Southeast Asia’s glucose monitoring devices market value to more than double by 2020
A rising diabetes incidence rate will lead the Southeast Asian glucose monitoring devices market value to more than double from $130.4 million in 2013 to $267 million by 2020, at a compound annual growth rate (CAGR) of 10.8%, says a new report from business intelligence provider GBI Research.
The company’s latest report* states that in Southeast Asia, consisting of Malaysia, Singapore, Taiwan, Vietnam and Indonesia, the latter country’s glucose monitoring devices market value will undergo the largest growth, climbing from $32.5 million in 2013 to $69.4 million by 2020, at a higher CAGR of 11.4%. This will be followed by Taiwan and Vietnam, with anticipated CAGRs of 11.1% and 10% by the end of the forecast period, respectively.
Srikanth Venkataraman, Senior Analyst for GBI Research, says: “Despite the fact that emerging markets have the largest diabetes patient populations, they suffer from a low penetration of glucose monitoring devices. A lack of awareness about the importance of glucose monitoring, combined with an urban-rural divide and the absence of reimbursement, limits growth opportunities in Southeast Asia.
“However, the blood glucose monitoring devices arena is one of the fastest growing markets globally, and an increase in Southeast Asia’s diabetes incidence rate will result in the demand for more effective disease management in this region. This in turn will help to drive the market’s expansion over the forecast period.”
GBI Research states that Roche is currently the largest player in Southeast Asia’s glucose monitoring devices market, boasting an overall share of 39%. This is followed by Johnson & Johnson and Abbott Laboratories, with respective shares of 26% and 17%.
“We expect the introduction of innovative and clinically beneficial continuous glucose monitoring technology to entice new players to enter this space by 2020. We may therefore see a significant shift in market shares as a result,” Venkataraman concludes.