The European diabetes diagnostics market is on the verge of a huge expansion with segments such as self monitoring tests offering room for extreme growth, analysts have found.
However, a Frost and Sullivan report says that companies will need to push the benefits of testing to patients and clinicians and be prepared to offer exceptional support to succeed in a “fiercely competitive market.”
Frost and Sullivan’s research covered laboratory HbA1C testing self-monitoring blood glucose (SMBG) and point of care (POC) diabetic testing.
Its report says the diabetes diagnostics market earned revenues of more than $3.6m (€2.5m) in 2009 and estimates that this will reach $10.6 billion (€7.5 billion) by 2015.
It argues that the increasing prevalence of diabetes, combined with growing interest in self-diagnosis and testing, will be the main drivers of this expansion.
“The increasing prevalence of diabetes along with the demand for more rapid tests drives the market, especially for the SMBG segment,” the report says. “However, efforts are being undertaken to popularise HbA1C tests and enhance the adoption rate in POC settings.
“The rising interest in self-testing has opened opportunities for emerging technologies such as minimally invasive and non-invasive blood glucose meters.”
Frost and Sullivan identifies some constraints on the market. For example, it says there is still relatively low-awareness of the HbA1C test, and that manufacturers need to put more effort into communicating with clinicians.
It also says different laboratories interpret the test in different ways, leading to inconsistent results.
“Manufacturers must create awareness about the importance of diabetes diagnostics tests,” the report argues. “Resources need to be allocated exclusively for marketing and distribution services.”
The analysis also details a need for high quality and more diverse products and round-the-clock customer service if companies want to succeed in a “fiercely competitive market.”
Link: Frost and Sullivan