Type 1 Diabetes Market Size to Worth USD 24.36 Bn By 2031
The global type 1 diabetes market size is calculated at USD 15.95 billion in 2024 and is expected to be worth around USD 24.36 billion by 2031, growing at a CAGR of 6.2% from 2024 to 2031.
Burlingame, May 16, 2024 (GLOBE NEWSWIRE) -- The global *type 1 diabetes market* is estimated to be valued at USD 15.95 Bn in 2024 and is expected to reach USD 24.36 Bn by 2031, according to Coherent Market Insights. The growing number of diagnosed cases is expected to further fuel the demand for type 1 diabetes therapeutics and devices globally. Effective management of the condition requires insulin administration on a daily basis, which is boosting the sales of insulin delivery systems, blood glucose monitors and test strips.*Type 1 Diabetes Market Report Coverage*
Report Coverage Details
Market Revenue in 2024 $15.95 billion
Estimated Value by 2031 $24.36 billion
Growth Rate Poised to grow at a CAGR of 6.2%
Historical Data 2019–2023
Forecast Period 2024–2031
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Device Type, By Insulin Type, By End User, By Distribution Channel
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Growth Drivers • Rising prevalence of obesity and sedentary lifestyle
• Advancements in insulin delivery technologies
Restraints & Challenges • New product development requires extensive research and clinical trials
• Stringent regulatory framework
*Market Dynamics*:
The Type 1 Diabetes Market is being primarily driven by the increasing prevalence of the disease globally. The rising incidence of type 1 diabetes, especially among the younger population, is fueling the demand for advanced treatment options and management solutions. Additionally, the growing awareness about the importance of early diagnosis and continuous monitoring of blood sugar levels is also contributing to market growth.
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*Market Trends*:
One key trend in the Type 1 Diabetes Market is the development of technologically advanced insulin delivery devices. Companies are focusing on the development of smart insulin pens, insulin pumps, and continuous glucose monitoring systems to provide convenient and efficient management options for patients. Another trend is the increasing research and development activities in the field of stem cell therapy for type 1 diabetes. Stem cell therapy holds the potential to offer a permanent cure for the disease by regenerating insulin-producing beta cells in the pancreas. These trends are expected to drive innovation and growth in the Type 1 Diabetes Market in the coming years.
The Type 1 Diabetes Market is expected to witness significant growth due to the rising prevalence of Type 1 diabetes among children and adolescents. According to the International Diabetes Federation, approximately 1.1 million children and adolescents were living with Type 1 diabetes globally in 2019, and this number is expected to increase in the coming years. This increasing prevalence is driving the demand for advanced treatment options and devices, such as insulin pens, pumps, and syringes, which are more convenient and effective for managing the disease.
Technological advancements in insulin delivery systems are also presenting lucrative opportunities for the Type 1 Diabetes Market. Innovations such as smart insulin pens, continuous glucose monitoring systems, and closed-loop insulin delivery systems are revolutionizing the management of Type 1 diabetes by providing more accurate insulin dosing, real-time glucose monitoring, and automated insulin delivery. These advancements are not only improving patient outcomes but also enhancing the quality of life for individuals living with Type 1 diabetes.
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*Recent Developments:*
In March 2023, Lexicon Pharmaceutical declared that it will reapply to the U.S. FDA for approval of Sotagliflozin in order to improve glycemic control in individuals with type 1 diabetes who also have chronic kidney disease.
In November 2023, the 1 pledge movement started by Sanofi as a national education initiative.
*Key Market Takeaways*:
Type 1 Diabetes Market is anticipated to witness a CAGR of 6.2% during the forecast period 2024-2031, owing to the rising prevalence of Type 1 diabetes globally.
On the basis of device type, the insulin pen segment is expected to hold a dominant position, owing to its ease of use and accurate dosing capabilities.
In terms of insulin type, long-acting insulin is anticipated to dominate the market due to its extended duration of action. Homecare settings are expected to be the dominant end-user segment, driven by the increasing adoption of self-care practices among Type 1 diabetes patients.
Hospital pharmacies are projected to be the leading distribution channel for insulin products, catering to the growing demand for diabetes management supplies.
North America is expected to hold a dominant position in the Type 1 Diabetes Market, attributed to the high prevalence of Type 1 diabetes in the region.
Key players operating in the market include Biocon Ltd., Novo Nordisk, Gan & Lee Pharmaceuticals, and others, who are focusing on product innovations and partnerships to strengthen their market presence.
In conclusion, the Type 1 Diabetes Market is poised for significant growth in the coming years, driven by the rising prevalence of Type 1 diabetes among children and adolescents and technological advancements in insulin delivery systems. Market players need to focus on product innovation, strategic partnerships, and geographic expansion to capitalize on the lucrative opportunities presented by the market. With the increasing adoption of advanced insulin delivery systems and the growing demand for personalized diabetes management solutions, the Type 1 Diabetes Market is expected to witness substantial growth and development in the forecast period.
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*Detailed Segmentation-**By Device Type:*
· Insulin Pen
· Insulin Syringe
· Insulin Pump
· Insulin Jet Injectors
*By Insulin Type:*
· Long-Acting Insulin
· Rapid-Acting Insulin
*By End User:*
· Homecare Settings
· Hospitals & Clinics
· Academic & Research Institutes
· Others
*By Distribution Channel:*
· Hospital Pharmacies
· Retail Pharmacies
· Online Pharmacies*By Region:*
· North America
· U.S.
· Canada
· Latin America
· Brazil
· Mexico
· Rest of Latin America
· Europe
· Germany
· U.K.
· Spain
· France
· Italy
· Russia
· Rest of Europe
· Asia Pacific
· China
· India
· Japan
· Australia
· South Korea
· Rest of Asia Pacific
· Middle East & Africa
· South Africa
· GCC Countries
· Rest of Middle East & Africa
*Browse More Insights:*
*• Type 2 Diabetes Market: *The type 2 diabetes market is estimated to be valued at USD 39.87 Bn in 2024 and is expected to reach USD 67.14 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
•* H2 Receptor Antagonist Market: *The H2 receptor antagonist Market is estimated to be valued at USD 4.21 Bn in 2024 and is expected to reach USD 6.36 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
*• Diabetic Kidney Disease Market: *Global diabetic kidney disease market is estimated to be valued at USD 3.03 Bn in 2024 and is expected to reach USD 4.21 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031*.*
*• Global Geriatric Medicines Market: *Global geriatric medicines market is estimated to be valued at USD 1,004.71 Bn in 2024 and is expected to reach USD 1,570.18 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
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