Moderate growth expected for diabetes market, study says
TORONTO – The U.S. market for diabetes care devices is expected to grow to nearly $16 billion by 2017, according to a new study from Millennium Research Group, a research organization specializing in medical technology market intelligence. The moderate growth is attributable to the continued increase in the prevalence of diabetes, and the expansion of insurance coverage as a consequence of U.S. healthcare reform. Products expected to exhibit the strongest growth are insulin pumps, pens and continuous glucose monitoring (CGM) devices, the last of which saw growth of just under 20% in 2012. Traditional self-monitoring blood glucose devices (SMBG), including meters, strips and lancing devices, will experience less pronounced growth due to their emergence as commoditized products, which has led to strong price competition and the proliferation of low-cost competitors, according to the study.