The Global Type-1 Diabetes Treatment Market is growing at a rapid pace, mainly due to the growing prevalence of this condition in various age groups. Besides, rising cases of severe hypoglycemia and hyperglycemia with ketosis impact the market growth positively. Moreover, increasing numbers of geriatric populaces susceptible to type-1 diabetes contribute to market growth significantly. Additionally, the introduction of various breakthrough medicines and treatment options accelerates the growth in the market on a global platform.
According to Market Research Future (MRFR), the Global Type-1 Diabetes Treatment Market Size is estimated to create a valuation of over USD 9.6BN by 2025. In its recent study analysis, MRFR also asserts that the market would register a CAGR of 7.9% throughout the anticipated period (2019 – 2025). Government initiatives to control and manage the diabetic conditions among people act as significant driving forces behind the growth of the type-1 diabetes treatment market.
Additionally, rising spending on healthcare and growing access to medication worldwide push market growth. Also, improved diagnostic capabilities ensuring early detection substantiate the growth of the market. On the other hand, adverse side effects of the medication and stringent approvals process that varies from nation to nation are some of the major growth impeding factors for the market growth.
Furthermore, low awareness among people about the availability of novel diabetes treatment and high manufacturing cost of drugs & insulin devices are positing challenges to the growth of the market. Nevertheless, increasing incidences of type-1 diabetes due to environmental and genetic factors would support the growth of the treatment of the type-1 diabetes market.
Global Type-1 Diabetes Treatment Market - Competitive Analysis
The type-1 diabetes treatment market appears to be highly competitive, characterized by the presence of several well-established players. To gain a larger market share, players adopt strategic approaches such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches. Drug manufacturers adopt modern manufacturing processes to ensure safety and convenience.
They invest heavily in developing a pipeline of innovative drugs to address unmet patient needs. Market investments are interpreted as capacity expansion plans and intensive R&D to obtain vast growth opportunities. The market is expected to witness intensified competition in the years to come due to the advent of drug product extensions, new products, and new applications of the products &services provided.
Players leading the global Type-1 Diabetes Treatment market include Astellas Pharma (Japan), Eli Lilly (US), Merck (US), Novo Nordisk (Denmark), Sanofi (France), AstraZeneca (UK), Boehringer Ingelheim GmbH (Germany), Novartis (Switzerland), Pfizer Inc. (US), Abbott Laboratories (US), Mannkind Corporation (US), Braun Melsungen AG (Germany), Macrogenics, Inc. (US), DiaVacs, Inc. (US), and Biodel, Inc. (US), among others.
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Type-1 Diabetes Treatment Market - Segments
MRFR has segmented the report into three main dynamics to widen the scope of understanding,
By Product : Rapid-Acting Insulin (Admelog, Humalog, Novolog, others), Short-Acting Insulin, Medium-Acting Insulin, Long-Acting Insulin (Lantus, Levemir, others), and others (Ultra long-term action insulin and inhaled insulin).
By End-user : Hospitals & Clinics, Specialty Centers, and others (Treatment at home and old age homes).
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Type-1 Diabetes Treatment Market - Regional Analysis
North America is the largest market for type-1 diabetes treatment, which treatment is expected to grow at a substantial CAGR over the review period. The presence of a large patient population of type-1 diabetes fosters regional market growth. Besides, various major players and the well-developed healthcare system in the region drive the type-1 diabetes treatment market in North America. The US accounts for the major share in the regional market heading with the massive funding for projects designed to improve diabetes care.
Europe's type 1 diabetes treatment market stands as the second-largest position. The increasing prevalence of type 1 diabetes and the well-established pharmaceutical industry in the region propel market growth. Besides, funding support for the governments for R&D, alongside the amendments in healthcare reimbursement policies, act as major tailwinds for the growth of the regional market.
The type 1 diabetes treatment market in the Asia Pacific region is growing rapidly. The market growth attributes to the increasing pool of diabetic patients and the aging population in the region. Besides, vast developments in healthcare technology and rising numbers of healthcare facilities are fostering the regional market growth. Also, rising funds for diabetes control boost the growth of the APAC type 1 diabetes treatment market. Markets in China and India are rapidly growing markets in the region.