ASIA-PACIFIC INSULIN SYRINGE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

ASIA-PACIFIC INSULIN SYRINGE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)

The Asia-Pacific Insulin Syringe Market is expected to register a CAGR of more than 1.3%, during the forecast period and is estimated to reach around USD 1 billion by 2027. India holds the highest market share in the Asia-Pacific Insulin Syringe Market and is expected to register a CAGR of more than 1.4% in the forecast period.

The COVID-19 pandemic positively impacted the Asia-Pacific Insulin Syringe Market growth. 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 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.

Patients with diabetes require many corrections throughout the day to maintain nominal blood glucose levels, such as administering additional insulin or ingesting additional carbohydrates by monitoring their blood glucose levels. The manufacturers of Insulin Syringes have taken care during COVID-19 to deliver insulin delivery devices to diabetes patients with the help of local governments.

Diabetes poses an emerging healthcare burden across the region. Comparing the population with and without diabetes, those with diabetes have a 300% increased risk of being hospitalized and thus incur more healthcare expenses compared to non-diabetic people.​ ​Furthermore, patients attempting to control their blood glucose levels tightly to prevent the long-term complications associated with fluctuations in blood glucose levels are at greater risk for overcorrection and the resultant hypoglycemia.​ Achieving nominal results can be very difficult without multiple daily injections of insulin or insulin pump therapy.

Owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

Key Market TrendsRising diabetes prevalence

The diabetes population in the Asia-Pacific region is expected to rise by more than 1.4% during the forecast period.

According to International Diabetes Federation (IDF), 90 million adults (20-79) are living with diabetes in the IDF South-East Asia (SEA) Region in 2021. This figure is estimated to increase to 152 million by 2045 and 206 million adults (20-79) are living with diabetes in the IDF Western Pacific Region in 2021 which is estimated to increase to 260 million by 2045.

Diabetes mellitus has been of wide concern with its high prevalence, resulting in increased financial burdens for clinical systems, individuals, and governments. The COVID-19 pandemic emphasizes the need for good glycemic control in patients with diabetes, in large part because most observational studies have reported that poorly controlled diabetes is associated with a higher risk for hospitalization and death from a viral illness.

The rate of newly diagnosed Type 1 and Type 2 diabetes cases is seen to increase, mainly due to obesity, unhealthy diet, and physical inactivity. In developing countries, such as China and India, the rate of diabetes is at an all-time high. The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in developing countries are indications of the increasing usage of diabetic care products. Moreover, the increasing adoption of insulin delivery devices and the rising prevalence of diabetes are driving market growth. Leading manufacturers are focusing on technological innovations and the development of advanced products to gain a substantial share of the market.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period.

India is expected to dominate the Asia-Pacific Insulin Syringe Market in terms of Revenue

India holds the highest market share in the Asia-Pacific Diabetes Care Devices Market and is also expected to register a CAGR of more than 1.4% with a revenue of around 760 million by 2027.

In India currently, there are 80.52 million people suffering from diabetes and by 2027 nearly 10% of India’s population is likely to be affected by diabetes. Obesity, especially central obesity and increased visceral fat due to physical inactivity, and consumption of high-calorie/high-fat and high sugar diets are the major contributing factors to diabetes in Indians. The most prominent work culture perpetuated in the country, which includes sitting for hours in one position and eating fast food with little or no physical activity, is a significant contributor to diabetes in the working-age group, causing this rapid increase in diabetes cases in India.

In India, International Diabetes Federation (IDF) estimates that 10% of global health expenditure is being spent on diabetes. According to the Ministry of Health and Family Welfare Government of India out of all deaths in India, 60% of deaths are related to Non-Communicable Diseases (NCD). Non-Communicable Diseases like Diabetes, Cardiovascular diseases, Cancer, Chronic Respiratory Diseases, etc. To prevent and control major NCDs, the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS), this program includes medical education, health awareness in schools, and urban planning of Diabetes.

Such factors have helped the rise in the adoption of these products in the Indian market.

Competitive Landscape

The Asia-Pacific Insulin Syringe Market has been driven by constant innovations by manufacturers to compete in the market. The major players, such as Terumo Corporation and Nipro, resort to inorganic market strategies to establish market dominance, while also adhering to organic growth strategies, which is evident from the R&D spending of these companies.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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