Increasing patient pool across the globe will fuel the demand for Type 1 Diabetes globally. As per the International Diabetes Federation, in 2021, about 1.1 million children and adolescents suffered from type 1 diabetes globally. It is predicted that about 100,000 new cases are expected to be reported every year.
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Another key driver is the increasing adoption of sedentary lifestyle which is leading to a rise in risk of type 1 diabetes. Advancements in drugs & treatment technologies coupled with growing healthcare expenditure is also fueling the market growth.
Market Trends:
Rising adoption of digital insulin pens is one of the key trends driving growth in the type 1 diabetes market. Digital pens have inbuilt memory functions to record and store insulin dosage timing and amount. This helps patients and physicians to keep track of insulin usage.
Growing popularity of artificial pancreas systems or closed loop insulin delivery systems is another major trend driving growth. These systems use continuous glucose monitoring sensors and insulin pumps to automatically adjust insulin dosages depending on blood glucose levels. It also offers enhanced glycemic control without needing frequent manual interventions.
Type 1 Diabetes Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$15.95 billion |
|
Estimated Value by 2031 |
$24.36 billion |
|
Growth Rate |
Poised to grow at a CAGR of 6.2% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Device Type, By Insulin Type, By End User, By Distribution Channel |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Rising prevalence of obesity and sedentary lifestyle • Advancements in insulin delivery technologies |
|
Restraints & Challenges |
• New product development requires extensive research and clinical trials • Stringent regulatory framework |
Market Opportunities:
Insulin Pens segment is expected to lead over the forecast period. This is owing to the convenience they offer for insulin delivery. Insulin pens allow for discreet and precise dosing of insulin and are often preferred over traditional syringes.
The long-acting insulin segment is expected to dominate the market by 2024. This is due to their widespread use for maintaining basal insulin levels. It allows for stable insulin levels throughout the day and night.
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Market Key Takeaways
The global type 1 diabetes market size is expected to be valued at US$ 15.95 billion in 2024. It is anticipated to witness a CAGR of 6.2% during the forecast period (2024-2031). The growth is attributed to the rising incidences of type 1 diabetes across both developed and developing nations.
By device type, the insulin pens segment will take center-stage over the forecast period. This is owing to the convenience of accurate dosing and discreet usage.
By insulin type, the long-acting insulin segment is projected to dominate the market in 2024. This is due to their widespread use for maintaining basal insulin levels throughout the day and night.
By end user, the homecare settings segment is expected to hold the largest share during the forecast period. This is due to the increasing practice of self-insulin administration.
North America is expected to hold a dominant position over the forecast period. It is owing to the high awareness regarding disease management and availability of advanced treatment options.
Key Players Insights
• Biocon Ltd.
• Novo Nordisk
• Gan & Lee Pharmaceuticals
• Zealand Pharmaceutical
• AstraZeneca
• Eli Lilly and Company
• Sanofi
• Wockhardt Ltd
• Ypsomed AG
• Novartis
• Panbela therapeutics
• Diamyd Medical
• Adocia
• Anelixis Therapeutics
Recent Developments:
In March 2023, Lexicon Pharmaceuticals stated the resubmission of a new drug application to the U.S. This resubmission is set to be done in mid-2024.
In November 2023, Sanofi introduced “The 1 Pledge” movement lead by well-known celebrities.
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