The study conducted by Astute Analytica foresees a growth in revenue of the Asia Pacific Continuous Glucose Monitoring Market from US$ 1,081.6 Mn in 2021 to US$ 2,967.2 Mn by the end of 2030. The market is recording a CAGR of 12.22% over the forecast period. The market is majorly driven by factors such as increased awareness among people towards monitoring and preventive health and surge in diabetic population.
Market Snapshot:
Continuous glucose monitoring automatically tracks blood glucose levels, also called blood sugar, throughout the day and night on a continual basis by insulin-requiring people with diabetes, for instance, people with type I, type II diabetes or other types of diabetes. The user can see his glucose level anytime at a glance. CGM systems helps in better management of glucose levels every day, have fewer low blood glucose emergencies, and need fewer finger sticks. A continuous glucose monitor consists of three parts: a small electrode placed under the skin, a transmitter sending readings at regular intervals (ranging from every 5 to 15 min), and a separate receiver.
Market Dynamics
Drivers:
The growing impetus of the market is attributed to factors such as increased awareness among people towards monitoring and preventive health and surge in diabetic population. Rising disposable income in Asia Pacific countries followed by the growing awareness about the advantages of good healthcare systems and healthier lifestyles is accelerating market growth.
Increasing prevalence of diabetes in Asia is another factor propelling the market growth. In 2019, the International Diabetes Federation (IDF) estimated that 463 million people had diabetes worldwide, and by 2045, this was predicted to rise to 700 million; 80% of these live in low- and middle-income countries, and of the total, more than 60% live in Asia, with almost one-third in China. Major increases in the prevalence of diabetes have occurred in developing countries due to rapid and ongoing socioeconomic transition and will likely lead to further rises. The prevalence of both type 1 and type 2 diabetes (T2DM) has increased significantly during recent decades. The increasing prevalence of diabetes can be attributed to a multitude of interrelated factors, including rapid urbanization, sedentary lifestyles, unhealthy diets, tobacco use, and increasing life expectancy. Further, diabetes is a growing challenge in India with estimated 8.7% diabetic population in the age group of 20 and 70 years.
Restraints:
A CGM system is more expensive than using a standard glucose meter. Another limitation is that glucose levels are taken from the interstitial fluid rather than the blood. As it takes time for glucose to travel from the bloodstream into the interstitial fluid, there is an inherent lag behind the current blood glucose level and the level measured by the CGM.
Segmental Analysis:
Sensors dominates the Asia Pacific CGM market in 2021
Based on component, the market is segmented into sensors, transmitters & receivers, integrated insulin pumps, and others. Among these, the sensors segment holds the highest market share in 2021 and registers the highest CAGR over the forecast period 2022-2030. CGM works through a tiny sensor inserted under skin. The sensor measures interstitial glucose level, which is the glucose found in the fluid between the cells. The sensor tests glucose every few minutes. The segmental growth of sensors is thus attributed to advantages such as detailed glucose level data, user friendly, and best in budget.
Adult population dominates the Asia Pacific Continuous Glucose Monitoring Market in 2021
In terms of demographics, the adult population holds the highest share in the Asia Pacific CGM market in 2021 and are expected to continue their dominance over the forecast period. Adults aged 45 to 64 years are most prone to diabetes and need CGM on regular basis which makes adult population segment to hold highest market share.
Home health care leads the Asia Pacific CGM market in 2021
Based on end-users, the market is segmented into diagnostics, ICU, and home healthcare. Home health care has the highest market share in 2021 and further registers the highest annual growth rate over the projection period. This is because CGM provides dynamic information, gives patient timely check on nutrition, activity, and insulin requirements, which can be easily tracked and managed at home, thereby reducing the hospital cost.
China holds the highest share of Asia Pacific CGM market in 2021
China is the highest shareholder country in the Asia Pacific continuous glucose monitoring market in 2021 as one third of the diabetic patients of Asia Pacific are in China. Further, India records the highest CAGR over the projection period. This is because in India, diabetes is the fastest growing health condition, and the country has a significant population with high diabetes condition.
Competitive Insight:
Segmentation Overview
The following are the different segments of the Asia Pacific Continuous Glucose Monitoring (CGM) Market:
By Component segment of the Asia Pacific Continuous Glucose Monitoring (CGM) Market is sub-segmented into:
By Demographics segment of the Asia Pacific Continuous Glucose Monitoring (CGM) Market is sub-segmented into:
By End user segment of the Asia Pacific Continuous Glucose Monitoring (CGM) Market is sub-segmented into:
By Country segment of the Asia Pacific Continuous Glucose Monitoring (CGM) Market is sub-segmented into:
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