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/EIN News/ — Ottawa, Jan. 10, 2023 (GLOBE NEWSWIRE) — Insulin is a type of chemical your body needs to keep the glucose level in the blood normal. Type 1 diabetes occurs when the pancreas does not produce any insulin. Type 1 diabetes affects children, teenagers, and adults. However, it is mostly diagnosed at an early age. The treatment for type 1 diabetes aims to keep the blood sugar level in a normal range by providing insulin to the body time-to-time. Type 1 diabetes requires external support of insulin. The parenteral route of administration is widely used in treating type 1 diabetes, whereas the oral route of administration works better for type 2 diabetes. A blood sugar test helps diagnose type 1 diabetes.
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The global type 1 diabetes market is growing with rapidly increasing research for advanced drugs, developing healthcare infrastructure, geographic expansion of major key players, and increasing investments by key pharmaceutical players. The increasing awareness of the consumption of nutritional products to keep blood sugar levels in the normal range has propelled the growth of the global type 1 diabetes market in recent years. Insulin pumps, insulin pens, and blood glucose meters are a few tools that are used in the treatment of type 1 diabetes. Doctors and healthcare providers widely prefer rapid insulin analog. The rapid-insulin analog is prescribed to take 15 minutes before the meal, which works faster to maintain the blood glucose level in type 1 diabetic patients. Along with hospitals, home care setting for treating type 1 diabetes has gained importance in recent years. The home care setting allows patients to keep track of their blood glucose levels regularly.
The Covid-19 pandemic showed adverse effects on the global type 1 diabetes market in the initial lockdown phase due to a disrupted drug supply chain. However, the growing demand for remote glucose monitoring devices and increased awareness for self-health care during and post-Covid pandemic have boosted the growth of the global type 1 diabetes market.
Regional Snapshot:
North America is a leading region in the global type 1 diabetes market owing to the increasing prevalence of diabetes in children and teenagers. The U.S. and Canada are significant contributors to the growth of the type 1 diabetes market in North America. The presence of substantial market key players such as Eli Lilly, Merck, Novo Nordisk, Abbott Laboratories, and Macrogenics has boosted the growth of the type 1 diabetes market in North America. Europe has seen an alarming increase in patients with type 1 diabetes in recent years. Boehringer Ingelheim GmbH, Braun Melsungen, and Astra Zeneca are critical players in the type 1 diabetes market, making Europe the second largest market among all regions.
Asia Pacific is the fastest-growing region in the global type 1 diabetes market. The cost reduction of diabetes treatment to almost free diabetes treatment for the poor population in India has boosted the number of patients visiting government hospitals. Asian countries have experienced a growth in type 1 diabetic patients over the last decade. Moreover, China and India are the most important contributors to the development of the type 1 diabetes market. Japan is the leading country for the management of diabetes via public health policies owing to the disease management program implemented in the public healthcare sector. Astellas Pharma, Sanofi, Novo Nordisk, and Glenmark Pharmaceuticals contribute to the type 1 diabetes market in Asia Pacific.
Diabetes and other chronic conditions have become a severe problem in Latin America. The rapidly developing healthcare infrastructure will likely increase the demand for advanced diabetes management techniques in the region. Moreover, Brazil is experiencing significant growth in the type 1 diabetes market owing to the improved distribution of insulin, comparatively well-established healthcare infrastructure, and recent developments in the diabetes industry. For instance, BIOMM, a leading biotechnology company in Brazil, announced Nemera Advapen’s launch under the trade name Lifepen to combat the risks of hypoglycaemia in July 2021.
The progressive nature of type 1 diabetes in the Middle East has increased the demand for advanced insulin delivery systems. Saudi Arabia will likely show significant growth in the type 1 diabetes market during the forecasted period of 2023-2032. Rising involvement by prominent key players from other regions in the developing healthcare infrastructure of low- or middle-income countries in Africa is likely to fuel the type 1 diabetes market in Africa. For instance, in December 2022, Eli Lilly Company and Eva Pharma announced a collaboration to deliver affordable human insulin for type 1 and type 2 diabetic patients in low-to-middle-income countries in Africa. The partnership aims to provide insulin to one million diabetic patients annually.
Report highlights:
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Scope of the Report
Market dynamics:
Driver:
Increasing prevalence of type 1 diabetes in children
Type 1 diabetes is primarily genetic and occurs if any family member has a history of type 1 diabetes. But a few external factors that are considered in triggering the complications of type 1 diabetes patients are: change in lifestyle, rapid adaptation to the sedentary lifestyle, and consumption of fast food or preserved food products that contain harmful sweeteners. Rates of children and teenagers with type 1 diabetes are increasing, showing significant growth in the demand for advanced insulin in the global type 1 diabetes market. Type 1 diabetes is a long-term health condition that can cause psychological complications that also impact the immunity system in children. Thus, the pediatric unit in the healthcare sector is focused on managing diabetes in children. Type 1 diabetes in children is not reversible; the only cure for the condition is maintaining blood sugar levels in the normal range by providing insulin timely. The alarming increase in type 1 diabetes in children is a driving factor for the growth of the global type 1 diabetes market. It provides opportunities for research and development of novel drugs for treatment.
Restraint:
High cost associated with the diagnosis and treatment of type 1 diagnosis
Type 1 diabetes is a chronic condition that requires ongoing observation. Prolonged treatment and numerous tests for the diagnosis of diabetes are not affordable for everyone. The high cost associated with the diagnosis and treatment of type 1 diabetes is likely a major restraint on the market’s growth. Especially the cost factor becomes a challenge for countries where the treatment of diabetes is not insured which is likely to gain financial constraints. The high cost of treatment can be attributed to ongoing research and development of novel insulin/drugs for the treatment. The cost of anti-diabetic medications and insulin has become a barrier to the treatment, hampers the market’s growth. However, government policy interventions related to pricing medications and insulin can combat this restraint.
Opportunity:
Technological advancement in tools and techniques for the treatment of type 1 diabetes
The increasing prevalence of type 1 diabetes demands technologically advanced tools for the better treatment of diabetes. Advanced technology in the diabetes market has shown significant effects on the management of diabetes. The improvement in continuous glucose monitoring systems, insulin delivery systems, and rapid insulin analogs are substantial factors considered in technological advancement for treating type 1 diabetes. Developing healthcare infrastructure requires advanced tools and techniques for better patient outcomes in managing diabetes. Thus, technological advancement in treatment options for the management of type 1 diabetes brings lucrative opportunities for investors, researchers, and manufacturers that contribute to the growth of the global type 1 diabetes market.
Challenge:
Side effects caused by the medications/drugs in the treatment of type 1 diabetes
The prolonged treatment of type 1 diabetes comes with adverse effects on health. Risk of liver disease, tiredness, kidney complications, and continuous upset stomach are a few side effects caused due to prolonged type 1 diabetes medications. Some side effects caused by diabetes medications are temporary, but some can result in serious health risks. The potential side effects caused by medicines for type 1 diabetes bring challenges for the global type 1 diabetes market to grow.
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