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Type 1 Diabetes Market: Worldwide Industry Analysis and New Market Opportunities Explored
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In type 1 diabetes, exposure to viral infection such as mumps and coxsackie viruses results into pancreas damage which results into low insulin secretion. Type 1 diabetes is highly prevalent in young people and children whereas type 2 diabetes is common type of diabetes. Some of the common symptoms for type 2 diabetes are overweight, high blood pressure and high triglycerides. Diabetes is treated with the help of insulin delivery devices and drugs. Diabetes diagnostic devices includes analog blood meter, test strips, lancets and lancing devices whereas, insulin delivery devices includes insulin syringe, insulin pump, insulin pen and insulin jet injectors. Severe problems such as blindness, kidney failure, coronary heart disease and strokes may result due to lack of proper treatment.
North America is dominating the global type 1 diabetes market due to rising prevalence of diabetes. The U.S. is dominating the North American diabetes market. Asia Pacific region is expected to show high growth rate due to rising aging population in coming five years.
In recent time there is increased use of insulin delivery devices due to rising number of chronic diseases associated with diabetes. Rising awareness among people and technological advancement in insulin delivery devices are some of the key factors driving the growth of the global type 1 diabetes market. In addition, increasing government initiatives for diabetes control is also fuelling the growth of the global type 1 diabetes market. However, high cost of diagnosis and treatment is restraining the growth of the global type 1 diabetes market. In addition, unfavorable reimbursement policies are also inhibiting the growth of the global type 1 diabetes market.
Side effects associated with diabetes therapies could lead a challenge for the global type 1 diabetes market. Strong pipeline and development of molecules from newer class of diabetes drugs would be an opportunity for the growth of the global type 1 diabetes market. In addition, development of non-invasive diabetes diagnostics and drug delivery devices would also develop an opportunity for the growth of the global type 1 diabetes market. Increasing demand for artificial pancreas and home infusion therapy for diabetes treatment are some of the trend for the growth of the global type 1 diabetes market.
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Some of the major companies operating in the global type 1 diabetes market are Eli Lilly and Company, Astrazeneca Plc., B.Braun Melsungen AG, Novo Nordisk A/S, Sanofi-Aventis US, LLC, DiaVacs, Inc., XOMA Corp., Biodel, Inc. and Macrogenics, Inc.
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