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.
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.