Market Trends of Asia-Pacific Continuous Glucose Monitoring Industry
The sensors Segment is having the highest market share in Asia-Pacific Continuous Glucose Monitoring Market.
Continuous glucose monitoring sensors use glucose oxidase to detect blood sugar levels. Glucose oxidase converts glucose to hydrogen peroxidase, which reacts with the platinum inside the sensor, producing an electrical signal to be communicated to the transmitter. Sensors are an essential part of continuous glucose monitoring devices. Technological advancements to improve the accuracy of the sensors are expected to drive segment growth during the forecast period. Continuous glucose monitoring has become a popular alternative to the portable finger-prick glucometers available in the market for the convenience of diabetic patients. According to a research study by Ziyi Yu et al., published in IOP Science Journal in March 2021, a large variety of promising glucose-sensing technologies, from traditional electrochemical-based glucose sensors to novel optical and other electrical glucose sensors, has been developed which shows a positive impact on the market growth.
Furthermore, the current continuous glucose monitoring devices can either display the trends in blood glucose levels by downloading the data or give a real-time picture of glucose levels through receiver displays. Continuous glucose monitoring devices are becoming cheaper with the advent of new technologies, like cell phone integration, which is likely to drive the segment. The market players are adopting various strategies and innovations to increase market share. For instance, In July 2021, Terumo Corporation announced the launching the Dexcom G6 continuous glucose monitoring (CGM) system in Japan. U.S.-based Dexcom manufactures the Dexcom product, and Terumo holds the exclusive distribution agreement of Dexcom Products in Japan.
Asia-Pacific region has the two highest diabetes populations in the world. With the increasing type-1 diabetes population in the area, the segment is expected to grow over the forecast period.
China is Expected to Dominate the Asia-Pacific Continuous Glucose Monitoring Devices Market.
China dominates around 56% of the Asia-Pacific Insulin Infusion Pump Market among the Asia-Pacific countries. This is mainly due to the high diabetes prevalence in this country. China records the highest healthcare expenditure in the Asia-Pacific region. According to the National Bureau of Statistics of China, MOH (China), in 2021, China's expenditure on health and hygiene was Yuan 1,920.5 billion (USD 263.32 billion). Expenditure includes government, collective, and private out-of-pocket spending on health care. Health insurance is voluntary in China, but the share of the population being covered by basic health insurance has increased in the last ten years.
China stands third in number among the countries with the highest diabetes population. Type 2 diabetes (T2D) has rapidly increased over the past decade, becoming a leading public health challenge in China. The increasing number of diabetes patients drives the growth in the Chinese diabetic market, the increase in high-calorie diets, and sedentary lifestyles. This has led the country to record the highest number of diabetes patients globally, totaling 129 million people in 2021, roughly 8.5% of the population. About 129 million people were suffering from diabetes mellitus in 2021, with a prevalence of 10% among adults. Of the 129 million diabetic patients, 12.75 million were Type 1 patients, and 116.85 million were Type 2 patients.
Therefore, owing to the factors above, the growth of the studied market is anticipated in the Asia-Pacific Region.
