The diabetic therapy and drug delivery systems are utilized to enhance the insulin adherence in patients with diabetes to decrease the possibility of complications associated with abrupt variations in the levels of blood sugar. Innovative diabetic therapy such as continuous glucose monitoring systems (CGMS), insulin patches, and artificial pancreas assists in enhancing controlling of blood sugar levels and decreasing the threat of any diabetic-linked complications.
The key factors contributing to the growth of the global diabetes therapy and drug delivery market consist of the rise in incidence of diabetes across the global and the increase in healthcare spending. In addition, the rising attentiveness regarding the advantages of diabetes products like enhancement in drug adherence and painless mode of insulin delivery are also anticipated to surge the market demand during the years to come. Further, existence of undiagnosed diabetic patients across the world and the development of cost-effective solutions with fewer side-effects are projected to offer several prospects for the market growth during the forecast period. Moreover, the rise in disposable income and rising count of elderly population will also fuel the growth of the market.
The global diabetes therapy and drug delivery market can be bifurcated on the basis of demographic, end-user, product type, and geography. The market, by product type, is diversified into oral insulin, inhalable insulin, CGM systems, insulin patches, and artificial pancreas. The market, by demographics, is classified into child population (14 years) and adult population (>14 years). The market, by indication, is categorized into type 2 diabetes and type 1 diabetes. The market, by end-users, is segmented into ICUs, diagnostics/clinics, and home healthcare.
Regionally, the global diabetes therapy and drug delivery market was dominated by North America with highest market share in terms of revenue. Further, Asia Pacific is anticipated to witness considerable growth rate within the market during the forecast period on account of the rise in need for cutting-edge diabetic products, increase in healthcare spending, and high prevalence of diabetes. Also, it has observed fast-paced expansion in terms of development and production of innovative diabetic products.
The players active within the global diabetes therapy and drug delivery market comprise Medtronic, Inc., Abbott Laboratories, Novo Nordisk, Sanofi, Enteris BioPharma, MannKind Corporation, Senseonics Holding, Inc., Dexcom, Inc., Johnson & Johnson, Medtech, Zosano Pharma Corp., Synertech, Eli Lilly and Company, Relmada Therapeutics, Inc., and Transdermal Specialties Inc. To cite, in early October 2020, Dexcom and Eli Lilly declared a joint initiative for the US healthcare providers that comprises novel, rapid-acting Lyumjev mealtime insulin pen of Lilly and G6 continuous glucose monitoring (CGM) systems of Dexcom.