The diabetes therapy and drug delivery devices are the innovative type of diabetic products which enhance the diabetic patients’ quality of life. The systems, like inhalable and oral insulin, assist to inject insulin into the body of the patient without triggering pain as well as decrease the possibility of skin irritation owing to recurrent needle usage.
The key factors contributing to the growth of the global diabetes therapy and drug delivery market include rise in incidence of diabetes across the world and increase in healthcare spending. Additionally, rising alertness regarding the advantages of advanced diabetes products is projected to drive the market growth. Development of reasonable products with lesser side-effects and existence of undiagnosed diabetic patients are anticipated to offer growth avenues during the forecast period. The advantages of utilizing these cutting-edging devices over traditional products, like painless method of insulin delivery and enhancement in medication adherence, and increase in the healthcare spending will further boost product demand, thereby propelling the market expansion.
The global diabetes therapy and drug delivery market can be segregated on the basis of demographic, product type, end-user, indication, and region. The market, on the basis of product type, is categorized into oral insulin, inhalable insulin, CGM systems, artificial pancreas, and insulin patches. The market, by demographics, is classified into child population (14 years) and adult population (>14 years). The market, on the basis of indication, is bifurcated into type 2 diabetes and type 1 diabetes. The market, on the basis of end-user, is divided into ICUs, diagnostics/clinics, and home healthcare.
Regionally, the global diabetes therapy and drug delivery market is governed by North America in terms of revenue owing to the elevated cognizance about the advantages of utilizing diabetes products over traditional products among the patient population. Asia Pacific is also poised to witness considerable growth during the forecast period due to rise in requirement for cutting-edge diabetic products, increase in healthcare spending, and high prevalence of diabetes. It has displayed fast-paced expansion, in terms of development and production of innovative diabetic products.
The prominent players in the global diabetes therapy and drug delivery market comprise Abbott Laboratories, Transdermal Specialties Inc., Medtronic, Inc., Sanofi, MannKind Corporation, Dexcom, Inc., Novo Nordisk, Johnson & Johnson, Medtech, Enteris BioPharma, Zosano Pharma Corp., Senseonics Holding, Inc., Eli Lilly and Company, Synertech, and Relmada Therapeutics, Inc. To cite, in Jan 2021, researchers at Nanyang Technological University, Singapore have built insulin nanoparticles that might someday become the foundation for an oral medicine, and a substitute to insulin injections for patients with diabetes.