Type 1 Diabetes Market Set to Witness Significant Growth by 2024-2031

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The Type 1 Diabetes Market is estimated to be valued at US$ 15.95 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics: The Type 1 Diabetes Market is primarily driven by increasing incidence of type 1 diabetes across the globe. According to International Diabetes Federation (IDF), more than 1.1 million children and adults are diagnosed with type 1 diabetes worldwide each year. Type 1 diabetes can occur at any age but is most often diagnosed in children, teens, and young adults. With growing risk factors triggering the onset of type 1 diabetes such as genetic predisposition and environmental factors, the number of type 1 diabetes patients are growing rapidly. Further, advancements in insulin delivery devices such as insulin pens and pumps enhances medication adherence & accuracy among patients supporting the market growth.

Key Market Trends: Rising preference for reusable/smart insulin pens: Reusable insulin pens offer convenience with functionality and portability. They allow patients to easily and precisely inject insulin dosage with enhanced comfort. Further, smart insulin pens integrated with connectivity features to monitor insulin usage patterns and provide useful insights to patients & physicians are gaining traction.

Adoption of close loop insulin delivery systems: Close loop or artificial pancreas system incorporates continuous glucose monitor (CGM) and insulin pump to automatically monitor glucose levels and deliver precise insulin dosages. Increased adoption of these systems offer enhanced glycemic control, reduced HbA1c levels, and reduced risk of hypoglycemia. Their ability to alleviate heavy disease management burden is driving their demand.

Type 1 Diabetes Market Opportunities

By Device Type Insights: The insulin pumps segment held the largest share of the type 1 diabetes market in 2019 and is expected to witness a CAGR of 6.5% during the forecast period. Insulin pumps provide close simulation of the pancreas’s natural insulin delivery and help manage blood sugar levels more effectively than multiple daily injections. Advances in insulin pump technology such as automated insulin delivery and enhanced connectivity features are expected to fuel the growth of this segment.

By Insulin Insights: The rapid-acting insulin segment accounted for over 50% of the market share in 2019. These insulins work fast to control blood sugar levels after a meal. Popular rapid-acting insulin options include insulin lispro, insulin aspart, and insulin glulisine. The segment is anticipated to grow at a CAGR of 6.3% during the forecast period. Increasing awareness about benefits of rapid-acting insulin for effective post-meal blood sugar control is expected to drive the segment growth.

Key Market Takeaways: The global type 1 diabetes market size was valued at USD 15.95 billion in 2024 and is anticipated to witness a CAGR of 6.2% during the forecast period. Growing prevalence of diabetes, increasing awareness about diabetes management, and technological advancements in insulin delivery devices are expected to propel the market growth.

On the basis of device type, the insulin pumps segment is expected to hold a dominant position owing to their ability to closely mimic the pancreas’s natural insulin delivery.

By insulin type, the rapid-acting insulin segment currently holds the largest share due to benefits of rapid onset of action for post-meal blood sugar control.

Regionally, North America is expected to dominate the global market over the forecast period due to growing diabetes prevalence, favorable reimbursement policies, and high accessibility to advanced diabetes management devices in the region.

Competitor Insights: Biocon Ltd.,Sanofi, Novo Nordisk A/S, MannKind Corporation, Adocia.

Recent Developments in Type 1 Diabetes Market

Collaborative Research Initiatives: Government and organizations are funding major projects. In July 2023 the Canadian government and JDRF Canada Announced $33 million for research to improve prevention, early detection and treatment of type 1 diabetes this includes establishing a national screening program for early stage diabetes.

Regenerative Medicine: A study in late 2023 explored the potential of EZH2 inhibitors to regenerate beta like cells from pancreatic approach to restoring insulin production.

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