The Type 1 diabetes market comprises products such as insulin, insulin delivery devices, and blood glucose monitoring devices. Insulin helps maintain optimal blood glucose levels as the body cannot produce it naturally in type 1 diabetes. Insulin delivery devices help administer insulin injections or infusions. Blood glucose monitoring devices help closely monitor blood sugar levels to prevent hyperglycemia and hypoglycemia.
The Type 1 Diabetes Market Share is driven by the increasing prevalence of type 1 diabetes worldwide, especially among children. Recent advancements in insulin delivery and monitoring devices have also boosted the market growth. Additionally, favorable reimbursement policies for diabetes management products in developed countries supplement market revenue. However, the high cost of insulin and insulin delivery devices remains a key challenge.
The Global Type 1 Diabetes Market is estimated to be valued at US$ 15.5 billion in 2024 and is expected to exhibit a CAGR of 9.9% over the forecast period 2024-2034.
Key Takeaways
Key players operating in the Type 1 diabetes market are Novo Nordisk A/S, Sanofi, Eli Lilly and Company, BD, Insulet Corporation. Novo Nordisk and Sanofi together command over half of the global insulin market share.
Growing demand for insulin pumps and continuous glucose monitoring systems is being witnessed owing to their advantages of close glucose monitoring and management. Over 700,000 people with type 1 diabetes globally rely on insulin pumps for insulin administration.
Technological advances including artificial pancreas systems that automatically regulate insulin delivery based on glucose levels could substantially improve type 1 diabetes management. Newer insulin formulations with enhanced pharmacokinetic profiles allowing for less frequent dosing are also being researched.
Market Trends
Growing diabetes burden worldwide due to lifestyle changes and obesity pandemic is a major driver of the Type 1 diabetes market. Nearly 1.25 million Americans and over 3.7 million individuals globally have type 1 diabetes Currently.
Advancements in diabetes management devices including smart insulin pens, patch pumps with glucose sensors and next-generation insulin pumps are gaining popularity. These innovative devices offer enhanced usability, comfort and flexible insulin delivery options.
Market Opportunities
Emerging economies in Asia Pacific and Latin America present significant opportunities for Type 1 Diabetes Companies is device manufacturers owing to improving access to healthcare and rising medical expenditures. However, high device costs pose challenges to adoption. Combination products that integrate insulin delivery and continuous glucose monitoring systems into one device can revolutionize diabetes management. The artificial pancreas system with automated insulin delivery holds great potential for improved glycemic control.
Global impact of COVID-19 on Type 1 Diabetes Market:
The ongoing COVID-19 pandemic has significantly impacted the Type 1 Diabetes market globally. Lockdowns imposed across various countries led to disruptions in the supply chain and production facilities of diabetes related products. Restrictions on transportation and travel also posed challenges for distribution and access to essential diabetes management devices and medicines. This impacted the timely management of blood glucose levels for diabetic patients. Moreover, fear of virus exposure discouraged patients from visiting healthcare facilities for routine checkups, tests and management of diabetes. Greater focus was given to pandemic related healthcare, diverting resources from chronic disease management. Online channels played a crucial role in continuing care and education during lockdowns. However, not all patients could effectively utilize digital platforms.
With lifting of lockdowns and gradual resumption of activities, the Type 1 Diabetes market is regaining momentum. Manufacturers have scaled up production with safety protocols to meet the demand. Telemedicine and home delivery models for diabetes care have expanded scope. Adaptation to safety guidelines in clinics and hospitals has enabled continuity in management. Still, the fear of virus transmission and economic slowdown continues to impact market growth to some extent. Long-term effects of virus exposure on diabetics also remain to be fully understood. Overall, while the pandemic posed temporary challenges, focused efforts are being made to support those with diabetes and boost the Type 1 Diabetes market in the coming years.
Asia Pacific – A fast growing region for Type 1 Diabetes market:
The Asia Pacific region holds significant growth potential for the Type 1 Diabetes market, projected to be the fastest growing regional market over the forecast period. Rapid economic development, population growth, changing lifestyles and dietary patterns have led to increased prevalence of type 1 diabetes in Asia Pacific countries. Growing healthcare infrastructure and spending capacity have enabled greater access to advanced diabetes management solutions. China and India, being the most populous countries globally, contribute major share to the growing patient pool in the region. Moreover, increased awareness about diabetes, its complications and available treatment options is encouraging patients to seek timely care and invest in management. This is favorably impacting the uptake of devices, medicines and services related to type 1 diabetes. Manufacturers are also focusing on the region by launching affordable products and boosting local production. Overall, the Asia Pacific region stands to witness strong expansion of the type 1 diabetes market in the coming years.
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)