The Asia Pacific market is a vast underserved market. With three quarter of the Chinese and Indian populations considered as diabetic, nearly 200 million people may use self monitoring of blood glucose products.
However no more than 45 percent of these patients have been diagnosed. Worst, inadequate education and awareness have led to a lack of use of self monitoring in the region, with less than 10 percent of the diabetic population using it.
As a consequence, the market is expected to reach $358.70 million in 2017 thanks to the development by equipment manufacturer, governmental and non-governmental organizations, and hospitals of camps and drives to awareness among patients.
In particular, regarding the China Diabetes market, it has been forecasted to expand by 20% annually to reach a value of around USD 3.2 billion by 2016, spurred by guidelines that set higher treatment standards. The rapid economic development has brought mass urbanization, changing diets and increasingly sedentary lifestyles. China has already the largest number of people with diabetes compared to any other country, with around 92.3 million adults suffering from the disease in 2013. Thus it represents a crucial issue for the central government as well as a booming market for pharma companies.
In deed, diabetes has become a rapidly growing public health problem in China over the past 20 years. Recently many pharma companies are deeply committing to developing a diverse range of innovative products for the growing type 2 diabètes population.
Source: http://www.biospectrumasia.com Publication Date: 2013-07-23