Sanofi, Novo Nordisk and Eli Lilly Propel the U.S. Diabetes Diagnosis and Treatment Market to New Heights by 2020
Changes in preference towards the use of insulin pens will spur double-digit market growth by 2020, reports iData Research
VANCOUVER, BC, Apr 29, 2014 (GLOBE NEWSWIRE via COMTEX) --
via PRWEB - According to a new report series by iData Research [ http://www.idataresearch.com , the leading global authority in medical device and pharmaceutical market research, the U.S. market for diabetes diagnosis, treatment and drug delivery will reach $25 billion by 2020, from almost $17 billion in 2013, with Sanofi, Novo Nordisk and Eli Lilly leading the way.
The Center for Disease Control and Prevention (CDC) reports diabetes as the seventh leading cause of death among Americans as of 2014. The prevalence of the disease has led to a market size for diabetes monitoring, treatment and drug delivery of over $16.7 billion. It is reported that out of 25.8 million diabetics in the U.S. in 2013, 28% were undiagnosed. This is expected to sustain growth due to the increasing patient population as well as the increased proportion of diagnosed diabetics.
"The diabetes diagnosis and blood glucose monitoring markets are seeing rapid growth as more Type 2 diabetic patients are diagnosed each year," says Dr. Kamran Zamanian, CEO of iData. "The modern insulin pen market is growing rapidly and is expected to surpass $10 billion by 2020. The fastest growing segment within this market is modern insulin, due to changing preferences towards the use of insulin pens versus traditional syringes and continuous glucose monitoring systems." This trend will continue and insulin is estimated to surpass 90% of the total insulin market in the U.S by 2020.
iData's comprehensive report series for U.S. market for diabetes diagnosis, treatment and drug delivery - covers the insulin delivery market. Insulin pens are becoming more widely used at the expense of syringes, with the prefilled insulin pen segment projected to grow over 12% by 2020, as the preferences of patients shift. Insulin pen needles are estimated to see a 10% growth through 2020, with companies such as Becton Dickinson (BD) and Novo Nordisk dominating the market, and new competitors entering the business including Allison Medical Inc., CamAm Care, Owen Mumford and big pharmacies such as Walmart.
Additional Information is Available
The global series on the Markets for Diabetes Monitoring, Treatment, and Drug Delivery covering the U.S. and 15 counties in Europe . 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 systems, blood glucose test strips, lancets and lancing devices, insulin, insulin syringes, insulin pens and insulin pumps as well as emerging technologies.
About iData Research
iData Research ( http://www.idataresearch.com ) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Diabetes Drugs, Diabetes Devices, Pharmaceuticals, Anesthesiology, Wound Management, Orthopedics, Cardiovascular, Dental, Endoscopy, Gynecology and more.
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CONTACT: iData Research