PORTLAND, Oregon and PUNE, India, April 20, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Next Generation Diabetes Therapy and Drug Delivery Market by Product Type, Demographic, Indication, End User, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2023," the global next generation diabetes therapy and drug delivery market accounted for $617 million in 2015, and is estimated to reach $9,673 million by 2023, registering a CAGR of 41.1% from 2016 to 2023. North America is the highest contributor in the next generation diabetes therapy and drug delivery market; however, Asia-Pacific is witnessing the highest growth rate.
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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.
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Rise in the number of diabetics 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, the increase in disposable income among the diabetic patients and technological advancement of next generation diabetic products areanticipated to fuel the market growth. The rise in healthcare expenditure in the developing countries, such as India and China, is expected to provide opportunities for market expansion. However, lack of awareness, less variability in products, and cost restrains in the developing regions are expected to hamper the market growth.
CGM system is a well-established product and dominates the market, attributed to the presence of a large patient base suffering from diabetes with highest share in 2015, and is anticipated to continue this trend in the future, in terms of revenue. Advantages of these systems as compared to conventional diabetic products are ease of usage and efficient & early detection of change in blood glucose levels, which are expected to boost the growth of this segment.
Diagnostics/clinics was the highest contributor and is anticipated to continue its dominance during the analysis period, and has accounted for about half of the share of the global market in 2015, due to the increase in procurement of the products from diagnostics and clinics by diabetic patients.
In 2015, North America displayed maximum contribution to the total revenue generated, while Asia-Pacific is expected to witness the highest CAGR of 50.2%, due to rise in disposable income, improvement in healthcare expenditure, and increase in adoption rate of advanced diabetic products.
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KEY FINDINGS OF THE NEXT GENERATION DIABETES THERAPY AND DRUG DELIVERY MARKET STUDY:
- Artificial pancreas segment is projected to grow at the highest rate during the analysis period.
- CGM system was the highest revenue-generating segment, and is expected to continue its dominance in future.
- North America dominated global next generation diabetes therapy and drug delivery market, and is projected to grow at a CAGR of 40%.
- India is expected to grow highest in the Asia-Pacific region, registering a CAGR of 51.1%.
- Diagnostic/clinic segment was the highest end user contributor towards the market during the analysis period.
According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, "The comfort and efficiency offered by next generation diabetes products is expected to attract the patients with higher purchasing power and fuel the innovations and market growth."
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The key companies profiled in the report include Abbott Laboratories, Medtronic, Inc., Sanofi, Novo Nordisk, MannKind Corporation, Enteris BioPharma, Dexcom, Inc., Senseonics Holding, Inc., Medtech, and Johnson & Johnson.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research