At 12.1% CAGR, the Asia Pacific Glucose Monitoring Devices Market is Projected to be Worth US$ 8,471.46 million by 2030, Says Business Market Insights

According to Business Market Insights research, the Asia Pacific glucose monitoring devices market was valued at US$ 3,386.90 million in 2022 and is expected to reach US$ 8,471.46 million by 2030, registering a CAGR of 12.1% from 2022 to 2030. Growing medical tourism in developing countries is a critical factor attributed to the Asia Pacific glucose monitoring devices market expansion.        

The emerging markets in developing countries are the major factor that gives the major players a better opportunity to expand their business. These are a major reason for the market growth during the forecast period. Most market players focus on emerging markets due to the prevalence of diabetes and the increasing popularity of glucose monitoring devices in the region. In India, medical science has progressed rapidly over the past few decades. Several international patients visit India in the pursuit of incredibly affordable medical care. Due to existing exchange rates and several other factors, diabetes treatment in India has become extremely affordable compared to other countries. According to the Malaysia Healthcare Travel Council, in 2022, over 850,000 travelers visited Malaysia for healthcare purposes. Government authorities in Asia Pacific countries are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. In May 2023, Malaysia Healthcare Travel Council (MHTC) strengthened its global presence by signing two strategic Memorandums of Understanding renowned medical tourism and healthcare facilitators, Passage Asia, and Ezy Healthcare, to enhance its seamless healthcare experience. These collaborations mark a significant milestone in MHTC's quest to provide the best healthcare travel experience and extend its reach into the Oceania region. Also, In November 2020, Abbott unveiled a do-it-yourself version of its continuous glucose-monitoring device in India, a decision prompted by the pandemic. The reader is a one-time cost to the consumer at US$66.61, while the sensor is a recurring cost of US$60.55, possibly every three months. The sensor gives continuous readings for 14 days and analytics cover a three-month period, mapping the sugar levels against diet, exercise, etc. The growing Indian market offers opportunities for international companies to increase their revenues owing to improving healthcare facilities in the country. Furthermore, in November 2022, Roche featured two new glucose meter products—ACCU-CHEK Instant Glucometer and ACCU-CHEK Guide Me Glucometer—and a new digital diabetes management platform at the China International Import Expo (CIIE) to provide patients with professional and easier diabetes management solutions.

On the contrary, high cost of glucose monitoring devices hampers the Asia Pacific glucose monitoring devices market.  

Based on type, the Asia Pacific glucose monitoring devices market is bifurcated into continuous glucose monitoring devices and self-glucose monitoring devices. The self-glucose monitoring devices held 59.4% share of Asia Pacific glucose monitoring devices market in 2022, amassing US$ 2,012.09 million. It is projected to garner US$ 4,824.19 million by 2030 to expand at 11.6% CAGR during 2022–2030. 

Based on application, the Asia Pacific glucose monitoring devices market is bifurcated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment held 61.0% share of Asia Pacific glucose monitoring devices market in 2022, amassing US$ 2,064.76 million. It is projected to garner US$ 5,040.23 million by 2030 to expand at 11.8% CAGR during 2022–2030.

Based on testing site, the Asia Pacific glucose monitoring devices market is bifurcated into fingertip testing and alternate site testing. The fingertip testing segment held 64.8% share of Asia Pacific glucose monitoring devices market in 2022, amassing US$ 2,195.76 million. It is projected to garner US$ 5,762.50 million by 2030 to expand at 12.8% CAGR during 2022–2030.

Based on end user, the Asia Pacific glucose monitoring devices market is bifurcated into healthcare setting and self/homecare. The self/homecare segment held 58.0% share of Asia Pacific glucose monitoring devices market in 2022, amassing US$ 1,964.59 million. It is projected to garner US$ 4,642.29 million by 2030 to expand at 11.3% CAGR during 2022–2030.

 Based on country, the Asia Pacific glucose monitoring devices market has been categorized into the China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Our regional analysis states that China captured 25.5% share of Asia Pacific glucose monitoring devices market in 2022. It was assessed at US$ 862.91 million in 2022 and is likely to hit US$ 2,269.59 million by 2030, exhibiting a CAGR of 12.8% during 2022–2030.      

Key players operating the Asia Pacific glucose monitoring devices market are B. Braun SE, F. Hoffmann-La Roche Ltd, Medtronic Plc, Abbott Laboratories, Ypsomed Holding AG, Nipro Corp, GE HealthCare Technologies Inc, and Terumo Corp, among others.

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