Global Type 1 Diabetes Market Will Reach USD 2,800 Million by 2026: Facts & Factors

Type 1 Diabetes Market

Type 1 Diabetes Market

Global type 1 diabetes market is expected to grow above a CAGR of 5.0% and is anticipated to reach over USD 2,800 Million by 2026.

NEW YORK, UNITED STATES, July 1, 2020 / — Findings from Facts and Factors report “Type 1 Diabetes Market By Insulin Analog (Rapid-Acting Insulin Analogs, Long-Acting Insulin Analogs, and Premix Insulin Analogs): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global type 1 diabetes market in 2019 was approximately USD 2,000 million. The market is expected to grow above a CAGR of 5.0% and is anticipated to reach over USD 2,800 Million by 2026.

Type 1 diabetes is type of diabetes where an autoimmune response towards insulin-making beta cells of the pancreas leads to the early destruction of the pancreas. Type 1 diabetes mellitus is idiopathic but has a strong association with genes such as HLA-DR4 and HLA-DR3. Type 1 diabetes symptoms are increase thrust, extreme weight loss stomach upset, increase the frequency of urination, fatigue, delayed healing, etc. One of the key remedies against type 1 diabetes in insulin therapy. Parents and the child should have proper knowledge of the condition. The primary goal in the case of type 1 diabetes is to keep the insulin level as close to normal. The treatment prescribed to the patient involves monitoring the blood sugar level within limit via diet, exercise, and insulin therapy. If left untreated, the type 1 diabetic patient experiences loss of consciousness. Uncontrolled diet and insulin may cause high blood sugar (hyperglycemia), increased ketones in urine, hypoglycemia, etc.

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In the last few years, there has been a steady rise in type one diabetes in children. Changing lifestyle in urban and rural parts of the world have led to the high exposure of pollution and unhealthy diet patterns among children, which has led to an increase in the number of children affected with type 1 diabetes. Type 1 diabetic patients have to rely solely on external insulin supply. These patients have to carry insulin pens for medication. Owing to such primary dependency of patients insulin has driven the global injectable insulin market. With the advancements of biomedical technology, the emergence of genetic consulting is anticipated to create new types of treatments for type 1 diabetes. Also, the Food and Drug Administration approved the first-ever artificial pancreas for type 1 diabetic patients aging 14 and old. Such technological advancements are likely to create new avenues for the global type 1 diabetic market. However, lack of awareness among patients regarding types of treatment available has hampered the market for injectable insulin for type 1 diabetes.

Based on insulin analog, the rapid-acting insulin analogs segment dominated the global type 1 diabetes market, accounting for a market share of 40% in 2019. A rapid-acting insulin is taken 15 minutes before a meal. Rapid-acting insulin has an onset and peak of nearly 15 minutes and 30 to 90 minutes respectively. Rapid-acting insulin offers a key advantage as it controls postprandial glucose.

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Based on geography, the North America segment dominated the global type 1 diabetes market in 2019. The North America region held a major share of nearly 35% in the global type 1 diabetes market in 2019. The growth in the region is attributable to rising consumer spending on healthcare and advancements in healthcare technology. Further, the increase in the number of type 1 diabetic patients has also contributed to driving the North America type 1 diabetes market.

Top key players operating in the market are B.BraunMelsungen AG, AstraZeneca PLC., Bayer Pharmaceuticals, DiaVacs Inc., Eli Lilly and Company, Novo Nordisk, Sanofi, Takeda Pharmaceutical, XOMA Corp., Biodel Inc., Macrogenics Inc., and Others.

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This report segments the type 1 diabetes market as follows:

Global Type 1 Diabetes Market: By Insulin Analog Segmentation Analysis

Rapid-Acting Insulin Analogs
Long-Acting Insulin Analogs
Premix Insulin Analogs

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Source: EIN Presswire