Next Generation Diabetes Therapy and Drug Delivery Market to Reach $9.67 Bn, Globally, by 2023 at 40.6% CAGR: Allied Market Research
PORTLAND, Oregon, January 28, 2019 /PRNewswire/ --
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.
Allied Market Research published a report, titled, "Next Generation Diabetes Therapy and Drug Delivery Market by Product Type (Inhalable Insulin, Oral Insulin, Insulin Patches, CGM Systems, and Artificial Pancreas), Demographic [Adult Population (>14 years) & Child Population (<14 years)], Indication (Type 1 Diabetes & Type 2 Diabetes), and End Users (Diagnostics/Clinics, ICUs, and Home Healthcare) - Global Opportunity Analysis and Industry Forecast, 2014-2023." The report offers in-depth analysis of the drivers & opportunities, key market segments, top investment pockets, industry trends, and competitive landscape. According to the report, the global next generation diabetes therapy and drug delivery market is expected to reach $9.67 billion by 2023 from $1.25 billion in 2017, registering a CAGR of 40.6% from 2018 to 2023.
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Increase in prevalence of diabetes worldwide and surge in healthcare expenditure drive the growth of the market. Moreover, growing awareness about the benefits of next-generation diabetes products are expected to increase the demand for next generation diabetes therapy. However, high cost and lack of variety in products hinder the market growth. On the other hand, ongoing R&D to develop low-cost novel products with fewer side effects and untapped potential in emerging economies create new pathways to the market.
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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 2017. 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 2018 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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Type 2 diabetes segment to be lucrative through 2023
The Type 2 diabetes segment held the major share in 2017, accounting for nearly nine-tenth of the total market revenue. This segment is expected to register the highest CAGR of 41.2% from 2018 to 2023, owing to the presence of large patient population base and availability of a plethora of drug delivery products. The report also analyzes type 1 diabetes indication.
Diagnostics/clinics segment to retain lead throughout forecast period
Diagnostics/clinics segment accounted for nearly half of the total market revenue in 2017 and is expected to remain dominant throughout the forecast period. This is attributed to the increase in preference for buying healthcare products from diagnostic centers and clinics. However, the home healthcare segment would grow at the fastest CAGR of 50.6% from 2018 to 2023, owing to advancement in drug delivery systems such as inhalable and oral insulin, which ensure ease of administration in home care settings. The report also analyzes the ICUs segment.
North America to lead in terms of revenue by 2023
North America contributed 85.1% of the total market revenue in 2017 and 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% from 2018 to 2023, owing to the large pool of diabetic patients and increase in healthcare expenditure.
Leading market players
The key market players analyzed in the report include Abbott Laboratories, Sanofi, Medtronic, Inc., MannKind Corporation, Novo Nordisk, Dexcom, Inc., Enteris BioPharma, Medtech, Senseonics Holding, Inc., and Johnson & Johnson. These players have implemented various strategies such as partnerships, mergers & acquisitions, expansions, collaborations, joint ventures, and others to gain a stronghold in the industry.
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