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By the year 2017, the global diabetes diagnostics market is forecast to reach US $32 billion. Primary market growth drivers include an increasing incidence of diabetes more specifically in the highly populous developing regions, technological innovations, increasing aging population, and increasing preference for self-monitoring of blood glucose.
Other growth propellers include education programs and preventive activities being undertaken; increasing popularity of portable meters and low-pain or painless blood glucose monitoring devices, and the medicare coverage.
The diabetes diagnostics market experienced financial recovery in the 2010, after experiencing slow growth throughout 2008 and 2009 due to the impact of the recent global economic recession.
Between them, the US and Europe represent the largest regions within the global diabetes diagnostics market, with the two together accounting for more than 65% share of the global market. Growth-wise, Asia-Pacific is expected to excel at the fastest pace, at a compound annual growth rate of more than 12.9% through to 2017.
The prevalence of diabetes is rising steadily in the US due to the unhealthy lifestyle that so many Americans lead. People are increasingly consuming sugar-rich fast foods which raise the incidence of obesity, an indirect cause of diabetes. With such factors contributing to the diabetes diagnostics market in the US, the industry is estimated to grow at a CAGR of 8% to 2014.
With regards to market segments, blood glucose test strips constitute the largest segment, followed by blood glucose meters or monitors. Portable meters have evolved as the preferred alternative over conventional methods such as urine testing, in measuring blood glucose levels in patients. The user-friendliness of these compact glucose meters, coupled with high levels of accuracy, has been fuelling their market growth.
For more information on the diabetes diagnostics market, see the latest research: Diabetes Diagnostics Market Report
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