Portland, OR, May 21, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Next Generation Diabetes Therapy And Drug Delivery Market generated $1.25 billion in 2017 and is estimated to reach $9.67 billion by 2023, growing at a CAGR of 40.6% from 2018 to 2023. The report offers a detailed analysis of changing market trends, key investment pockets, major segments, geographical regions, and competitive scenario.
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Surge in prevalence of diabetes across the world and increase in expenditure on healthcare fuel the growth of the market. In addition, rise in awareness regarding the advantages of next-generation diabetes products supplements the growth. However, expensive nature and less variety in products restrict the market growth. Contrarily, the pace of ongoing R&D for creation of low-cost novel products having few side effects and potential in emerging countries open up new opportunities in the market.
Continuous glucose monitoring (CGM) systems segment to maintain its dominance by 2023
The CGM systems segment accounted for more than nine-tenths of the total revenue in 2017 and will maintain its dominance by 2023. This is due to various benefits including ease of usability and detection of levels of blood glucose. However, the insulin patches segment is projected to register the highest growth rate with a CAGR of 64.1% from 2018 to 2023, owing to benefits such as better control of levels of blood sugar and painless delivery. The report also explores inhalable insulin, oral insulin, and artificial pancreas.
Adult population segment to lead throughout the forecast period
Adult population (>14 years) segment accounted for the highest share of the market in terms of revenue in 2017. It is expected to lead throughout the forecast period, owing to the huge number of adult patients suffering from diabetes along with the large number of FDA approvals for needle-free devices required for adults. However, the child population (≤14 years) segment is expected to at the highest CAGR of 44.6% during the forecast period, owing to the increase in prevalence among child population, rapid ongoing R&D activities for drug delivery devices for children, and increase in demand for therapeutic devices.
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Leading market players
The key market players explored in the research include Abbott Laboratories, Medtronic, Inc., Sanofi, Novo Nordisk, MannKind Corporation, Enteris BioPharma, Dexcom, Inc., Senseonics Holding, Inc., Medtech, and Johnson & Johnson.
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