Units of insulin pens are expected to grow at double-digit rates, as newly diagnosed diabetics are better informed of their convenience.
Vancouver, Canada (PRWEB) July 15, 2013
According to the latest statistics recorded by the American Diabetes Association, over 25 million children and adults in the United States were suffering from diabetes in 2011. Moreover, it is estimated that there are 79 million people who are prediabetic. People with prediabetes have an increased risk of becoming diabetic and are susceptible to the complications associated with the disease. However, if patients take action to better manage their blood glucose, they can delay or prevent diabetes from developing. The illness is the seventh leading cause of death in the U.S. and contributes to other maladies such as heart disease, stroke, blindness, amputations, and kidney failure.
According to the latest intelligence from iData Research, the market for diabetes monitoring, diagnosis, treatment, and drug delivery is valued at nearly $12 billion. With its success in treating both type 1 and type 2 diabetes, insulin represents the largest portion of the market. “This market is expected to maintain strong growth, and will be spurred by factors such as the number of diabetics, obesities, and alternative modes of delivery, such as insulin pens, pumps, and patches,” explains Dr. Kamran Zamanian, CEO of iData Research. “Units of insulin pens, for example, are expected to grow at double-digit rates, as newly diagnosed diabetics who are prescribed insulin are better informed of the conveniences of an insulin pen.” The dominant pen manufacturers are investing heavily in marketing, and the promotional backing is proving to be a very strong market driver.
Due to its great presence in both the insulin and insulin pen market in the U.S., Novo Nordisk is the market leader, dominating close to a quarter of the total market with products such as the NovoLog® and Novolin®R insulin products, and FlexPen®, NovoPen®, and NovoLet® insulin pens. Sanofi and Eli Lilly occupy the second and third places in the total market, respectively, competing with Novo Nordisk in the insulin and insulin pen markets. Lifescan and Roche Diagnostics are also large players, working primarily in the diabetes diagnostics sector. Lifescan is very involved in the diabetes community and is working to improve patient education and patient quality of life through development of new drugs, supporting legislation and healthcare reform to benefit people with diabetes. Roche Diagnostics is focused on innovation and forward-thinking solutions for healthcare. Their comprehensive portfolio includes products for reference labs, hospital labs, blood banks and specialty testing.
The global series on the Markets for Diabetes Monitoring, Treatment, and Drug Delivery covering the U.S. and 15 counties in Europe is available here. The full reports provide a comprehensive analysis including procedure numbers, units sold, market value, forecasts, as well as a detailed competitive market shares and analysis of major players’ success strategies in each market and segment. The reports also cover markets for: traditional blood glucose meters, continuous glucose monitoring, blood glucose test strips, lancet and lancing devices, insulin, insulin syringes, insulin pens, insulin pumps, as well as emerging markets and alternative therapies.
About iData Research
iData Research is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: diabetes, cardiac surgery, vascular access, infusion therapy, cardiac rhythm management, patient monitoring, and electronic medical records.