U.S. Next Generation Diabetes Therapy and Drug Delivery Market generated $446 million in 2015 and is anticipated to garner $6,510 Million by 2023, growing at a CAGR of 33.0% during the forecast period, 2017-2023.
Increase in prevalence of diabetes, surge in disposable income, rise in healthcare expenditure, and the advantages of adopting next generation diabetes products over conventional ones drive the growth of the U.S. next generation diabetes therapy and drug delivery market. Additionally, developing products with fewer side effects at affordable prices and the high undiagnosed diabetes patient population provide lucrative opportunities to emerging market players. However, high cost and less variability of products along with a lack of awareness hamper market growth.
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The report segments the U.S. next generation diabetes therapy and drug delivery market by product type, demographic, indication, and end user. Based on product type, the market is fragmented into inhalable insulin, oral insulin, insulin patch, CGM system, and artificial pancreas. The CGM system segment generated the highest revenue in 2016, owing to the high adoption rate of CGM devices as a large number of them are FDA approved. Based on demographic, the report bifurcates the market into adult population (>14 years) and child population (<14 years). The adult population segment dominated the market in 2016 and is expected to grow at a significant rate in the future, as almost 90% of the diabetic population in U.S. are above the age of 18 years.
The market is further bifurcated into type I and type II diabetes based on indication, with the type II diabetes segment expected to grow at the fastest rate, registering a CAGR of 33.1% during the forecast period. Based on end user, the market is categorized into diagnostics/clinic, ICU, and home healthcare. The diagnostics/clinics segment generated the highest revenue in 2016 and is projected to continue its dominance from 2017 to 2023, owing to an increase in procurement of the products from diagnostics and clinics by diabetic patients. Meanwhile, the home healthcare segment is poised to grow at the highest rate through 2023.
Top Key Players :
- Abbott Laboratories
- Echo Therapeutics Inc.
- Hoffmann-La Roche Ltd.
- GlySens Incorporated
- Medtronic Plc
- Novo Nordisk
- MannKind Corporation
- Dexcom Inc.
- Senseonics Holding
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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