Singapore, Jun 1, 2009: 2009 poses a challenging year for the global economy. Likewise for the Self Monitoring Blood Glucose (SMBG) within Asia Pacific region (APAC) whereby several developing nations were experiencing challenges on devaluating currencies, which subsequently decreased the returns of the key SMBG players. On the positive end, the demand of self-monitoring device is still on the rise, in line with the growing popularity of personalized healthcare in the region.
“The changing lifestyle and rapid urbanization in most developing countries in APAC is gradually increasing the burden of chronic diseases. Diabetes is no exception. With the increasing popularity of personalized healthcare and patient awareness, the usage of OTC self-monitoring devices is also on the rise, which creates the market demand for SMBG products,” said Keith Lee, Consultant, Frost & Sullivan.
“According to the International Diabetes Federation (IDF), 246 million people in the global adult population in the seven regions of IDF were burdened with diabetes, up from 194 million in 2003. It is estimated that the figure will rise to 380 million by 2025,” Lee added.
The strong rise of global diabetes prevelence is likely to expand the global SMBG market by more than 50 percent by 2025. Being the two most populous countries globally, China and India are expected to become the most strategic markets for SMBG system by accounting for more than 100 million diabetes patients in 2025.
Nonetheless, due to the silent nature of diabetes, majority of the diabetes patients were unaware of the prevalence. Furthermore, while the usage of self-monitoring blood glucose system is a norm in most developed countries, the exposure of such system in most developing countries in APAC is still considerably low. In recognition of the favorable potential of the SMBG market, it is also noticeable that the SMBG market is enticing more players into the market, which increases the level of competition.
“The lack of awareness on the importance of SMBG system in most developing APAC countries and the inability of patients to detect diabetic symptoms effectively may potentially hinder the adoption rates of SMBG systems. Furthermore, the increasing entries of new market players had gradually intensified the market competition,” said Lee.
In response to the market challenges, it is vital for SMBG players to create more awareness on diabetes care and promote the importance of SMBG devices as a regular diagnostic tool. Collaborative efforts with the government, particularly for the public hospital segment and strong marketing initiatives within the OTC sector will likely be the key formulation of success in the SMBG market.
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