Type 1 Diabetes Market Is Set To Reach $19.9 Billion By 2028 At A CAGR Of More Than 13% As Per The Business Research Company’s Type 1 Diabetes Global Market Report 2024
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LONDON, Jan. 11, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s type 1 diabetes market, the type 1 diabetes market has experienced rapid expansion, soaring from $10.25 billion in 2023 to an estimated $11.82 billion in 2024, with an impressive compound annual growth rate (CAGR) of 15.3%. This surge in the historic period is credited to the rising demand for effective treatments, increased public awareness of type 1 diabetes, growing funds for drug development, and incremental healthcare spending globally.
Anticipated Growth and Driving Factors
The type 1 diabetes market is poised for rapid growth, projecting a market size of $19.91 billion by 2028, with a CAGR of 13.9%. Key drivers in the forecast period include the increasing awareness of early checkups for diabetes, a growing adoption of home-care settings, heightened research for advanced drugs, and a greater understanding of the consumption of nutritional products.
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Emerging Trends
Several trends are expected to shape the type 1 diabetes industry in the forecast period. These include advancements in insulin formulations, innovations in drugs and treatments, the integration of artificial pancreas systems, and the adoption of personalized medicine approaches.
Key Players
Major players in the type 1 diabetes market, including Johnson and Johnson Limited, Merck and Co. Inc., and Sanofi-Aventis LLC., are at the forefront of driving innovations. These companies are focused on the development of technologically advanced solutions, such as the SmartGuard technology, to sustain their positions in the market.
Case in Point: Medtronic’s SmartGuard Technology
In March 2022, Medtronic PLC introduced the MiniMed 780G system featuring advanced SmartGuard technology. This next-generation closed-loop insulin pump system simplifies type 1 diabetes management. Automating the delivery of basal insulin and correction boluses every five minutes, the system aids patients in avoiding highs and lows with greater ease. Patients can reduce variability, maintaining glucose levels within defined parameters, leading to a near-normal life and improved clinical outcomes.
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Regional Dynamics
North America emerged as the largest region in the type 1 diabetes market in 2023, with continuous growth anticipated in the forecast period.
Players in the type 1 diabetes industry can leverage this comprehensive type 1 diabetes market report to gain insights into market dynamics, competitor strategies, and emerging trends. The type 1 diabetes market report provides a roadmap for businesses to capitalize on the forecasted growth, understand consumer preferences, and navigate the evolving landscape effectively. Whether exploring advanced insulin formulations or personalized medicine approaches, businesses can strategize with confidence using the valuable insights provided in the report.
Type 1 Diabetes Global Market Report 2024 by The Business Research Company provides insights on the type 1 diabetes market size, type 1 diabetes market segments, type 1 diabetes market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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