The global Type 1 Diabetes Market is expected to reach USD 25.52 billion by 2024. A significant increase in the prevalence of type 1 diabetes coupled with Rigorous research & development activities to introduce novel formulations drives the T1D market growth.
Sedentary lifestyles, unhealthy diet habits coupled with rising obesity rates will further enhance the uptake of various types of insulin for the treatment of this disorder. Though this type of diabetes is rare still the number of cases is increasing by 3% every year according to the data enumerated by the International Diabetes Federation (IDF).
Insulin therapy is very much essential in the patients who have type 1 diabetes. Rising launch of the novel insulin formulations along with several adjunct therapies will positively impact the insulin acceptance. On the other hand, this chronic disorder poses a significant economic impact owing to the increasing cost of insulin coupled with other conditions such as cardiac disorders, kidney disease among others. This affects the respective countries and their national healthcare systems. For instance, the expenditure on diabetes management accounts for around 5% to 20% of the total healthcare spending.
Rapid-acting, long-acting and premix analogs are the three major types of insulin analogs administered to the patients. These insulin types when delivered duplicate the action of natural insulin and avoid the excess release of glucose in blood cells. The market penetration of long-acting insulin products is higher as compared to other two types, however, during the forecast period, the uptake and acceptance of rapid and premix analogs are anticipated to increase. The reason being the quick action and optimum performance of these two over long-acting insulin.
Browse Details of Report @
The insulin analogs market is consolidated in nature as three companies account for more than 50% of the total market share. The reason being extensive product offerings and continuous research and development activities. This market is witnessing an ongoing patent erosion affecting the market sustainability of companies. Also, high probability of launch of several biosimilars by new entrants, major players might face competition during the forecast period.
To enhance the overall sustainability, established players such as Novo Nordisk, Sanofi, and Eli Lilly are continuously investing in the development of the improved versions of insulin products. For instance, recent launches by Novo Nordisk (Xultophy, Tresiba) and Sanofi’s Toujeo (improved version of Lantus). These factors exhibit the promising growth for type 1 diabetes treatment market.
Hexa Research has segmented the global type 1 diabetes (T1D) market based on insulin analog, and region:
Segmentation by insulin analog, 2014 – 2024 (USD Million)
• Rapid acting
• Long acting
• Premix analogs
Segmentation by region, 2014 – 2024 (USD Million)
• North America
• Asia Pacific
• Rest of the world
Key players analyzed
• Eli Lilly and Company
• Novo Nordisk
Browse Related Category Reports @
Catheters Market : – The global catheters market is expected to grow considerably due to the growing occurrences of cardiovascular diseases and greater preference for minimally invasive medical techniques.
Sevoflurane, Isoflurane and Desflurane Market : – One of the primary factors, triggering expansion in the Sevoflurane, Isoflurane and Desflurane Market includes cardiovascular and respiratory diseases affecting the geriatric population.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
More Information Visit @ www.hexaresearch.com
Company Name: Hexa Research
Contact Person: Ryan Shaw
Email: Send Email
Address:Felton Office Plaza, 6265 Highway 9
State: California 95018
Country: United States