PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628892
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628892
Next generation diabetes therapy and drug delivery market size was valued at USD 9,820.32 Million in 2023, expanding at a CAGR of 14.29% from 2024 to 2032.
Next-generation diabetes therapy and drug delivery aim to improve the management of blood glucose levels through advanced, less invasive methods. These include oral and inhalable insulin, insulin patches, continuous glucose monitoring (CGM) systems, and artificial pancreas technologies. By reducing the need for needles, these innovations minimize pain and skin irritation, offering patients more convenient, effective, and comfortable solutions for managing their diabetes and adjusting insulin levels based on real-time glucose data.
Next Generation Diabetes Therapy and Drug Delivery Market- Market Dynamics
Growing prevalence of diabetes to propel market demand
The rising global prevalence of diabetes is driving demand for innovative therapies. Besides, urbanization, unhealthy diets, and reduced physical activity are contributing to the growth of the next-generation diabetes therapy and drug delivery market. However, high costs and regulatory challenges may hamper the market growth. On the contrary, development of affordable, low-side-effect products and the large population of undiagnosed diabetic patients present significant growth opportunities for the market. Furthermore, developments in continuous glucose monitoring (CGM) and insulin patches are improving diabetes management, making treatments more efficient and less invasive.
Next Generation Diabetes Therapy and Drug Delivery Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.29% over the forecast period (2024-2032)
Based on product type segmentation, CGM systems was predicted to show maximum market share in the year 2023
Based on indication segmentation, Type 2 diabetes was the leading segment in 2023
Based on demographic segmentation, adult population (>14 years) was the leading segment in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Next Generation Diabetes Therapy and Drug Delivery Market is segmented on the basis of Product Type, Indication, Demographic, End User, and Region.
The market is divided into five categories based on product type: oral insulin, inhalable insulin, CGM systems, insulin patches, and artificial pancreas. The CGM systems sector dominates the market. This can be attributed to the benefits of these systems over traditional diabetes products, including user-friendly features and the ability to detect changes in blood glucose levels more quickly and efficiently.
The market is divided into two categories based on indication: Type 1 diabetes and Type 2 diabetes. The type 2 diabetes sector dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the prevalence of type 2 diabetes owing to by increasing urbanization, poor diets, and sedentary lifestyles.
Next Generation Diabetes Therapy and Drug Delivery Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Driven by the growing demand for more effective and less invasive diabetes management, companies are focusing on innovative solutions such as oral and inhalable insulin, insulin patches, and continuous glucose monitoring systems. Manufacturers are increasingly investing in research and development to create non-invasive, user-friendly products. Strategic partnerships, collaborations with tech firms, and acquisitions of specialized startups are helping companies enhance their product portfolios and accelerate the commercialization of next-generation therapies.
In June 2024, AstraZeneca received approval for its Farxiga (dapagliflozin) for improving glycaemic control in pediatric patients aged 10 and older with type-2 diabetes. This approval follows positive results from the T2NOW Phase III trial, marking a significant development in pediatric diabetes treatment. Farxiga was previously approved for adults with type-2 diabetes.