Oct 6 2009
Continuous Glucose Monitoring Systems Market to Grow 48% in 2009
According to a new report series by iData Research, the leading global authority in medical device, dental and pharmaceutical market research, the U.S. market for diabetes drugs, devices and monitoring systems will reach over $55 billion by 2016, tripling in value. The market for insulin will grow over 18% in 2009, while continuous glucose monitoring systems will see growth of 48%. iData's new report provides comprehensive analysis of the blood glucose monitoring, insulin delivery and antidiabetic drug markets.
The report states that of the 28 million diabetics in the U.S. in 2009, almost 24% were undiagnosed. This is expected to change as more insurance companies offer reimbursement for diabetic screening.
"The diabetes diagnosis and blood glucose monitoring markets are seeing rapid growth as more Type 2 diabetes patients are diagnosed each year," says Dr. Kamran Zamanian, CEO of iData. "Revenues in the insulin and oral antidiabetic drug markets are increasing at rates approximately double the rate of growth of the diagnosed diabetic population."
iData's report covers diabetes devices including traditional blood glucose monitoring meters, continuous monitoring systems, test strips, lancets and lancing devices, insulin syringes, insulin pens and insulin pumps. Insulin pens are becoming more widely used at the expense of syringes, with the insulin pen market growing by over 17% in 2009, as the preferences of patients shift. Within the diabetic devices market, companies such as Abbott, Bayer, Eli Lilly, Lifescan, Medtronic and Roche lead the market.
The report also covers the insulin market as well as oral and injectable antidiabetic drugs. Oral drugs are estimated to see double-digit growth through 2016, with companies such as Amylin, Bristol-Myers, Squibb, GlaxoSmithKline, Merck & Co., Novo Nordisk, Pfizer and Takeda leading the market.
SOURCE iData Research Inc.
Global gap in diabetes prevalence and treatment has widened since 1990