TYPE 1 DIABETES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global type 1 diabetes market is estimated to be valued at USD 15.95 BN in 2024 and is expected to exhibit a CAGR of 6.2% during the forecast period (2024-2031). Type 1 diabetes is an autoimmune disease where the pancreas produces little or no insulin. It results from the destruction of insulin-producing beta cells in the pancreas. Insulin is a hormone that regulates blood sugar. Without insulin, glucose stays in the blood and cannot be used for energy. As a result, blood glucose (sugar) levels become high. Symptoms of type 1 diabetes include increased thirst, increased urination, weight loss despite increased appetite, blurred vision and tiredness. While there is no cure for type 1 diabetes, it can be managed through insulin therapy, diet, exercise, and self-monitoring of blood glucose levels. Global type 1 diabetes market consists of devices and therapeutics used for monitoring and managing blood glucose levels in type 1 diabetes patients.
Market Dynamics:
Global type 1 diabetes market growth is primarily driven by rising prevalence of type 1 diabetes across the world. According to Centers for Disease Control and Prevention press release published in November 2023, 1.7 million adults in 2021, aged 20 years or above which totals to 5.7% of all US adults with diagnosed diabetes reported that they have type 1 diabetes and use insulin. Increasing awareness regarding diabetes management and advanced monitoring devices are driving the market growth. However, high cost of insulin and other management therapies pose a major challenge to market growth. The improvements in continuous glucose monitoring devices enabled by new technologies provide lucrative opportunities for sustained market expansion.
Key Features of the Study:
Detailed Segmentation-
Table of Contents
*Browse 36 market data tables and 48 figures on "Global Type 1 Diabetes Market” – Global forecast to 2031
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