Frost & Sullivan, an international high tech research firm, has released a report saying the diabetes market will soon double, surpassing $5 billion within five years. In 1994, diabetes-related products were worth $2.34 billion.
Part of the potential of the diabetes field is that as much as 50% of people with diabetes don’t even know they have the disease. As the population ages, more people will get diabetes. Another incentive for sales is the DCCT, which has heightened patient awareness of the need for self-care.
Escalating technology is spurring more competition between manufacturers to develop smaller, more user-friendly devices. “Pens” and insulin cartridges, as well as oral medications, have increased patient participation in their own care. Developments aimed at preventing complications and the onset of diabetes itself will also present opportunities for companies.