asia pacific diabetes devices market - 2024-2031

asia pacific diabetes devices market - 2024-2031

The global Asia Pacific diabetes devices market reached US$YY million in 2023 and is expected to reach US$YY million by 2031, growing at a CAGR ofYY% during the forecast period 2024-2031.

Diabetes mellitus, sometimes known as diabetes, is a group of metabolic disorders characterized by a chronically high blood sugar level. Common symptoms include frequent urination, increased thirst, and increased hunger. Diabetes, if untreated, may cause an array of health problems. Acute consequences include diabetic ketoacidosis, hyperosmolar hyperglycemia, and death. Long-term risks include cardiovascular illness, stroke, chronic kidney disease, foot ulcers, nerve damage, eye damage, and cognitive impairment.

Diabetes is classified into three types: type 1 diabetes, type 2 diabetes, and gestational diabetes. Thus, the devices used to monitor the diabetic conditions of patients are called diabetes devices. The increasing prevalence of diabetes and technological advancements primarily drive the market growth.

Market Dynamics: Drivers

Increasing Obesity & Growing Attention to Diabetes Care

The demand for the Asia Pacific diabetes devices market is driven by multiple factors. Obesity is a serious issue and a major cause of concern in all of the region's countries. Obesity affects one out of every two adults and one out of every six children.

Obesity and overweight are terms used to describe abnormal or excessive fat buildup in the body, which causes health concerns. Obesity is a prominent component in the prevalence of diabetes in the region's population, as shown in countries such as India, Pakistan, and Sri Lanka, among others, and this reason is a driving force in the diabetic care device market expansion

The usage of diabetic devices is predicted to increase due to the number of government and philanthropic initiatives to boost diabetes awareness. The Ministry of Health and Family Welfare, the WHO Country Office for India, and other partners developed diabetes, a mobile health initiative.

The goal of this public health project is to raise diabetes detection and treatment awareness. Similarly, the WHO and the IDF collaborate to prevent and manage diabetes while also ensuring a good quality of life for people worldwide.

The WHO Diabetes Program, for example, aims to prevent type 2 diabetes, decrease complications, and enhance diabetes patients' quality of life. To improve diabetes prevention and control, NGOs and governments are creating norms and standards, increasing diabetes preventive awareness, and supporting monitoring. As a consequence, it is expected that the increased number of diabetes awareness initiatives will lead to a rise in diabetes diagnosis and, as a result, the usage of diabetic devices.

Moreover, the Asia-Pacific region is witnessing continual expansion over the years. This region holds 60% of the global diabetic population, with India and China accounting for half of those numbers. Even nations such as Indonesia, Thailand, and Japan, along with a few others have seen an increase in diabetic patients recently.

As per ET Healthcare World, in April 2024, a U.S. firm launches a diabetes educational program for Asia Singapore people. IDF projects that 783 million people will be living with diabetes by 2045.

High Cost of the SMBG Devices

The high costs of SMBG (self-monitoring blood glucose) devices, low medical literacy rate & awareness, and blood glucose meters can often produce errors in the results, and strict SMBG manufacturing regulations are expected to hamper the market.

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Segment Analysis

The Asia Pacific diabetes devices market is segmented based on product type, and distribution channel.

The insulin delivery devices segment accounted for approximately 45.7% of the Asia Pacific diabetes devices market share

The insulin delivery devices segment is expected to hold the largest market share over the forecast period. Sensors are connected to a transmitter that can send data wirelessly to a dedicated mobile receiving device or smartphone. Using CGMs for people with diabetes and their caregivers and communities is beneficial for managing their blood glucose and insulin levels to maintain their health outcomes.

CGM makes it significantly easier to manage blood glucose levels by decreasing interruptions and allowing for better sleep. It also improves the mental health of patients or caregivers by reducing the overall mental load of managing diabetes, thereby enhancing the market prospects in the coming years.

Also, in June 2023, the digital healthcare business of South Korean internet company Kakao Corporation entered into a collaboration agreement with Dexcom to set up a global digital diabetes management service. The deal combines Kakao Healthcare's capabilities in AI and software technology with Dexcom's continuous glucose monitoring (CGM) devices, Dexcom G6 and G7, which the company is currently seeking approval for from the Ministry of Food and Drug Safety.

