Industry Trends: Diabetes 5/9/2016
Diabetes was a $32-billion market in the US for drugs. Brands such as Lantus and Januvia lead the way while many more patients use generic products like metformin and other drugs worth more than $10 billion in total. See Image A *IMS Health National Sales Perspective
Diabetes in the US
- 22 million Americans have been diagnosed with diabetes.
- West Virginia has the highest percentage of adults living with the disease.
- Total U.S. productivity loss due to type 2 diabetes is nearly $100 billion. *Statista
- Percentage of diabetics by state:See Image B *CDC 2012 (Map via kff.org)
Global healthcare expenditure to treat diabetics worldwide was $935 billion last year. China has the highest number of diabetics worldwide. *Statista See Image C for more information about how the number of Diabetics shake out worldwide.
Amid improved health care policies and rising incomes, developing markets are expected to drive global growth in demand. Worldwide, diabetes cases are expected to jump 55% by 2055: See Image D to see projections of current Diabetes cases by region.
Healthcare expenditure due to diabetes worldwide in 2015, by region (Billions)
See Image E to learn more about Diabetes expenditures by region.
Industry Trends & Opportunities
The diabetes market is becoming more competitive as new products reach the market. The global market for diabetes devices was estimated to be worth US$ 12.2 billion in 2012. And although this market was in decline due to intense competition and low reimbursement levels, as well as being traditionally dominated by six major manufacturers, good opportunities are growing more apparent for companies with unique diabetes devices or that compete in yet to be established markets. *Reuters
As diabetes patients become more focused on activity, mobile apps are an increasingly popular tool to gain resources accessible via tablets and smartphones. More advanced technology also allows customers to sync their company accounts to popular wearable activity-tracking monitors and apps from third party providers, such as Fitbit, Jawbone, and Garmin. *Hoovers
Use of rapid result diagnostics is growing among physicians, home health agencies, and patients themselves. Point-of-care tests allow physicians to make quick decisions regarding a patient's course of treatment. *Hoovers
With the growth of personalized testing, health practitioners are able to pinpoint patients with specific genetic traits who will react best to certain treatments. Drug and diagnostic manufacturing companies are taking advantage of this trend, developing "companion" diagnostics and pharmaceuticals, where a drug targets a specific gene and only patients with compatible makeups receive the medication. * Hoovers
According to the CDC, about one third of all adults is obese (a major risk factor for diabetes). With the growing epidemic, the focus on weight reduction services and products will provide huge growth potential.
Many weight loss firms continually add to their portfolio of products and services to extend their brands and maximize revenue. The Weight Watchers brand, for example, has extended beyond meetings and products sold at meetings to include internet subscriptions and product sales, magazines, and licensed products sold in retail channels and through third-party publications. Consumers worldwide spent over $5 billion on Weight Watchers' products and services in a recent year. *Hoovers