Type 1 Diabetes Market Size Worth USD 25.52 Billion By 2024: Hexa Research

FELTON, California, October 11, 2017 /PRNewswire/ --

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.

Browse full research report with TOC on "Type 1 Diabetes (T1D) Market Size and Forecast, By Insulin Analog (rapid Acting, long Acting, Premix Analogs), And Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/type-1-diabetes-t1d-market

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.

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.

Browse reports of similar category by Hexa Research: 

• Medical Morphine Market - Global medical morphine market size was valued at USD 10.75 billion in 2016. Increasing use of the drug to relieve pain in cancer, arthritis and postoperative surgeries is expected to drive market growth.
• Herbal Medicine Market - Global herbal medicine market size was valued at USD 71.19 billion in 2016 and is expected to exhibit profitable growth over the forecast period.
• Cancer Biologics Market - Global cancer biologics market size is expected to reach USD 87.60 billion by 2024 and is anticipated to grow on account of rising prevalence of cancer, increasing demand for biological and targeted drug therapies.
• China Bioprocess Instruments Market - The China bioprocess instruments market size was estimated at USD 1.18 billion in 2016 and is expected to grow on account of the evolution of new technologies.

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

    • U.S.

• Europe

    • UK

• Asia Pacific

    • China

    • India

• Rest of the world

Key players analyzed 

• ADOCIA

• Biocon

• Bioton

• Eli Lilly and Company

• Novo Nordisk

• Sanofi

• Wockhardt

About Hexa Research 

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.

Contact:
Michelle T.
Corporate Sales Specialist
Hexa Research
Phone: +1-415-349-0058
Toll Free: +1-800-489-3075
Email:[email protected]
Web:https://www.hexaresearch.com/

SOURCE Hexa Research