BURLINGTON, Mass., July 17, 2015 /PRNewswire/ -- Decision Resources Group finds that the diabetes device market in the US will grow at a strong pace through 2023. Growth will be primarily driven by rapid expansion in the large insulin delivery device market as well as the continuous glucose monitoring (CGM) market which is currently underpenetrated in the US. By 2023, the US market for diabetes care devices will be valued at over $22 billion.
Other key findings from Medtech 360 reports covering the US diabetes device market:
- New, premium priced innovations are the main drivers of growth in the diabetes care market. Companies are coming out with longer lasting basal insulins which negate the need for multiple injections per day. Several manufacturers are also developing new products increasing the integration between insulin pumps and CGM devices.
- Medtronic is the company at the forefront of the hotly anticipated "artificial pancreas" device. Its MiniMed 640G device, currently only available in the UK, Denmark and Australia, is one step closer in this direction. This device uses improved algorithms to sense blood sugar levels and releases insulin in cases where levels are low.
- The Self-Monitoring Blood Glucose (SMBG) market is the only diabetes device segment declining in the US. This segment has been particularly badly affected by Medicare reimbursement cuts on diabetes testing supplies. As a result of this decline, this segment has also seen mergers and acquisitions activity in recent times. Bayer HealthCare sold its diabetes division specializing in SMBG devices to Panasonic HealthCare in 2015 due to increasing pricing pressures.
Comments from Decision Resources Group Senior Analyst Manya Aggarwal:
- "The US diabetes care device competitive landscape is fairly fragmented, with mostly different companies competing in the glucose monitoring device and insulin delivery device segments. For instance, companies within the insulin pen and accessory market—the largest insulin delivery device segment—do not often compete in other areas of the diabetes care device market."
- "The diabetes care device market will be bolstered by the emergence of a number of new and premium-priced innovations; for example, the Finesse from Johnson & Johnson and the SOLO MicroPump from Roche—which are innovative patch pumps that include integrated glucose monitoring systems—have both gained FDA approval and will likely be launched in the market over the forecast period."
- Manya Aggarwal has written a blog on the subject, which can be found here.
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About Decision Resources Group
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SOURCE Decision Resources Group