Rising prevalence of diabetes will grow sales of insulin delivery systems
Pool of more than 400 million diabetics anticipated by 2030
The growing prevalence of type 1 and type 2 diabetes is ensuring rapid growth for insulin management systems, says a new report from Frost & Sullivan.
The World Insulin Management Systems Market report finds that the global diabetes therapy and diagnostic market was worth US$41bn in 2009. Within this the global insulin management systems market (comprising insulin pumps and continuous glucose monitors) was valued at US$1.01bn in 2009 and is growing at a compound annual growth rate of 12%, triggered by advances in continuous glucose monitoring (CGM) technology and its integration into insulin pumps.
The World Diabetes Foundation estimates that there will be 438 million people with diabetes by 2030. However, F&S says a large number of diabetics remain undiagnosed, with an estimated 50% of the diabetic population unaware of its condition.
F&S believes early diagnosis and treatment of diabetes will ensure longer and healthier living for diabetics, while ensuring 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,’ says Frost & Sullivan senior research analyst Beulah Devadason.
‘Products that enhance quality of life will guarantee strong revenue growth and provide the most value to the patient.’