According to a 2022 article published in Current Diabetes Reports, an estimated 350,000 persons in the United States use insulin pumps, with 90% having T1D and 10% having T2D. Modern insulin pumps that communicate with CGM devices to automatically adjust insulin in response (automated insulin administration, AID) significantly decrease HbA1c, extend the length of the glycemic target range, and reduce the incidence of hypoglycemic occurrences.

Furthermore, insulin pumps have been associated with higher patient satisfaction when compared to standard MDI treatment. Intelligent insulin pens are also available as an alternative to insulin pump treatment. Smart insulin pens offer the potential to reduce inequalities in technology usage and outcomes, but they have not yet received enough investigation.

The market players are adopting various strategies and innovations to increase market share. For instance, in December 2022, Terumo Corporation announced the reimbursement policies within the Japanese medical insurance system have expanded for the Dexcom G6 CGM system.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the Asian Pacific diabetes devices market. Patients with diabetes, infected with COVID-19 may experience elevated blood glucose, abnormal glucose variability, and diabetic complications. The prevalence of diabetes in people with COVID-19 caused a significant increase in the severity and mortality of COVID-19 in people with either type 1 (T1DM) or type 2 diabetes mellitus (T2DM), especially in association with poor glycemic control.

While new-onset hyperglycemia and new-onset diabetes (both T1DM and T2DM) have been increasingly recognized in the context of COVID-19 and have been associated with worse outcomes. To avoid aggravation, a patient's blood glucose should be monitored regularly, which has underlined the importance of blood glucose monitoring devices. The pandemic emergency has created a rise in remote care from both patients and providers and removed many long-standing regulatory barriers.

Market Segmentation

By Product Type
• Glucose Monitoring Devices
• Insulin Delivery Devices

By Distribution channel
• Clinic Centers
• Pharmacies

Competitive Landscape

The major global players in the Asian Pacific delivery devices market include Abbott Laboratories, Acon Laboratories, Bayer AG, Becton, Dickinson and Company, Eli Lilly & Co., Johnson and Johnson, Medtronic Plc, Novo Nordisk A/S, and Sanofi F. Hoffmann-La Roche AG among others.

Key Developments

 On March 31, 2024, Terumo Corporation announced that it had agreed with U.S.-based Dexcom, Inc (Dexcom) to cease the distribution agreement for Dexcom's Continuous Glucose Monitoring Systems (CGM) in Japan.

 On January 13, 2024, Diabetes app Smit. fit from India and Qatar-based digital therapeutics (DTx) company Droobi Health have announced their merger. The combined entity called DroobiSmit, headquartered in Singapore, aims to be a leading diabetes solution provider in the Middle East and South Asia regions.

 On January 13, 2024, South Korean food AI company Nuvilab came up with a new mobile solution for managing the nutrition of people with diabetes. Without giving out many details on the new solution, the company shared that it is incorporating continuous glucose monitoring (CGM) and generative AI to enhance its effectiveness.

 On November 2, 2023, the Chinese business Sibionics was granted a CE Mark for their GS1 continuous glucose monitoring system (CGM). After that, the gathered data is easily transferred to a mobile phone or linked smartphone. The GS1 CGM provides users with a remarkable 14-day continuous glucose monitoring experience, eliminating the need for frequent calibration. Additionally, it empowers users to effortlessly transmit their glucose data to monitoring devices or mobile apps, enabling them to generate comprehensive and insightful professional reports.

 On August 30, 2022, Ypsomed launched bolus delivery from the smartphone on the mylife YpsoPump via the mylife App. This new feature enables My Life YpsoPump users to deliver the bolus insulin conveniently and discreetly via their smartphone without interacting with the pump.

Why Purchase the Report?
• To visualize the Asia Pacific diabetes devices market segmentation based on product type, distribution channel and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of Asia Pacific diabetes devices market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product type mapping is available in excel consisting of key product types of all the major players.

The Asia Pacific diabetes devices market report would provide approximately 36 tables, 20 figures, and 176 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies