- Published on Sunday, 23 September 2012 09:38
- Written by Small Sector
Diabetes is a chronic disease in which there are high levels of sugar in the blood. The World Diabetes Foundation estimates that there will be 438 million people with diabetes by the year 2030. The global market for products in the management of diabetes currently stands at $41 billion and is on pace to grow to over $114 billion by 2018. Oral anti-diabetics were the leading category of drugs in 2010 and showed a growth rate of 6.3% from the total global sales. The total sales for insulin products increased significantly as well.
Anti-diabetic products include glucose meters, lancets, test strips, continuous blood glucose meters, insulin, insulin pumps, syringes and other insulin delivery devices and anti-diabetic drugs. The bulk of product revenues come from three segments - test strips, insulin and anti-diabetic drugs - which will remain the largest sources of product revenues over the next ten years. The most significant growth, however, will come from the nascent segment of continuous blood glucose monitors, which provide significantly added clinical benefit at only a modestly higher cost compared to standard blood glucose meters.
Top players in the global diabetes market are Novo Nordisk, Eli Lilly, Merck & Co., amongst others. Currently, the US remains the single largest source of product revenues in diabetes management, at roughly 37% of the global market, but that percentage is expected to drop to 28% by 2018, primarily as a result of significant growth in the Asia-Pacific region.