EU diabetes diagnostics market to reach $10B by 2015
The European diabetes diagnostics market is poised for expansion with segments such as self-monitoring and point-of-care (POC) tests offering tremendous growth potential, according to a report from market research firm Frost & Sullivan.
The report suggested that heightened efforts to generate awareness about diabetes and related diagnostic tests are key drivers in market development. For instance, limited awareness about HbA1C tests is restraining the laboratory market. However, this challenge will be curtailed with more education about the test, the authors warned.
In evaluating the European diabetes diagnostics market, Frost & Sullivan found that it earned revenues of $3.6 billion in 2008 and estimates this to reach $10.6 billion in 2015. The following segments are covered in this research: laboratory HbA1C testing, self-monitoring blood glucose (SMBG) and POC diabetes testing.
"The increasing prevalence of diabetes along with the demand for more rapid tests drives the market, especially for the SMBG segment," noted Frost & Sullivan Program Leader A.K. Arun. "Efforts are being undertaken to popularize HbA1C tests and enhance the adoption rate in POC settings."
The report noted that the rising interest in self-testing has opened opportunities for emerging technologies, such as minimally invasive and non-invasive blood glucose meters. However, the authors wrote that low awareness and poor communication between manufacturers and physicians remain a challenge for the HbA1C market. Different laboratories have varied methods of measuring HbA1C, leading to inconsistency in results.
"Manufacturers must diversify into other segments in order to maintain growth momentum in the diabetes diagnostics market," explained Arun. "Improved coordination between physicians and the patient community is the best way to produce customized solutions in the market."
In addition to high-quality products, market participants must provide additional support to end users, Frost and Sullivan found. "Round-the-clock customer service and exceptional technical support are essential to succeed in this fiercely competitive market," the authors wrote.
"Manufacturers must create awareness about the importance of diabetes diagnostics tests," Arun said." Resources need to be allocated exclusively for marketing and distribution services."
The report suggested that heightened efforts to generate awareness about diabetes and related diagnostic tests are key drivers in market development. For instance, limited awareness about HbA1C tests is restraining the laboratory market. However, this challenge will be curtailed with more education about the test, the authors warned.
In evaluating the European diabetes diagnostics market, Frost & Sullivan found that it earned revenues of $3.6 billion in 2008 and estimates this to reach $10.6 billion in 2015. The following segments are covered in this research: laboratory HbA1C testing, self-monitoring blood glucose (SMBG) and POC diabetes testing.
"The increasing prevalence of diabetes along with the demand for more rapid tests drives the market, especially for the SMBG segment," noted Frost & Sullivan Program Leader A.K. Arun. "Efforts are being undertaken to popularize HbA1C tests and enhance the adoption rate in POC settings."
The report noted that the rising interest in self-testing has opened opportunities for emerging technologies, such as minimally invasive and non-invasive blood glucose meters. However, the authors wrote that low awareness and poor communication between manufacturers and physicians remain a challenge for the HbA1C market. Different laboratories have varied methods of measuring HbA1C, leading to inconsistency in results.
"Manufacturers must diversify into other segments in order to maintain growth momentum in the diabetes diagnostics market," explained Arun. "Improved coordination between physicians and the patient community is the best way to produce customized solutions in the market."
In addition to high-quality products, market participants must provide additional support to end users, Frost and Sullivan found. "Round-the-clock customer service and exceptional technical support are essential to succeed in this fiercely competitive market," the authors wrote.
"Manufacturers must create awareness about the importance of diabetes diagnostics tests," Arun said." Resources need to be allocated exclusively for marketing and distribution services."