The global diabetes care devices market was valued at $10.9 billion in 2009. Increasing affordability coupled with efforts to raise awareness towards better diabetes care management has resulted in rapid market penetration of products in the last seven years. The market is expected to continue with an increased growth over the next seven years to reach $18 billion in 2016 with a forecast Compounded Annual Growth Rate (CAGR) of 10% during 2009 – 2016. Increasing incidence of diabetes and the increase in affordability of devices for patients in developing nations will drive this growth.
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Diabetes in the US alone cost an estimated $174 billion in 2007. That is an increase of 32% since 2002, and it means that one in five dollars of the national healthcare spend is spent on someone who has been diagnosed with diabetes. This figure is expected to double over the next two decades. A recent study published by Novo Nordisk, has found that $60 billion, which is three-quarters of the US federal money spent on treating people with diabetes in 2005, came from Medicare, the US federal program for the poor and elderly.
Key opinion leaders suggest that the market for diabetes care devices in developing countries such as India, China and Brazil is huge. However, opinion leaders also state that low priced devices for diabetes care are still lacking in these markets. Manufacturers need to identify such markets and work towards devices that effectively cater to people with low affordability.
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The availability of reimbursement is a strong driver for any medical device market. Reimbursement increases affordability for the patient resulting in increase of revenues for the manufacturer.
Although most government and private health insurance providers allow reimbursement for diabetes care devices it has been slightly inadequate for new innovations such as the Continuous Glucose Monitors (CGM). While Medicare in the US includes reimbursement for glucose monitoring strips and meters, continuous glucose monitors and insulin delivery devices like injectors, pumps, reimbursement remains on a case by case basis for the CGM.
GBI Research’s new report, “The Future of the Diabetes Care Devices Market to 2016 - The Key Demand Drivers Remain Intact” provides key data, information and analysis on the global diabetes care devices market. The report provides market landscape, competitive landscape and market trends information on two diabetes care devices market categories - glucose monitoring and insulin delivery. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape, key pipeline products and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.
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