|By PR Newswire||
|January 15, 2013 08:01 AM EST||
TORONTO, Jan. 15, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the continued increase in the prevalence of diabetes, combined with an expansion of insurance coverage as a consequence of healthcare reform, will cause the United States diabetes care device market to grow to nearly $16 billion by 2017. The market segments for continuous glucose monitoring (CGM) devices, insulin pumps and pens will exhibit even stronger growth, driven by innovation and an increasing uptake by diabetes patients.
The glucose monitoring segment will show moderate growth through 2017. Traditional self-monitoring blood glucose (SMBG) devices, including meters, strips and lancing devices, are becoming commoditized products, which has led to strong price competition and the entry of low-cost competitors. By contrast, continuous glucose monitoring (CGM) devices continue to exhibit significant product innovations and price premiums. While not a replacement for SMBG devices, CGM devices are increasingly widely used, and saw growth of just under 20 percent in 2012.
Three companies, Dexcom, Medtronic and Abbott Laboratories currently dominate the dynamic CGM market, and have launched several iterations of their products, but new entrants are likely in the near future, given the available opportunities for advanced products.
The specifics of the insulin delivery device landscape in the US will allow for strong growth through 2017. In contrast to much of the rest of the developed world, US diabetes patients use syringes more often than any other insulin delivery device. The insulin syringe patient share will decrease, and the insulin pen and insulin pump patient share will increase over the next five years. These technologies are more effective, but also more expensive, which will support revenue growth.
"There was once little cross-segment participation, but we are now seeing large competitors diversify their product offerings to capitalize on high-growth opportunities in the market," said MRG Analyst Sohaib Perwaiz. "Medtronic, for example, has successfully leveraged its dominant position in insulin pumps to effectively market and distribute its CGM product."
Some of the largest competitors in the diabetes care device market, including Sanofi, Novo Nordisk and Eli Lilly, manufacture and sell insulin, which gives them a competitive advantage.
Millennium Research Group's US Markets for Diabetes Care Devices 2013 report includes unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for glucose monitoring devices and insulin delivery devices sold in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.
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SOURCE Millennium Research Group
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