Increasing Consumer Adoption to Fuel Demand for Type 1 Diabetes Market 2024
Posted by Bisvjeet on March 26th, 2019
Diabetes is a group of endocrine disorders, typically related to blood sugar. The three types include type 1, type 2, and gestational diabetes. Among these, type 1 diabetes is more common in children and young adults. Treated with a wide range of insulin delivery devices and drugs, type 1 diabetes (T1D) is today one of the most prevalent chronic diseases worldwide.
Research Report Insights, in its latest report titled “Type 1 Diabetes Market: Global Industry Analysis and Forecast – 2017-2024”, examines the global market for type 1 diabetes for the aforementioned six-year period.
Global Type 1 Diabetes Market: Drivers and Restraints
Primarily driven by the acceptance of latest approved therapeutics products and premium products in the pipeline, the market for type 1 diabetes treatment is currently thriving at a considerable pace. In addition to tremendously increasing T1D-inflicted population across the globe, staggeringly improved treatment options will remain the key factors fueling the growth of T1D market globally.
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Increasing dedicated diabetes research projects and swelling government funds for therapeutic research are also expected to elevate the market for type 1 diabetes (treatment) over the next few years. Rising preponderance of juvenile diabetes, coupled with burgeoning cases of early detection, are likely to foster the demand for T1D treatment and therapeutics on a large scale.
Development of several non-insulin therapies, such as adjuvant therapy, is currently in the pipeline. This may provide a strong impetus to the market growth in near future. Furthermore, few of the leading insulin brands, including Eli Lily, Sanofi, and Novo Nordisk, are due for patent expirations soon within a couple of years, which highlights rapid growth possibilities for the type 1 diabetes market globally.
Owing to an increasing number of chronic disease cases associated with diabetes, the recent past has seen an exploding usage of various insulin delivery devices. The advent of technology in diabetes treatment, paired up with growing patient awareness, will support the market growth during the forecast period. Diabetes control and awareness programs organized by several governments and private bodies are anticipated to further bolster the market growth.
The entry of biosimilars has been quite promising, resulting in rapid adoption in the therapeutics world. However, emergence of biosimilars can restrict the growth of type 1 diabetes treatment market. Moreover, cost-intensive diagnostics and treatment will remain longstanding challenges to market penetration in developing countries. Inadequate reimbursement policies are also estimated to restrict market growth in near future. Associated side effects can also hamper the rate of adoption.
Global Type 1 Diabetes Market: Trends and Opportunities
Research Report Insights indicated the sustenance of human insulin and insulin analogs at the forefront among all the therapies, owing to the fact that no other therapeutic alternatives assure complete regeneration of the pancreatic beta cells. Moreover, various new T1D therapies are queued for approval post-2016. These trends will drive market in near future. A host of opportunities lies in the juvenile diabetes sector.
Some of the strongest trends in the T1D market, include development of a new class of diabetes drugs, emergence of a range of non-invasive diabetes diagnostics and drug delivery devices. These trends are likely to create multiple growth opportunities in the type 1 diabetes market. Another popular trends is the growing demand for home infusion therapy and artificial pancreas for addressing diabetes.
Global Type 1 Diabetes Market: Regional Analysis
Research Report Insights’s report evaluates the following key geographies:
North America is currently dominating the global type 1 diabetes market, and will possibly continue its dominance throughout the forecast period. Massive rise in type 1 diabetes cases across North America and highly advanced healthcare infrastructure to address the prevalence of diabetes, will play the key role in boosting the market for type 1 diabetes treatment in this region. Despite sustainably higher costs for diabetes treatment and therapeutics compared to other developed regions, the U.S. is likely to remain the key market for type 1 diabetes over the next few years.
APAC is expected to witness substantial growth during the next few years, by 2021 end. Growing diabetes incidences, increasing geriatric population, and rising life expectancy will collectively fuel the market in this region, especially in Japan, China, and India. Besides the U.S. and Japan, the U.K., Canada, France, Germany, Spain, and Italy will also continue to represent major markets for type 1 diabetes.
Global Type 1 Diabetes Market: Key Players
Some of the key players in the global type 1 diabetes market are Sanofi-Aventis US, LLC, Novo Nordisk A/S, Eli Lilly and Company, B. Braun Melsungen AG, Biodel, Inc., DiaVacs, Inc., Macrogenics, Inc., XOMA Corp., and Astrazeneca Plc.
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About the AuthorBisvjeet
Joined: March 7th, 2018
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