Next Generation Diabetes Therapy and Drug Delivery Market Expected to Reach $28.0 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Next Generation Diabetes Therapy and Drug Delivery Market," The Next Generation Diabetes Therapy and Drug Delivery Market size was valued at $7.1 billion in 2020, and is estimated to reach $28.0 billion by 2030, growing at a CAGR of 14.28% from 2021 to 2030.  Next generation diabetes therapy and drug delivery devices are used to check the blood glucose levels and deliver insulin into the body. Next generation diabetes drug delivery systems, such as oral and inhalable insulin, help introduce insulin into the patient’s body without causing pain and reduce the risk of skin irritation owing to frequent use of needles. Advancements in diabetes therapy systems, such as insulin patch, continuous glucose monitoring (CGM) system, and artificial pancreas, are frequently used to detect the glucose levels and adjust the insulin levels to manage the change in glucose levels.

The major factors that impact the growth of the Next Generation Diabetes Therapy and Drug Delivery Market trends include rise in number of diabetic patients and the benefits of using advanced diabetic devices, such as artificial pancreas and insulin patches over conventional products. In addition, increase in disposable income among the diabetic patients and technological advancement of next generation diabetic products, further boost the growth of the market. Furthermore, rise in healthcare expenditure in the developing countries, such as India and China, is expected to offer profitable opportunities for the growth of the market during the forecast period. However, lack of awareness, less variability in products, and cost restrains in the developing regions are expected to hamper the market growth.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The Next Generation Diabetes Therapy Market also declined in 2020 due to factors such as a decline in diabetes services, reduced access to specialists, treatment interruption, delays and disruption in clinical trials and disrupted supply chain and challenges. However, the market is anticipated to witness recovery in 2021, and show stable growth for next generation diabetes therapy and drug delivery market in the coming future.

The next generation diabetes therapy and Drug Delivery Industry market is segmented based on product, demographic, indication, end user, and region. On the basis of product, it is bifurcated into inhalable insulin, oral insulin, insulin patches, CGM systems, and artificial pancreas. The CGM systems dominated the global market in 2020, and is expected to remain dominant during the forecast period, owing to advantages of these systems as compared to conventional diabetic products, such as ease of usage and efficient & early detection of change in blood glucose levels.

On the basis of demographic, the market is classified into adult population (>14 years) and child population (≤14 years). The adult population segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in prevalence of diabetes in adult population due to unhealthy lifestyle.

On the basis of indication, the market is segmented into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment dominated the global market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to increase in cases of type-2 diabetic due to increase in urbanization, unhealthy diet, and reduced physical activity.

By end user, the market is segregated into diagnostics/clinics, ICUs, and home healthcare. The diagnostics/clinics dominated the global market in 2020, and is anticipated to continue this trend during the forecast period, owing to increase in procurement of the products from diagnostics and clinics by diabetic patients.

According to Onkar Sumant, Manager, Healthcare at Allied Market Research, “rise in the number of diabetic patients and the benefits of using advanced diabetic devices, such as artificial pancreas and insulin patches over conventional products, are expected to boost the growth of next generation diabetes therapy and drug delivery market. Furthermore, increase in disposable income among the diabetic patients and technological advancement of next generation diabetic products are anticipated to fuel the market growth.”

KEY FINDINGS OF THE STUDY

• On the basis of product, the CGM system held largest share in the global market in 2020.
• On the basis of demographic, the adult population held the largest market share in 2020 and is expected to remain dominant during the forecast period.
• On the basis of indication, the type-2 diabetes segment held the largest share in the global market in 2020
• By end user, the diagnostic/clinics segment held the largest market share in 2020 and is anticipated to continue this trend during the forecast period.
• Region-wise, North America is expected to experience growth at the highest rate, registering a CAGR of 13.23% during the forecast period.

The North America market was dominant, in terms of revenue among other regions in 2020, owing to rise in the number of diabetic patients, high adoption rate of next generation diabetic products and emergence of more advanced products, presence of major key players, and development in technology for healthcare in the region.

On the other hand, Next Generation Diabetes Therapy and Drug Delivery Market growth in the Asia-Pacific region was the third-largest contributor in the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to rise in R&D for the advancement of diabetic products in the countries of Asia-Pacific, growth in healthcare expenditures, and increase in awareness about the benefits of using next generation diabetic products, such as better management of blood glucose level.