-- Companies can increase profits by offering customised testing solutions with accurate, result-oriented features
LONDON, Nov. 28, 2012 /PRNewswire/ -- The rising incidence of diabetes in Europe has presented the diagnostics market with significant growth opportunities. Diabetes organizations expect the patient pool in Europe to reach 64.2 million by 2030. This will increase testing volumes and thereby promote the need for diagnostic products and accessories across labs and hospitals.
New analysis from Frost & Sullivan (http://www.healthcare.frost.com), European Diabetes Diagnostics Market, finds that the market earned revenues of over $3.97 billion in 2011 and estimates this to reach $5.93 billion in 2018.
The proven efficacy of point-of-care testing (POCT) HbA1c and glucose tests has encouraged their adoption. In most European countries, these tests are a part of routine screening programmes.
"Doctors and diabetes specialists recommend HbA1C tests once every three months for type 1 and type 2 diabetes patients," says Frost & Sullivan Senior Research Analyst K. Srinivas Sashidhar. "Disease awareness programmes will further ensure regular monitoring of blood sugar levels."
However, low-cost suppliers are increasingly entering the market. This leads to stiff competition and intense pressure on established manufacturers to introduce innovative, automated and efficient monitors.
To achieve high profit margins, market participants must develop customised, result-oriented products. There is growing focus on self monitoring of blood glucose (SMBG), POCT HbA1C and glucose meters that can facilitate quicker measurements. Bundling these with other tests such as cholesterol monitoring is also essential.
"Non-invasive glucose meters with enhanced mobile connectivity and data management features in new systems are likely to dominate the market soon," notes Sashidhar. "Improved optical sensitivity and infra-red spectroscopy will improve work flow efficiencies."
Developing solutions with sufficient differentiation features is the key to staying competitive in this high-potential market.
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SOURCE Frost & Sullivan