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London, United Kingdom, 2009/06/23 - New analysis from Frost & Sullivan, European Diabetes Diagnostics Market, finds that the market earned revenues of $3.6 billion in 2008 and estimates this to reach $10.6 billion in 2015.
The European diabetes diagnostics market is poised for expansion with segments such as self-monitoring and point-of-care (POC) tests offering tremendous growth potential. Heightened efforts to generate awareness about diabetes and related diagnostic tests are a key driver in market development. For instance, limited awareness about HbA1C tests is restraining the laboratory market. However, this challenge will be curtailed with more education about the test.
New analysis from Frost & Sullivan (drugdiscovery.frost.com) European Diabetes Diagnostics Market, finds that the market earned revenues of $3.6 billion in 2008 and estimates this to reach $10.6 billion in 2015. The following segments are covered in this research: laboratory HbA1C testing, self-monitoring blood glucose (SMBG) and POC diabetes testing.
"The increasing prevalence of diabetes along with the demand for more rapid tests drives the market, especially for the SMBG segment," notes Frost & Sullivan Programme Leader Arun A.K. "Efforts are being undertaken to popularise HbA1C tests and enhance the adoption rate in POC settings."
Type-2 diabetes is asymptomatic in nature; therefore, emphasis is placed on early diagnosis of the disease. Along with early diagnosis, patients are recommended to use self-test meters at home. The rising interest in self-testing has opened opportunities for emerging technologies such as minimally invasive and non-invasive blood glucose meters.
Low awareness and poor communication between manufacturers and physicians is a challenge for the HbA1C market. Different laboratories have varied methods of measuring HbA1C, leading to inconsistency in results.
"Manufacturers must diversify into other segments in order to maintain growth momentum in the diabetes diagnostics market," explains Arun. "Improved coordination between physicians and the patient community is the best way to produce customised solutions in the market."
In addition to high-quality products, market participants must provide additional support to end users. Round-the-clock customer service and exceptional technical support are essential to succeed in this fiercely competitive market.
"Manufacturers must create awareness about the importance of diabetes diagnostics tests," says Arun." Resources need to be allocated exclusively for marketing and distribution services."
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Katja Feick, Corporate Communications, at katja.feick[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brief brochure will be sent to you by email.
European Diabetes Diagnostics Market is part of the Drug Discovery & Clinical Diagnostics Growth Partnership Service programme, which also includes research in the following markets: European POC Connectivity Market, Strategic Analysis of the European Autoimmune Diagnostics Market, European Cancer IVD Market and Western European IVD Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 35 offices on six continents.
European Diabetes Diagnostics Market / M2ED