Type 1 diabetes commonly referred to as juvenile diabetes, involves the body's inability to produce insulin due to destruction of beta cells in the pancreas. Insulin is essential for absorbing glucose from the bloodstream to fuel the body's cells. Type 1 diabetes requires lifelong insulin administration through daily insulin injections or an insulin pump.
The global type 1 diabetes market is estimated to be valued at US$ 13.6 Billion in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024-2030.
Key Takeaways
Key players operating in the type 1 diabetes market are Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Becton, Dickinson and Company, Abbott Laboratories, Hoffmann-La Roche Ltd., Medtronic plc, and B. Braun Melsungen AG. The growing incidence and prevalence of type 1 diabetes globally has opened up opportunities for market players to develop more advanced and cost-effective diabetes management devices and drugs. Players are also expanding their geographic presence to tap into growth opportunities in emerging markets.
Type 1 Diabetes Market Insights like Novo Nordisk and Eli Lilly are investing heavily in R&D to develop innovative treatment options. In addition, strategic collaborations between device manufacturers and pharmaceutical companies is helping improve glucose monitoring and insulin delivery solutions. The growing awareness about type 1 diabetes management and technological advancements are expected to further aid the global expansion of key players in the market.
Market Drivers and Restrain
Growing prevalence of type 1 diabetes due to changing lifestyle and environmental factors is a major market driver. Increasing adoption of insulin pumps and continuous glucose monitoring systems for efficient diabetes management is also fueling market growth. Moreover, growing health expenditure in developing countries and favorable reimbursement policies are supporting the uptake of diabetes care devices and drugs.
However, high cost of insulin pumps and other diabetes devices along with social and financial challenges faced by patients in accessing continuous care and treatment options hinders the growth of this market. Lack of awareness about diabetes self-management practices in low-income regions further restrains revenue generation. Stringent regulatory approval process for new drug launches also poses a challenge for market players.
Segment Analysis
Type 1 Diabetes Market Regional Analysis can be segmented based on products like insulin, insulin delivery devices and other diabetes management and monitoring products. Within insulin, rapid-acting insulin is the dominating sub-segment as it works faster to control blood sugar spikes after meals. Long-acting and intermediate-acting insulin are also part of the insulin segment. The insulin delivery devices segment comprises syringes, pens and pumps. Insulin pumps are the dominating sub-segment as they are considered more convenient than multiple daily injections and help achieve accurate dosing of insulin. Other segments include blood glucose monitoring systems, HbA1c testing kits and diabetes management apps. Blood glucose meters continue to be the largest segment as regular monitoring is required to manage type 1 diabetes.
Global Analysis
In terms of regions, North America dominates the type 1 diabetes market due to growing prevalence of the disease, strong reimbursement structure and increasing adoption of innovative diabetes devices.
However, Asia Pacific is expected to witness highest growth during the forecast period due to rising awareness, growing urbanization and lifestyle changes leading to increased risk of type 1 diabetes. China and India are emerging as lucrative markets. Developed countries in Europe also hold significant share due to established healthcare infrastructure and favorable support programs for diabetes management. Rising healthcare expenditure and growing Patient Pool are major factors driving regional markets across the world.
Get more insights on, Type 1 Diabetes Market
Explore More Related Article On- Gastroesophageal Reflux Disease Treatment Devices Market
For Deeper Insights, Find the Report in the Language that You want.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
English
Arabic
Français
Español
Português
Deutsch
Dutch
Italiano
Russian
Romaian