Type 1 Diabetes Treatment Market – insightSLICE
Type 1 Diabetes Treatment Market – insightSLICE
Type 1 Diabetes Treatment Market Global Sales are Expected to Reach US$ 14.87 Billion by 2032
SANTA ROSA, CALIFORNIA, USA, April 25, 2023/EINPresswire.com/ — The Global Type 1 Diabetes Treatment Market Share, Trends, Analysis and Forecasts, 2019-2032 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global type 1 diabetes treatment market size was estimated to be US$ 7.02 Billion in 2022 and is expected to reach US$ 14.87 Billion by 2032 at a CAGR of 7.8%. Type 1 diabetes is a chronic autoimmune disease in which the body’s immune system attacks and destroys the cells in the pancreas responsible for producing insulin. Insulin is a hormone that regulates blood sugar levels and helps the body use glucose as a source of energy.
The exact cause of type 1 diabetes is not known, but it is believed to be a combination of genetic and environmental factors. Some of the possible risk factors for developing type 1 diabetes include family history, certain viruses, and exposure to certain chemicals. The onset of type 1 diabetes is typically sudden and occurs most often in children and young adults, although it can occur at any age.
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Growth driving factors of Global Type 1 Diabetes Treatment Market
Increasing prevalence of diabetes, Growth of the global obesity epidemic, Growing awareness about diabetes and its management, Advancements in insulin delivery devices, and Growing investment in R&D for diabetes treatment are some of the major factors driving the Global Type 1 Diabetes Treatment Market
Increasing prevalence of diabetes: The global diabetes epidemic is growing at an alarming rate. According to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. This increase is due to a combination of factors, including aging populations, increasing obesity rates, and a growing adoption of sedentary lifestyles and unhealthy diets. For example, in the United States, the number of adults with diagnosed and undiagnosed diabetes increased from 21 million in 2012 to 34 million in 2017.
Growing awareness about diabetes and its management: The importance of diabetes management and control, as well as the need for early diagnosis and treatment, has been widely recognized in recent years. This has led to an increase in the number of public health campaigns aimed at promoting diabetes awareness and education, as well as the adoption of telemedicine and home healthcare services. For example, in India, the government has launched several initiatives to increase diabetes awareness and improve access to diabetes management services, including the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke.
Advancements in insulin delivery devices: Significant advancements in insulin delivery devices, such as insulin pumps and pen injectors, have improved the quality of life for people with diabetes and made it easier for them to manage their condition. These advancements have included the development of more discreet and user-friendly devices, as well as improved accuracy and reliability. For example, the insulin pump market has seen the introduction of smart pumps that can communicate with continuous glucose monitoring (CGM) systems, allowing for real-time glucose monitoring and insulin delivery.
Growing investment in R&D for diabetes treatment: There has been a growing investment in research and development (R&D) in the field of diabetes treatment in recent years, aimed at developing new and improved insulin delivery devices and continuous glucose monitoring systems. For example, companies such as Medtronic, Roche, and Sanofi have invested heavily in R&D to develop new insulin pumps, pen injectors, and continuous glucose monitoring systems.
Growth of the global obesity epidemic: The global obesity epidemic has been growing at an alarming rate, and obesity is a major risk factor for the development of type 2 diabetes. According to the World Health Organization (WHO), the number of overweight and obese adults has increased from 857 million in 1980 to 2.1 billion in 2014. This growth has fueled the demand for diabetes management products and services, including insulin delivery devices and continuous glucose monitoring systems.
The leading market segments of Global Type 1 Diabetes Treatment Market
On the basis of product type the insulin delivery devices segment is the largest segment in the type 1 diabetes market, primarily due to the increasing demand for insulin delivery devices as a convenient and effective way to manage diabetes. Insulin delivery devices provide people with diabetes with greater flexibility and control over their insulin therapy, making it easier to maintain consistent blood glucose levels.
One key trend in the insulin delivery devices segment is the growing adoption of wearable insulin pumps, which provide a more discreet and convenient way to deliver insulin compared to traditional pumps. Wearable insulin pumps can be worn on the body, freeing people with diabetes from the need to carry around a separate insulin pump. Additionally, some wearable insulin pumps can communicate with continuous glucose monitoring systems, allowing for real-time glucose monitoring and insulin delivery.
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Geographically, North America is the largest region in the global type 1 diabetes treatment market, primarily due to the presence of a large patient population and the availability of advanced healthcare infrastructure and facilities in the region. The high incidence of type 1 diabetes in the region, combined with increasing awareness about the benefits of early diabetes diagnosis and treatment, is driving growth in the North American type 1 diabetes market.
One key trend in the North American type 1 diabetes market is the growing adoption of continuous glucose monitoring systems. Continuous glucose monitoring systems are becoming increasingly popular in the region due to the benefits they offer in terms of glucose control and the convenience they provide. Additionally, there is a growing demand for wearable insulin pumps and smart insulin pens in the North American market, as people with diabetes seek more convenient and effective ways to manage their condition.
The Asia-Pacific region is also expected to experience significant growth in the type 1 diabetes market, due to the increasing prevalence of diabetes in the region and the growing awareness about the benefits of early diabetes diagnosis and treatment. The Middle East and Africa and South America regions are also expected to experience growth in the type 1 diabetes market, although at a slower pace compared to North America and the Asia-Pacific region.
The key players of the Global Type 1 Diabetes Treatment Market are:
Abbott Laboratories (USA), Sanofi (France), Bayer AG (Germany), Becton, Dickinson and Company (USA), Dexcom, Inc. (USA), Eli Lilly and Company (USA), GlaxoSmithKline (UK), Insulet Corporation (USA), Medtronic plc (Ireland), Novo Nordisk A/S (Denmark), Roche Diabetes Care (Switzerland), Tandem Diabetes Care, Inc. (USA), Ypsomed Holding AG (Switzerland), and Others.
Market Segmentation
Based on Product Type
• Insulin products
rapid-acting insulin
long-acting insulin
pre-mixed insulin
• Insulin delivery devices
Insulin pens
Insulin pumps
Insulin syringes
• Glucose monitoring systems
Continuous glucose monitoring systems
Self-monitoring blood glucose systems
• Other products
Based on End-User
• Hospital
• Clinics
• Research Institutes
• Home Care
By Region
• North America
* United States
* Canada
* Rest of North America
• Europe
* Germany
* United Kingdom
* Italy
* France
* Spain
* Rest of Europe
• Asia Pacific
* Japan
* India
* China
* Australia
* South Korea
* Rest of Asia Pacific
• Middle East & Africa
* UAE
* Saudi Arabia
* South Africa
* Rest of the Middle East & Africa
• South America
* Brazil
* Rest of South America
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