DUBLIN–(BUSINESS WIRE)–The “Asia Pacific Diabetes Care Devices Market to 2027 – Regional Analysis and Forecasts by Product; End User; and Country” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
Homecare 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.
Key Market Dynamics
Key Market Drivers
- Rapid Technological Advancements in Diabetes Care Devices
- Increasing Rate of Obesity
Key Market Restraints
- High Cost of Diabetes Care Devices
- Increasing prevalence of Type 2 Diabetes
Key Market Opportunities
- Growing Medical Tourism In Developing Countries
- Increasing Prevalence of Obesity Across The Region
- Novo Nordisk A/S
- B. Braun Melsungen AG
- Insulet Corporation
- Tandem Diabetes Care, Inc.
- Eli Lilly and Company
- Dexcom, Inc.
- Terumo Corporation
- F. Hoffman-LA Roche Ltd.
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