growth of the segment in the market.

In 2021, based on demographics, the adult population segment dominated the Asia Pacific CGM market and is likely to witness the highest CAGR of 12.49% throughout the forecast period. As individuals between the ages of 45 and 64 are the most susceptible to developing diabetes and require CGM, which drives the segment growth.

In 2021, in terms of end-users, home health care had a leading position in the Asia Pacific CGM market. As CGM offers dynamic data and allows a patient a timely check on diet, exercise, and insulin needs, which can be readily followed and controlled at home, it lowers hospital expenses. As a result, this factor propels the growth of the segment in the region.

In 2021, by country, the China segment accounted for a share of 36.2% in the Asia Pacific continuous glucose monitoring industry. China is home to one-third of the diabetic patients in the region. The International Diabetes Federation estimates that China had 114 million cases of diabetes as of November 2019. On the other hand, India will grow at a CAGR of 13.35% from 2022 to 2030. This is due to the fact that diabetes is the health condition with the highest growing prevalence in India, where the disease affects a sizable portion of the population.

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Competitors Landscape

The prominent players operating in the Asia Pacific continuous glucose monitoring market are:
Abbott Lab
Senseonics Holding Inc.
A. Menarini Diagnostics
Johnson & Johnson
DexCom Inc.
GlySens Incorporated
F. Hoffmann-La Roche Ltd.
Echo Therapeutics, Inc.
Medtronic Plc
Other Prominent Players

Key Developments of these Market Players

In Oct 2022, Medtronic plc, the industry pioneer in medical technology, launched a brand-new service called My Insights that is intended for users of the MiniMedTM 770G system. My Insights uses a data of a person and the power of data science to offer tailored trends, advice, and reminders that users may utilize to support their diabetes management objectives. An individual may receive a monthly email from My Insights that contains individualized recommendations and educational content that is most pertinent to their present situation.

In Aug 2022, Abbott and WW International, Inc. established a strategic alliance that will aid persons with diabetes in managing both their diabetes and their weight. The companies are collaborating to create a seamless mobile experience that will provide people with diabetes with the knowledge and insights necessary to make healthy dietary adjustments, improve their glucose levels, and, ultimately, gain more control over their health. This will be done by combining Abbott's line of FreeStyle Libre products with WeightWatchers' diabetes-specific weight management program.

In June 2019, DexCom, Inc. and Companion Medical, Inc. established a partnership to allow for the direct integration of insulin data from the InPenTM and CGM data from Dexcom into both businesses' software products. This groundbreaking collaboration opens the door for advanced diabetic decision assistance, a crucial resource for insulin users.

Segmentation Outline

The Asia Pacific Continuous Glucose Monitoring (CGM) Market segmentation focuses on Components, Demographics, End-User, and Country.

By Component Segment
Transmitters & Receivers
Integrated Insulin Pumps

By Demographics Segment
Child Population (<14 years)
Adult Population (>14 years)

By End-User Segment
Home Healthcare

By Country Segment
South Korea
Australia & New Zealand
o Malaysia
o Thailand
o Philippines
o Vietnam
o Singapore
Rest of Asia Pacific

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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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