New York, Feb. 24, 2023 (GLOBE NEWSWIRE) -- “The Type 1 Diabetes Market Size was valued at US$ 7.59 billion in 2022, and is projected to reach US$ 13.64 billion by 2030, with a growing CAGR of 7.6% over the forecast period 2023-2030.”
Your body needs the molecule insulin to maintain a normal blood glucose level. If the pancreas is unable to create any insulin, you will have type 1 diabetes. Adults, adolescents, and even children can all develop type 1 diabetes. The majority of the time, it is discovered early in life. The aim of type 1 diabetes treatment is to maintain a normal blood sugar level by intermittently giving the body insulin. Insulin needs to be supported externally in type 1 diabetes. When treating type 1 diabetes, the parenteral method of administration is frequently employed, whereas type 2 diabetes responds better to the oral route of administration. Type 1 diabetes can be identified via a blood sugar test.
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Opportunities availing in the market
Numerous businesses that provide medications to treat this severe "sweet disease" have increased their investment in R&D as a result of the type 1 diabetes market's rapid growth and high level of profitability. This has made it possible for them to create and market a new class of potent medications that are both more expensive and more effective in treating type 1 diabetes. Januvia is one of these medications.
Dominating decision-makers in the market
The worldwide market is made up of a variety of regional and international market participants. To develop a solid foothold in the market, these key competitors are utilising a variety of methods, including R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures.
Some of the main players in the market are:
- Abbott Laboratories
- Bayer AG
- Eli Lilly and Company
- GlaxoSmithKline
- Johnson & Johnson Ltd
- Merck & C0.
- Pfizer Inc.
- Takeda Pharmaceutical
- AstraZeneca PLC.
- XOMA Corp
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The market for type 1 diabetes is still highly cutthroat. One important contributing aspect is the abundance of sizable companies in the market.
Another important contributing aspect is the fact that new businesses are continually joining the market. The enormous and expanding market share and the enormous revenue generation prospects that this market offers are what motivate these businesses to enter.
Businesses are making significant investments in R&D. This enables them to create and market these medications. Because these medications are more potent, these businesses may justify asking for extremely high costs for them (the medicines.)
Key Market Segmentation:
Segment by Devices
- Insulin Pump
- Insulin Pen
- Blood Glucose Meter
- Others
Segment by End-User
- Hospital
- Research Institutes
- Home Care
Segment by Product
- Rapid-Acting Insulin
- Short-Acting Insulin
- Medium-Acting Insulin
- Long-Acting Insulin
- Others
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Type 1 Diabetes Market Segmentation, By Devices
9. Type 1 Diabetes Market Segmentation, By End-User
10. Type 1 Diabetes Market Segmentation, By Product
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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