WELLESLEY, MA--(Marketwired - September 26, 2016) - The rising prevalence of Type 1 and Type 2 diabetes is keying growth of the global diabetes market. BCC Research reveals in its new report that technology also is driving growth, especially in the market sector for insulin pumps and accessories.
The global diabetes market should reach $125 billion and $155 billion in 2016 and 2021, respectively, demonstrating a five-year compound annual growth rate (CAGR) of 4.4%. The oral hypoglycemic drugs market should reach $88 billion by 2021, up from $67 billion in 2016, reflecting a five-year CAGR of 5.6%. The monitoring devices and accessories market should reach $17 billion by 2021, up from $11 billion in 2016, growing at a five-year CAGR of 9.1%.
The diabetes market is growing because the disease itself is becoming more widespread. In addition, increasing levels of prosperity among the main BRIC (Brazil, Russia, India and China) economies and "fast follower" ones like Mexico, are leading to a rising prevalence of Type 2 diabetes. This growth is most dramatic in emerging economies. Among developed countries, where prevalence of Type 2 diabetes is already high, demographic-driven growth is slower.
In terms of current technology, the diabetes market is approaching saturation. Glucose meters have reached a level of sophistication that satisfies most market needs, as with insulin pumps. In the pharmaceutical sector, many insulin analogs are available that easily satisfy the market's current needs. New classes of oral antidiabetic drugs continue to be developed, but the older classes remain widely used.
In the diagnosis and monitoring sector, major technological advances have already been made and opportunities for product innovation are likely to consist of incremental improvements in performance and convenience. The two premium-priced opportunities are growth in the uptake of insulin pumps, and the probability that an artificial pancreas will be commercialized in the near future.
Until researchers achieve the goal of managing diabetes by tackling the underlying genetic and immunological causal mechanisms, growth in this market is likely to be driven mainly by the increasing prevalence of both main types of diabetes, especially in developed and emerging economies, with incremental growth resulting from the introduction of improved versions of current drugs and devices.
Growth in the insulin pump sector will be determined mainly by increased rates of uptake by the diabetic populations in different countries.
"The global market in 2015 for insulin pumps and accessories was estimated at $2.4 billion. This market sector is forecast to grow relatively rapidly as pump uptake by both Type 1 and Type 2 diabetics increases and as pump reliability improves," says BCC Research analyst Paul Evers. "These growth drivers may be offset by lower hardware costs, but the considerable outlay in disposables will continue."
Global Markets for Diabetes Therapeutics and Diagnostics (HLC029E) analyzes the market for drugs used in the treatment of diabetes, as well as the devices and instruments used for diagnosis and monitoring. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.