Australian Diabetes Management Market and Diabetes Diagnostic Devices Market Spurted by $46 Million Between 2005 and 2013

LONDON and NEW YORK, December 1, 2014 /PRNewswire/ --

http://www.abmrg.com/Australian-Diabetes-Management-Devices-Market-200 ...

The Australian Diabetes Management and Diabetes Diagnostic Devices market jumped by $46 million between 2005 and 2013. The market comprises continuous glucose monitors (CGM), self-monitoring blood glucose (SMBG), manual insulin delivery products, glucose test strips, lancets, syringes, insulin pens and insulin pumps. The growth is driven by the high prevalence of diabetes, acceptance and proliferation of advanced patient compliant technologies, increased reimbursement of devices and government subsidy on consumables. Especially, continuous glucose monitors (CGM), self-monitoring blood glucose (SMBG) and manual insulin delivery products exhibited significant market growth.

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The prevalence of diabetes in Australia has skyrocketed three times to 4.2% over the last 25 years. Around 1 million people in country suffer from diabetes and around 2 million have pre-diabetes. Of these, 11% have type 1 diabetes, 87% have type 2 diabetes and 2% women have gestational diabetes. We estimate that approximately 3.4 million citizens will suffer from diabetes by 2030. This high progression rates in diabetes can be attributed to the growth in elderly population, increased life expectancy, obesity, sedentary life style, unhealthy diet and high stress levels. Further, factors like smoking and physical inactivity have led to increased prevalence of both the types of diabetes in young people.

However, various new technologies for diabetes management have helped reduce adverse events and risk of insulin pump (IP) malfunctioning. This has also promoted the acceptance and adoption of sophisticated products leading to improved patient compliance and better management of diabetes.

The improvement in government initiatives has also fuelled the market growth. Australian government provides approximately 70% reimbursements for glucose test strips under the Pharmaceutical Benefits Scheme (PBS). The Australian Institute for Health and Welfare (AIHW) reports that the number of new Insulin Pump Therapy (IPT) users increased from 107 to 140 per month during the period from 2003 to 2010-pushing up the number of IPT users to 10,510 in 2010. Increased affordability due to the Government's Insulin Pump Program (IPP), subsidized Insulin Pump Consumables (IPC) and private health insurance has contributed to the increased use of IPT over the past 10 years.