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Type 1 Diabetes Market Segments: By Insulin Analog (Rapid-Acting Insulin Analogs, Long-Acting Insulin Analogs and Premix Insulin Analogs); By Drug Class (Insulin and Others); By Insulin Pumps (Insulin Pen, Blood Glucose Meters and Others); By Application (Children and Adults) and Region - Global Analysis of Market Size, Share & Trends for 2014- 2020 and Forecasts to 2030
Type 1 Diabetes Market to reach USD $22.4 billion by 2030 from USD $11.59 billion in 2019 at a CAGR of 6.20%in the coming years, i.e., 2020-30.
Diabetes is a metabolic disease in which the pancreas is no longer able to secrete adequate insulin inside the pancreas. Diabetes is characterized by high blood glucose or high blood sugar level. Diabetes is primarily of 3 types-type 1, type 2, and diabetes. Type 1 diabetes is a medical condition in which the pancreas secretes less or no insulin. It occurs when the immune system destroys or attacks the insulin-making cells in the pancreas. These cells are known as beta cells. The other name for type 1 diabetes is juvenile diabetes as it is often diagnosed in children and young people. The symptoms of type 1 diabetes include increased thirst and hunger, frequent urination, stomach upset, fatigue, extreme weight loss, and late healing. Type 1 diabetes is treated with the help of insulin shots which control blood sugar levels.
Global Type 1 Diabetes Market to surpass USD $22.4 billion by 2030 from USD $11.59 billion in 2019 at a CAGR of 6.20% in the coming years, i.e., 2020-30. Factors such as sedentary lifestyles, increasing prevalence of chronic diseases, unhealthy diet routines coupled with growing obesity rates are bolstering the market growth. The other factors contributing to the growth of the market include advancements in technology in diabetes treatment, increasing government initiatives and policies for type 1 diabetes, and rising patient awareness.
The global Type 1 Diabetes market is segmented by Insulin Analog into Rapid-Acting Insulin Analogs, Long-Acting Insulin Analogs, and Premix Insulin Analogs. Rapid-Acting Insulin, the segment held the largest market share of USD $11.59 billion in the year 2019 as they act very quickly to reduce the rise in blood sugar level which follows eating. Rapid-Acting Insulin is usually taken just before or with the meal. It can either be delivered or injected through an insulin pump.
The global Type 1 Diabetes market is divided by Drug Class into Insulin and Others. The insulin, segment held the largest market share of USD $11.59 billion in the year 2019 and will continue to dominate the market in the coming years owing to the availability of various insulin delivery devices. The developments and technological advances in insulin delivery are propelling the growth of the segment.
Technological advances in insulin delivery
The advent of several new classes of diabetics drugs and advancements in insulin delivery are the key factors propelling the market growth. The growing demand for minimally invasive and non-invasive insulin delivery is expected to spur market growth soon. The introduction of early insulin pumps and blood glucose meters, the development of new technologies, and the integration of consumer electronics and cloud-based data systems are likely to provide a strong impetus to market growth. Other factors that are driving the market growth include approval of insulin smartpens that records the timing and amount of insulin doses, with information exchanged with mobile apps to monitor patterns and make recommendations for dosing, developments in CGM and insulin pump technology, and the incorporation of CGM and insulin pumps into hybrid closed-loop systems that can change the delivery of insulin based on live glucose measurements.
Increasing adoption of a sedentary lifestyle
The rising adoption of a sedentary lifestyle coupled with an unhealthy diet is resulting in the high growth of obesity and diabetes which is projected to have a positive impact on market growth. In urban and rural areas, the changing lifestyle has resulted in an increase in chronic diseases and unhealthy diet patterns among the children, which has led to a rise in the number of children affected with type 1 diabetes.
High cost of treatment
Treatment therapies and diagnosis cost associated with diabetes is considerably high which can hinder the growth of the type 1 diabetes market globally. Besides, unfavorable reimbursement policies are anticipated to inhibit the growth of the market in the coming years.
Abbott Laboratories
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
The global Type 1 Diabetes Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. global Type 1 Diabetes Market in North America held the largest market share of USD $11.59 billion in the year 2019. North America will continue to dominate the global Type 1 Diabetes market owing to rising healthcare expenditure, growing geriatric population, and changing lifestyles of people. In addition, several diabetes control and awareness initiatives organized by the government in the region are anticipated to further bolster the market growth. High adoption of technological advancements in the region is projected to support market growth.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
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