The adoption rate of insulin patch and artificial pancreas segments is expected to exponentially increase during the analysis period due to the advancement in technology, which helps to adjust the amount of insulin as per the blood glucose levels. The ongoing collaboration between biopharmaceutical companies and device manufacturers to come up with novel therapeutic systems is set to boost the market growth
Portland, OR -- (SBWIRE) -- 06/20/2018 -- Next Generation Diabetes Therapy and Drug Delivery Market by Product Type, Demographics, Indication, and End Users: U.S. Opportunity Analysis and Industry Forecast, 2014-2023," the U.S. next generation diabetes therapy and drug delivery market accounted for $446 million in 2015, and is estimated to reach $6,510 million by 2023, registering a CAGR of 33.0% from 2017 to 2023. Diagnostics/clinics is the dominant segment, accounting for a little less than half the share of the U.S. market in 2015.
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Next generation diabetes therapy and drug delivery devices are the advanced form of diabetic products that help improve the quality of life of diabetic patients. Oral and inhalable insulin introduces a different mode of insulin delivery in diabetic patients. As compared to injectable insulins, oral and inhalable insulin are painless mode of introducing insulin and reduces the risk of skin irritation due to needles. With the advancements in diabetes therapy systems such as insulin patches, CGM systems, and artificial pancreas, these devices can frequently detect the glucose levels and adjust the insulin levels that need to be used to manage the variation in glucose levels.
The market is expected to witness an exponential growth during the forecast period due to the benefits of using these advanced devices over conventional products and rise in the healthcare expenditure. Moreover, the availability of high disposable income and technological advancement of next-generation diabetic products help fuel the market growth. However, cost restraints among the low and middle-income population and less variability in products are expected to hinder the growth.
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As compared to other diabetic products, CGM system is a well-established market and dominates the next generation diabetes therapy and drug delivery market. This is attributed to the presence of a large patient base suffering from diabetes and advantages of using these systems as compared to conventional diabetic products such as ease of usage, and efficient and early detection of the change in blood glucose levels.
Among the end users, diagnostics/clinics is the largest contributor toward the market and is anticipated to continue its dominance during the analysis period. This is due to the increase in procurement of the products from diagnostics and clinics by diabetic patients.
Depending on demographics, the market is bifurcated into adult and child population. Adult population is the dominant segment that contributes toward the market growth as almost 90% of the diabetic population in the U.S. is above the age of 18 years.
The major companies profiled in the report include Abbott Laboratories, Echo Therapeutics, Inc., F. Hoffmann-La Roche Ltd., GlySens Incorporated, Medtronic Plc, Sanofi, Novo Nordisk, MannKind Corporation, Dexcom, Inc., and Senseonics Holding, Inc.
Other players in the value chain include Enteris BioPharma, Synertech, Zosano Pharma Corp., Relmada Therapeutics, Inc., Eli Lilly and Company, and Transdermal Specialties Inc.
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