Type 1 diabetes concept suggested by insulin syringe
Overview and Scope
Type 1 diabetes, also known as juvenile diabetes or insulin-dependent diabetes, is a chronic disease that affects the body’s ability to regulate blood sugar levels. It is caused by the immune system mistakenly attacking the beta cells in the pancreas that produce insulin.
Sizing and Forecast
The type 1 diabetes market size has grown rapidly in recent years. It will grow from $10.25 billion in 2023 to $11.82 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to growing demand for effective treatments, growing public awareness of type 1 diabetes, growing funds for drug development, incremental healthcare spending across the world.
The type 1 diabetes market size is expected to see rapid growth in the next few years. It will grow to $19.91 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to growing awareness of early checkups for diabetes, growing adoption of home-care settings, increasing research for advanced drugs, increasing awareness of the consumption of nutritional products. Major trends in the forecast period include advanced insulin formulations, advancements in drugs and treatments, artificial pancreas systems, personalized medicine approaches.
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Segmentation & Regional Insights
The type 1 diabetes market covered in this report is segmented –
1) By Product Type: Rapid Acting Insulin Analogs; Long-Acting Insulin Analogs; Premix Insulin Analogs; Others Product Types
2) By Device: Insulin Pump; Insulin Pen; Blood Glucose Meter
3) By Application: Childrens; Adults
4) By End-User: Hospital; Research Institutes; Home Care
North America was the largest region in the type 1 diabetes market in 2023. The regions covered in type 1 diabetes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
Rising government initiatives to combat diabetes are expected to propel the growth of the type 1 diabetes market going forward. Government initiatives refer to actions, policies, programs, or projects undertaken by a government or governmental agency to address specific issues, achieve goals, or bring about positive changes in various sectors of society. Foremost government authorities are introducing multiple initiatives to combat diabetes, including type 1 diabetes, reducing the risk of diabetes and ensuring that all people diagnosed with diabetes have access to equitable, comprehensive, affordable and quality treatment and care. For instance, in July 2023, the government of Canada collaborated with JDRF Canada, a Canada-based non-profit organization that invested $33 million to support 12 research projects that would work to prevent, detect, manage and treat diabetes. This funding would also support a national screening research consortium that would bring together experts and people affected by diabetes to advance screening for early-stage, pre-symptomatic type 1 diabetes in Canada. Therefore, rising government initiatives to combat diabetes are driving the growth of the type 1 diabetes market.
Key Industry Players
Major players in the type 1 diabetes market are Johnson and Johnson Limited, Merck and Co. Inc., Sanofi-Aventis LLC., AstraZeneca PLC, Abbott Laboratories, Medtronic PLC, Eli Lilly and Co Ltd., Novo Nordisk A/S, Vertex Pharmaceuticals Incorporated, Dexcom Inc., Insulet Corporation, Tandem Diabetes Care Inc., Adaptive Biotechnologies Corporation, Xeris Pharmaceuticals Inc., MannKind Corporation, Biocon Ltd., Virta Health Corp., Bigfoot Biomedical Inc., ViaCyte Inc., Beta Bionics Inc., Adocia SA, Senseonics Holdings Inc., Zealand Pharmaceuticals A/S, Sigilon Therapeutics Inc., Provention Bio Inc.
The type 1 diabetes market report table of contents includes:
1. Executive Summary
2. Type 1 Diabetes Market Characteristics
3. Type 1 Diabetes Market Trends And Strategies
4. Type 1 Diabetes Market – Macro Economic Scenario
5. Global Type 1 Diabetes Market Size and Growth
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26. South America Type 1 Diabetes Market
27. Brazil Type 1 Diabetes Market
28. Middle East Type 1 Diabetes Market
29. Africa Type 1 Diabetes Market
30. Type 1 Diabetes Market Competitive Landscape And Company Profiles
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