Next Generation Diabetes Therapy and Drug Delivery Market to Reach $9.67 Billion at a 40.6% CAGR Globally by 2025
Pune, Maharashtra, India, February 23 2021 (Wiredrelease) Allied Analytics –:Rise in the number of diabetics and the benefits of using advanced diabetic devices, such as artificial pancreas and insulin patches over conventional products, are expected to boost the growth of next generation diabetes therapy and drug delivery market. Furthermore, the increase in disposable income among the diabetic patients and technological advancement of next generation diabetic products areanticipated to fuel the market growth. The rise in healthcare expenditure in the developing countries, such as India and China, is expected to provide opportunities for market expansion. However, lack of awareness, less variability in products, and cost restrains in the developing regions are expected to hamper the market growth.
Next generation diabetes therapy and drug delivery devices are used to check the blood glucose levels and deliver insulin into the body. Next generation diabetes drug delivery systems, such as oral and inhalable insulin, help introduce insulin into the patients body without causing pain and reduce the risk of skin irritation, owing to frequent use of needles. Advancements in diabetes therapy systems, such as insulin patch, continuous glucose monitoring (CGM) system, and artificial pancreas, are frequently used to detect the glucose levels and adjust the insulin levels to manage the change in glucose levels.
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Surge in incidence of diabetes worldwide, increase in healthcare expenditure, and rise in awareness about the benefits of next-generation diabetes products are expected to drive the growth of the global next generation diabetes therapy and drug delivery market.
Continuous glucose monitoring (CGM) systems segment to remain dominant throughout forecast period
The CGM systems segment contributed more than 90% of the total market revenue in 2018. It is expected to remain dominant throughout the forecast period due to several advantages such as ease of usage and efficient detection of blood glucose levels. On the other hand, the insulin patches segment is expected to register the highest CAGR of 64.1% from 2019 to 2023, owing to advantages such as painless delivery and better control over blood sugar levels. The report also analyzes oral insulin, inhalable insulin, and artificial pancreas.
Adult population segment to maintain dominance through 2023
Adult population (>14 years) segment held the lion’s share of the market in 2017. It is expected to maintain its dominance by 2023 due to the large pool of adult patients suffering from diabetes and high rate of FDA approvals of needle-free devices for adults. However, child population (≤14 years) segment would register the highest CAGR of 44.6% from 2018 to 2023, owing to the rise in incidence among child population, rapid development of drug delivery devices for children, and surge in demand for therapeutic devices for children.
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North America contributed 85.1% of the total market revenueand is expected to maintain its lead by 2023. This is due to the high awareness among the patient population regarding the benefits of using next generation diabetes products over conventional products. However, Asia-Pacific is expected to register the highest CAGR of 50.7% to 2023, owing to the large pool of diabetic patients and increase in healthcare expenditure.
The key companies profiled in the report include Abbott Laboratories, Medtronic, Inc., Sanofi, Novo Nordisk, MannKind Corporation, Enteris BioPharma, Dexcom, Inc., Senseonics Holding, Inc., Medtech, and Johnson & Johnson.
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