The increasing prevalence of diabetes, including type-I diabetes, is ensuring rapid growth for the insulin delivery devices market. Insulin management systems are set to experience accelerated market expansion, notwithstanding the higher costs associated with the use of insulin pumps, when compared to alternate insulin delivery devices.
New analysis from Frost & Sullivan (pharma.frost.com), World Insulin Management Systems Market, finds the global diabetes therapy and diagnostic market to be worth $41 billion in 2009. The global insulin management systems market (comprising insulin pumps and continuous glucose monitors) was valued at $1.01 billion in 2009 and is set to grow at a compound annual growth rate (CAGR) of 12 per cent to meet the rising needs of an ever expanding diabetic community.
Advances in continuous glucose monitoring (CGM) technology and the integration of CGM into insulin pumps has launched a new era in insulin therapy. The advent of insulin management systems is set to strengthen the global diabetes therapeutics and diagnostics market.
"Diabetes is a chronic condition that has to be managed with the use of drugs and changes in lifestyle," notes Frost & Sullivan Senior Research Analyst Beulah Devadason. "The quality of diabetes solutions will affect the quality of life for millions of diabetics globally."
The World Diabetes Foundation estimates that there will be 438 million people with diabetes in 2030. Such high-anticipated rates of growth in the diabetic population will be accompanied by continually escalating demand for diabetes solutions.
The growth of the diabetes solutions market will cause a ripple effect in related markets such as the specialty foods market as well as the testing equipment and delivery devices market.
"However, a large number of diabetics remain undiagnosed; an estimated 50 per cent of the diabetic population is unaware of its condition," cautions Devadason. "This is the biggest hurdle for the insulin delivery device market."
Early diagnosis and treatment of diabetes will ensure longer and healthier living for diabetics. It will also sustain long-term revenue growth for manufacturers of insulin delivery devices.
"Appropriate screening and education of the general population to detect and treat diabetes will help market participants garner a larger market share," advises Devadason. "Products that enhance quality of life will guarantee strong revenue growth and provide the most value to the patient."
If you are interested in more information on this study, please send an email with your contact details to Janique Morvan, Corporate Communications, at janique.morvan[.]frost.com.
World Insulin Management Systems Market is part of the Pharmaceuticals & Biotechnology Growth Partnership Service programme, which also includes research in the following markets: Western European Insulin Delivery Devices Market and Global Diabetes Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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World Insulin Management Systems Market / M6A2