SOURCE: Kalorama Information
NEW YORK, NY–(Marketwire – October 7, 2010) – For insulin dependent diabetics it has been the ultimate treatment goal: a pump and monitor combination that would not only read glucose levels but also determine how much insulin to deliver, and administer it. In recent years, such products have become available and given the growing patient population, this should be a high-growth area in the IVD market, according to healthcare market research publisher Kalorama Information, in its latest report on the IVD industry, “Worldwide Market for In Vitro Diagnostic Tests, 7th Edition.”
Kalorama estimates that in 2009, continuous blood glucose systems by three companies, Medtronic, Dexcom and Insulet, generated product sales of close to $200 million, as compared to approximately $100 million in 2008. This is high revenue growth for testing markets, and growth could increase in the future given an expanding patient population and increasing acceptance in healthcare, according to Kalorama Information.
“This is a hot and very competitive area and companies are demonstrating well above average growth for IVD products,” said Shara Rosen, lead diagnostic analyst for Kalorama Information and author of the report. “Most importantly, it’s an underserved market.”
Fewer than 30% of U.S. type 1 diabetes patients using insulin pumps and less than 1% of type 2 diabetes patients who use insulin pumps are currently using continuous monitors. CMS assigned unique codes and reimbursement rates for continuous glucose monitoring.
According to Rosen, the unmet demand for this type of system is best illustrated by DexCom’s revenue track record. Since starting at just $2 million in 2006, sales have virtually doubled each of the past three years.
Kalorama’s report lists at least 10 devices that are already available and at least as many more in development. According to the report, not all of these developed products will be able to succeed. Smiths Medical’s (St. Paul, MN) recent exit from the market indicates just how competitive this segment has become, even when partnered with IVD veteran Abbott Diabetes Care. Smiths Medical (formerly Deltec, Inc.) was one of the first companies to commercialize a continuous BGM system. In June 2004, the company received FDA clearance to market the CozMore Insulin Technology System and in spite of continued improvements, the product failed to gain significant market share.
Point-of-Care, or POC diagnostic tests are just one area covered in Kalorama Information’s extensive review of the in vitro diagnostic testing industry, “Worldwide Market for In Vitro Diagnostic Tests, 7th Edition.” The report can be found at:
http://www.kaloramainformation.com/redirect.asp?progid=79735&productid=2613362.
About Kalorama Information
Kalorama Information supplies the latest in independent market research in the life sciences, as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter (http://www.twitter.com/KaloramaInfo) and LinkedIn (http://www.linkedin.com/groups?gid=2177845&trk=hb_side_g).