KUALA LUMPUR, Malaysia, July 22, 2013 /PRNewswire/ -- Three quarters of the population of China and India are diabetic. This translates to a patient pool of nearly 200 million for the self monitoring of blood glucose (SMBG) market. However, not more than 45 percent of these patients have been diagnosed, which represents a vast underserved market.
New analysis from Frost & Sullivan (http://www.medtech.frost.com), APAC Self Monitoring of Blood Glucose (SMBG) Market, finds that the meter segment earned US$222.7 million in 2012 market and is expected to reach US$358.7 million in 2017. The strip segment earned revenues of US$1212.7 million 2012 and expects this to grow to US$2081.2 million in 2017.
Less than 10 percent of the diabetic population in Asia-Pacific use SMBG products due to inadequate education and awareness, as well as a lack of affordability and strict regulations. To improve patient awareness, SMBG original equipment manufacturers (OEMs), several governmental and non-governmental organizations, and hospitals conduct patient awareness camps and drives throughout the year.
"The high costs of frequent testing also deter patients from investing in SMBG devices thus lowering compliance," said Frost & Sullivan Healthcare Senior Industry Analyst Nitin Dixit. "SMBG devices are mostly an out-of-pocket expense in Asia-Pacific, as the meters and strips are reimbursed only in a handful of countries in the region. While one-time cost of buying a meter is relatively low, buying test strips for frequent testing can prove very expensive, especially for patients on 'intensive diabetes management therapy', unless reimbursed."
Market participants can leverage the ubiquity of the Internet and smartphones in
SOURCE Frost & Sullivan
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