As per a study by Triton Market Research, the market for continuous glucose monitoring system comprising (CGMS) and self-monitoring of blood glucose (SMBG) in Malaysia is anticipated to snowball with a CAGR of 24.46% and 10.43% respectively, in the forecasting years from 2019 to 2025.
Diabetes is a cause of major health concern in Malaysia, with type 2 diabetes being highly prevalent in the country, affecting 2.8 million individuals aged over 30. This creates a huge scope for glucose monitoring system market in the country. Moreover, technological advancements in glucose monitoring devices have made them more accurate and also raised their demand from patients. New innovations in the field, such as the development of semi-invasive and non-invasive devices, have made diabetes management much easier than before, and have gone a long way in propelling the growth of the market. However, the major reason that inhibits the growth of the glucose monitoring system market in Malaysia is the high costs of these devices. Reimbursement is an issue for patients, as most health insurance companies in the country do not provide the service. Moreover, diabetes management is financially consuming, and unaffordable for several middle-class patients, which is another factor restricting market growth.
COMPETITIVE OUTLOOK
The dominant companies in the market are Becton Dickinson and Company, Abbott, Johnson & Johnson, Roche Diagnostics, B Braun Melsungen AG, ARKRAY, Inc. and Terumo.