The Type 1 diabetes market comprises insulin therapy devices, insulin delivery devices, and diabetes care devices that are used for the management of blood glucose levels in patients with type 1 diabetes. Insulin therapy devices include insulin syringes, insulin pens, and insulin pumps. Insulin delivery devices involve insulin injectors and insulin patches. While diabetes care devices consist of blood/urine glucose monitors and diabetes management apps. Effective management of type 1 diabetes with insulin therapy and blood glucose monitoring helps prevent acute (short-term) and chronic (long-term) complications associated with uncontrolled blood sugar levels.
The global type 1 diabetes market is estimated to be valued at US$ 15 Billion in 2030 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 Sanofi, Novo Nordisk, Eli Lilly, Becton Dickinson, Medtronic, Abbott, F. Hoffmann-La Roche, Bayer, and Animas.
Increasing adoption of connected Type 1 Diabetes Market Size diabetes management solutions and wearable insulin delivery devices present significant opportunities in the type 1 diabetes market.
North America dominates the global type 1 diabetes market, followed by Europe. However, Asia Pacific is expected to witness the highest growth rate during the forecast period.
Market Drivers
The rapid rise in the incidence and prevalence of type 1 diabetes among children and young adults is a major factor propelling the growth of the type 1 diabetes market. According to the International Diabetes Federation (IDF), there has been a 70% rise in new cases of type 1 diabetes among the younger population globally over the past 20 years. Increasing awareness levels regarding diabetes self-management and favorable reimbursement policies in developed countries are also contributing to the market growth. Moreover, the ongoing clinical trials investigating new islet and stem cell transplantation approaches for type 1 diabetes cure can further broaden opportunities in the market in the future.
PEST Analysis
Political: Government policies related to pricing of drugs and medical devices impact the market.
Economic: Rising healthcare expenditures along with growing diabetes prevalence particularly in middle-income countries.
Social: Growing patient awareness regarding diabetes management and available treatment options. Lifestyle changes impact diabetes incidence rates.
Technological: Advancements in continuous glucose monitoring systems, closed-loop insulin delivery systems and artificial pancreas devices aid self-management. Adoption of digital health tools for remote monitoring and care delivery.
Geographical Regions:
Type 1 Diabetes Market Regional Analysis in North America accounts for the largest share of the type 1 diabetes market owing to the high prevalence of diabetes and early new product adoption. North America has witnessed significant technological advancements in diabetes care products and services, further supporting the market growth in the region.
Fastest growing region:
Asia Pacific is expected to grow at the fastest rate globally during the forecast period due to increasing patient awareness, expanding healthcare infrastructure and rising expenditure on diabetes management. Rising obesity rates and lifestyle changes stemming from rapid economic growth and urbanization have contributed to the surge in diabetes incidence in Asia Pacific countries.
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