Asia Pacific Diabetes Care Devices Market : Size, Growth, Industry Share, Forecast And Analysis Report By 2027
The Asia Pacific diabetes care
devices market is expected to reach US$ 8,880.7 Mn in 2027 from US$ 5,011.5 Mn
in 2018. The market is estimated to grow with a CAGR of 6.7% from 2019-2027.
The growth of the diabetes care devices market is primarily attributed to the rapid technological advancements in diabetes care devices and increasing rate of obesity. However, high cost of diabetes care devices and increasing prevalence of type 2 diabetes are likely to pose a negative impact on the market growth. On the other hand, growing medical tourism in developing countries is likely to have a positive impact on the growth of the Asia Pacific diabetes care devices market in the coming years.
The advancement in the field of the healthcare industry is driving to the players for more research and developments for the diabetes care devices for the administration purpose required during various medical conditions. The pen needles used in various injection pens have evolved gradually in terms of material, performance, dimensions and safety factors such as sterility and safety packaging. Various manufacturers are coming up with innovative products to sustain in the highly fragmented diabetes care devices market, in the region. Moreover, the easy regulatory approvals in the Asian countries has led to mid-sized companies enter the market and compete with the local and established players.
For instance, in May 2018,
Hindustan Syringes and Medical Devices (HMD), one of the leading manufacturers
of disposable syringes introduced “Dispovan” insulin pen needle which is the
first made-in-India disposable pen needle that is technologically efficient and
affordable than that of the currently available products in the market.
Development of pen needles with precise lubrication to reduce the pain
sensation has been another focus of manufacturers during the research. Thus,
owing to the above mentioned factors the market for diabetes care devices
anticipated to grow rapidly in the forecast period, in the region.
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In 2018, the glucose monitoring devices segment held a largest
market share of 54.0% of the diabetes care devices market, by product. The
glucose monitoring devices is expected to dominate its market share in 2027
owing to the rise in the prevalence of the type 2 diabetes in the region. The
testing strips segment among the glucose monitoring devices is anticipated to
witness the fastest growth rate of 7.6% during the forecast period, 2019 to
2027 owing to the enormous usages in the glucose monitoring devices.
held a largest market share of 59.8% of the diabetes care devices
market, by end user. This segment is also expected to dominate the market in
2027 owing to the rise in the demand for the glucose monitoring devices and
insulin delivery devices. Increasing prevalence of diabetes, the ease of use,
availability, and accessibility of insulin delivery devices has also increased
the adoption of self-administration among patients is anticipated to grow at a
steady rate during the forecast period. Also the homecare segment is also
expected to grow at the fastest growth rate of 6.9% during the forecast period,
2019 to 2027.
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Some of the major primary and secondary sources for diabetes care
devices included in the report are, China Initiative for Diabetes Excellence
(CIDE), Centers for Diabetes and Endocrinology (CDE), Public Health England
(PHE), Centers for Disease Control and Prevention (CDC), Food and Drug
Administration (FDA), International Diabetes Federation (IDF) and others.
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