Diabetes Device Market to Reach $24 Billion by 2017

MarketResearch.com has announced the addition of Business Insights's new report "The Diabetes Device Market Outlook to 2017," to their collection of Diseases & Conditions market reports. The global diabetes care devices market was valued at $16.2 billion in 2010 and is forecast to grow at a Compounded Annual Growth Rate (CAGR) of 6% to reach $24.3 billion in 2017. The increasing prevalence of diabetes globally, especially in the fast-developing economies of India and China will be the main growth driver in the near future. Glucose monitoring devices which are widely being adopted by patients in emerging economies are forecast to grow at a CAGR of 5% to reach revenue of $12.1 billion in 2017. The insulin delivery devices market which was valued at $7.6 billion in 2010 is forecast to grow at CAGR of 7% to reach value of $12.1 billion in 2017. Artificial pancreas can see widespread adoption in the near future. Problems with devices and product recalls will lead to greater safety standards enforced by FDA. It is estimated that by 2030, 7 out of the top 10 countries for diabetes populations will be based in Asia. The main contributors to the growing number of diabetics will be India and China. China is said to have an estimated 92.4 million adults with diabetes as compared to 50.8 million people in India, according to the International Diabetes Federation based in Brussels. According to Dr Yang Wenying, head of endocrinology at the China-Japan Friendship Hospital in Beijing, a combination of increasingly elderly populations, rapid urbanization, and nutritional changes along with lack of physical activity are the main reasons behind this growing epidemic of diabetes in China. In India too, growth in income levels and development has led to an increasing sedentary lifestyle and increasing diabetes prevalence at 3.7% of the population and 1.4 million new cases per year, 90% of which have Type 2 diabetes. The global diabetes care devices market is dominated by Roche Diagnostics and followed by Lifescan (Johnson and Johnson group of companies), both accounting for 23% of the global market. Roche's Accu Chek line of products has driven the growth for the company in 2009, followed by the One Touch brand of products by Lifescan. Novo Nordisk and Elli Lilly have been the market leaders in insulin pens, and as pens become widely adopted in developing countries their revenues are set to exceed their present values of $1.2 billion and $1.1 billion in 2009.