Global Diabetes Diagnostics Market to Reach US$26 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Diabetes Diagnostics market. The global market for Diabetes Diagnostics is forecast to reach US$26 billion by the year 2015. Key factors driving market growth include aging global population, intensive management and treatment processes of diabetes, education programs and preventive activities, technological advancements, and steady increase in diabetes population in developing countries. Besides, rising popularity of portable glucose meters, and increased preference for self-monitoring of blood glucose are further fueling market growth.
San Jose, CA (Vocus/PRWEB) January 19, 2011
The prevalence of diabetes is reaching epidemic proportions the world over. Approximately US$232 billion was spent globally on the treatment and prevention of diabetes in 2007, and this number is furthermore expected to reach US$300 billion by 2025. According to the International Diabetes Federation (IDF), an estimated 285 million adults suffered from diabetes worldwide in 2010, and as the population ages, the number of sufferers would reach approximately 439 million by 2030. Mortality due to diabetes would reach 3.9 million, accounting for 6.8% of the total worldwide mortality in 2010. Major factors contributing to the growing prevalence of diabetes include high population growth in developing countries; changes in lifestyle and diet, and a family history of diabetes.
Those at higher risk of Diabetes include people of different racial and ethnic groups in developed nations, such as the people of Latin American and African origin in North America. Nevertheless, the highest increases in number of diabetic patients would transpire in developing countries such as India and China, as people in these countries continue to adopt Western lifestyle and culture. In fact, the IDF estimates indicate developing countries to represent close to 75% of the global diabetes population by the year 2025. India, China, and the US would house majority of the adult diabetes population.
The global economic slump has burrowed a hole in income and health insurance of diabetics, forcing many to cut back spending on blood-sugar tests, insulin and other medicines, and even curtail their regular physician visits. However, rise in population of diabetics is driving the diabetes diagnosis market globally. Regular diagnosis aids in regulating sugar levels and preventing further complications. With no cure available, diagnosis becomes an effective way of preventing the disease, as well as early detection. There exists strong potential for diabetes management tools, such as blood glucose meters and strips worldwide.
The US constitutes the largest regional market, as stated by a new market research report on Diabetes Diagnostics. Europe represents the next largest market, while growth is expected to emanate from Asia-Pacific, witnessing a compounded annual growth rate of more than 12% during the analysis period. Segment-wise, blood glucose test strips represent the largest sub-segment. Persistent growth in the blood glucose test strips market has been driven to a greater extent by an increase in number of diabetics, and also by technological innovations. Other key factors driving growth include increased preference for self-monitoring of blood glucose, more patients seeking speedy and accurate results, technological advancement enables development of improved reagents, enzymes, and electrochemical biosensors used in blood glucose testing strips. Self-monitoring is fast catching up in developing countries.
Asia-Pacific, and Central and South America are projected to witness high growth rates in the self-monitoring blood glucose systems. In these markets, diabetes-screening programs are likely to drive increase in patient awareness. Meanwhile, blood glucose meters market is the next largest segment, driven by the development of advanced products, growing customer preference for inexpensive and reliable products, marketing and distribution strategies, and efforts toward reducing the cost associated with testing and management of diabetes. Advances in the Point-of-Care technology have positioned this segment effectively against the clinical diagnostics. Heightened data complexity levels and a need for accurate interpretation of results are driving growth in this market. With the level of Point-of-Care testing matching the laboratory-testing standard, Glycated haemoglobin (HbA1c) testing is poised to emerge as a popular technology with outpatient clinics and other small hospital-based laboratories. In addition, Continuous glucose monitoring as opposed to periodic testing has been one of the emerging trends in the blood glucose monitoring market. Apart from enabling accurate insulin profile capture, the device also provides a vital insight into the blood-glucose trends.
Major players profiled in the report include Abbott Diabetes Care, Bayer HealthCare, Bio-Rad Laboratories, Nipro Diagnostics Inc., Alere Inc., LifeScan Inc., Medtronic MiniMed Inc., Roche Diagnostics, Sanwa Kagaku Kenkyusho Co Ltd., Siemens Healthcare Diagnostics, among others.
The research report titled "Diabetes Diagnostics: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the Diabetes diagnostics market, current market trends, key growth drivers, new product introductions/launches, recent industry activity, and profiles of major/niche global market participants. The report provides annual sales estimates and projections for the global diabetes diagnostics market for the years 2007 through 2015 for the regions, including US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Key product segments analyzed include Blood Glucose Testing Devices (Blood Glucose Test Kit, Blood Glucose Meter/ Monitor, Diabetes Kit, and Diabetes Tracking System) and Diabetes Testing Supplies (Blood Glucose Test Strips, Lancet, Lancet Device, Reagent Strip, Blood Glucose Insta Glucose, and Others) and Others.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Diabetes_Diagnostics_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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