The insulin pumps and continuous glucose monitors (CGM) market in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 4.4% from US$0.9bn in 2019 to US$1.4bn by 2028, according to GlobalData, a leading data and analytics company.
Japan will be by far the fastest growing country in the region growing at a CAGR of 6.1% between 2019 and 2028, which is closely followed by India and China, respectively.
The company’s report, ‘Insulin Pumps and Continuous Glucose Monitors – Diabetes Care Devices Market Analysis and Forecast Model’ states that while rapid increase in the prevalence of diabetes will be the main market driver, government initiatives such as introduction of reimbursement policies will play a major role in propelling the market during the forecast period.
Manasa, Medical Devices Analyst at GlobalData, comments: “Medtronic has retained its position as the market leader in the APAC due to its innovation of advanced technologies by acknowledging the requirements of the patients and establishing collaborative agreements. The local manufacturers also have good scope of gaining a significant share in the market but will have to face a tough competition against the already existing players.”
Insulet Corporation and Valeritas Inc have globally established themselves as sole players in the market for programmable insulin patch pumps and non-programmable insulin patch pumps, respectively.
Manasa concludes: “The technological advancements in the medical field will have a positive impact on the growth of insulin pumps & CGM market. Easy administration and increased lifespan of the sensor will drive the market for insulin pumps and CGM respectively in the forecast period.”