The report states that the global next generation diabetes therapy and drug delivery market accounted for $617 million in 2015 and is projected to reach $9,673 Million by 2023, growing at a CAGR of 41.1% during the forecast period, 2016-2023.
The growth of the global next generation diabetes therapy and drug delivery market is driven by the surge in prevalence of diabetes worldwide, benefits of using next generation diabetes products over conventional ones, and the rise in disposable income leading to increased healthcare expenditure. However, the high cost of products, lack of acute awareness among the populace, and less variability in products hamper market growth. Nonetheless, the development of affordable products with fewer side effects and the large undiagnosed diabetic patient population provide lucrative opportunities to emerging market players.
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The report segments the global next generation diabetes therapy and drug delivery market by product type, demographic, indication, end user, and geography. Based on product type, the market is categorized into inhalable insulin, oral insulin, insulin patches, CGM systems, and artificial pancreas. The GCM systems segment garnered the highest revenue in the global market in 2015, owing to its omnipresence in treating diabetes and is expected to continue its dominance throughout the forecast period. However, the artificial pancreas segment is anticipated to grow at the highest rate from 2016 to 2023. Based on demographics, the report bifurcates the market into child population (<14 years) and adult population (>14 years).
The market is bifurcated into type 1 and type 2 diabetes based on the indication. Based on the end user, the report fragments the market into diagnostics/clinics, ICUs, and home healthcare. The diagnostics/clinics segment was the highest revenue contributor in 2015, accounting for about half of the global market shares. The segment is projected to maintain this trend throughout 2023, due to the increase in procurement of the products from diagnostics and clinics by diabetic patients. Regionally, North America is expected to continue its market dominance throughout the forecast period. However, Asia-Pacific is poised to witness the highest growth, registering a CAGR of 50.2%, owing to rise in disposable income, improvement in healthcare expenditure, and an increase in adoption rate of advanced diabetic products.
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The report also profiles key players involved in the global next generation diabetes therapy and drug delivery market, such as Abbott Laboratories, Medtronic, Inc., Sanofi, Novo Nordisk, MannKind Corporation, Enteris BioPharma, Dexcom, Inc., Senseonics Holding, Inc., Medtech, and Johnson & Johnson. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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