Technological Innovation Drive the Growth of Next Generation Diabetes Therapy and Drug Delivery Market by 2023
The increased number of diabetic patients and the advantage of using advanced diabetes instruments such as artificial pancreas and insulin patch compared to conventional products is expected to boost next-generation diabetes treatment and growth of the drug delivery market. In addition, increasing disposable income among diabetic patients and technologically advancing next-generation diabetes products is expected to boost market growth.
An increase in medical expenses in developing countries such as India and China is expected to provide opportunities for market expansion. However, the lack of consciousness in developing countries, low product variability, and cost constraints are expected to hamper market growth. The global market was valued at $617 million in 2015 and is expected to garner $9,673 million by 2022, registering a CAGR of 41.1% during the forecast period 2016 - 2023.
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Major Market Players:
• Abbott Laboratories
• Medtronic Inc.
• Novo Nordisk
• MannKind Corporation
• Enteris BioPharma
The CGM system is an established product and dominates the market due to the existence of a large patient base suffering from diabetes with the highest market share in 2015, and in the future from the viewpoint of revenue It is expected that the trend will continue. The advantage of these systems when compared to traditional diabetic products is the efficient and early detection of ease of use and changes in blood glucose levels expected to boost this segment's growth.
Key Findings of Next Generation Diabetes Therapy and Drug Delivery Market:
• The artificial pancreas segment is predicted to grow at the highest rate during the analysis period.
• The CGM system is the segment that produced the highest revenue and is expected to maintain its superiority in the future.
• North America dominates the worldwide next-generation diabetes treatment drug and drug delivery market and is expected to grow at a CAGR of 40%.
• India is the fastest growing in the Asia Pacific region, CAGR is 51.1%.
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