Diabetes Market to Reach $35 Billion Market in 2007
New York, December 17, 2001 /PR Newswire — The worldwide diabetes market should top $35 billion by 2007, but now is the time companies need to compete for their share, according to a new study released today by Kalorama Information, a division of MarketResearch.com.
According to the study, Diabetes and Diabetic Complications in Key World Markets, only about half of diabetes cases are even diagnosed and far fewer are getting proper care. Furthermore, public and private healthcare stakeholders are starting to address the situation with massive awareness campaigns. This attention and this unmet need make the diabetes market extremely attractive to hoards of competitors hawking their improved therapeutics and diagnostics. However, the window of opportunity may be narrower than it appears, according to the study.
“To put it flippantly, diabetes is about to enjoy ‘pet rock’ status,” remarks Kenneth G. Krul, PhD, the author of the report. “Such status, however, is temporary. Therefore, those interested in making a mark in the diabetes markets must take advantage of this boomlet now. Those who postpone their assault on this market will be left with development programs that haven’t the market momentum to maximize return.”
Although major players currently dominate the market, changes are afoot, according to the study. New therapeutics in the pipeline—many already in Phase II and III—will soon flood the marketplace and new drug delivery and monitoring technologies are poised to revolutionize management of the disease.
“There is still room for aggressive young companies with novel approaches to challenge the major players,” notes Krul. “Even the field of insulin products is fair game if you have the right technology.”
The study examines the four market segments in detail—monitoring products, insulin products, hypoglycemic medications, and drugs aimed at the major diabetic complications—and covers seven key world markets—United States, France, Germany, Italy, Japan, Spain, and the United Kingdom.
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