Western Culture and Diet Are Shifting the Diabetic Market into Hyperdrive
New research was released last week showing that business is booming in diabetes diagnostics, and it's projected to boom even more between now and 2025. A report by Global Industry Analysts forecasts global diagnostics spending to zoom past the $15 billion mark by 2010 and will expand at an annual clip of 10 to 13 percent thereafter. Nearly 90 percent of the market lies in the United States, Europe and Asia.
The report, titled Diabetes Diagnostics: A Global Strategic Business Report, links the diabetes explosion to the West's aging population, its population growth, growing disposable income, unhealthy lifestyles and diet, and genetic predisposition to diabetes.
The numbers tell the story. In 2000, some 150 million adults were living with diabetes. That number will double by 2025 to 300 million, a growth rate of 30 percent in developed nations and 125 percent elsewhere. The demand for diabetic monitoring and treatment products and services will expand accordingly; blood-glucose test strips, monitors, and lancet devices will be big sellers.
This article originally appeared in the July 2007 issue of HME Business.