Alternatives for Injectable Diabetes Care Market
Number of pages: 100 | Report Format: PDF | Published date: May 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 4.68 billion |
|
Revenue Forecast in 2031 |
US$ 10.28 billion |
|
CAGR |
9.3% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global alternatives for injectable diabetes care market was valued at US$ 4.68 billion in 2022 and is expected to register a revenue CAGR of 9.3% to reach US$ 10.28 billion in 2031.
Alternatives for Injectable Diabetes Care Market Fundamentals
The alternatives for injectable diabetes care include a range of devices and technologies that aim to reduce the need for injections in diabetes management. Insulin pumps are one such option; they deliver insulin through a tiny catheter inserted beneath the skin. These devices offer real-time glucose readings, allowing patients to modify their diet, exercise routines, and medication. Researchers are also looking into cutting-edge innovations like oral and inhalable insulin, which may offer more options for injectable diabetes treatment. These options give diabetic patients more convenience and flexibility in controlling their condition, which can increase adherence to therapy and produce better health results.
This report is a crucial tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth alternatives for injectable diabetes care market forecast to the industry stakeholders.
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Alternatives for Injectable Diabetes Care Market Dynamics
One of the main factors driving the alternatives for injectable diabetes care market growth is the rise in diabetes prevalence, which has increased demand for less invasive, more patient-friendly treatment choices. According to the International Diabetes Federation, a total of 537 million individuals (20-79 years old) worldwide have diabetes. By 2030 and 2045, there will be 643 million and 783 million people worldwide living with diabetes, respectively, with three out of every four adults living in low- and middle-income nations. Also, the article published by the University of Colorado Denver, states that an estimated 150–200 million individuals worldwide rely on insulin therapy for their health. In addition, technological developments have made it possible to create fresh and creative alternatives to conventional injectable diabetes treatment, including oral drugs, the insulin that may be inhaled, and transdermal patches, which not only showed effective treatment but also help to get rid of the adverse effect of regular injectable insulins. The demand for more affordable solutions and rising healthcare expenditures have also fueled this market's growth. The availability of substitutes for injectable diabetes care and rising knowledge and education about the significance of diabetes control has further aided in the market's expansion. The market for alternatives to injectable diabetes treatment is mostly driven by the shifting demands and tastes of patients, healthcare professionals, and payers.
However, to ensure the safety and effectiveness of new products, there is a significant demand for in-depth research and development in the market for alternatives to injectable diabetes care. Also, regulatory restrictions and the complicated reimbursement structure can be major roadblocks to the alternatives for injectable diabetes care market growth.
Alternatives for Injectable Diabetes Care Market Ecosystem
Alternatives for injectable diabetes care Market, by Product
Alternatives for injectable diabetes care Market, By End User
Alternatives for Injectable Diabetes Care Market By Product
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The insulin pumps accounted for the largest revenue share of the global market in terms of alternatives for injectable diabetes care market forecast. According to a report by Medtronic, around the world, 300,000 people use insulin pumps. A recent physician survey study has revealed that Europe uses much fewer pumps than other continents: only 1.3% of type 1 diabetics in the U.K. use pumps, compared to 20% in the U.S. Europe has limited access to pump therapy, with usage rates of just 1.2% in Italy and less than 5% in France. Accordingly, an American type 1 diabetic is up to 15 times more likely than a patient in Europe to have access to a pump. Patients who use insulin pumps receive a continuous and individualized insulin dose, which can help them maintain better glucose control and lower their risk of hypoglycemia. In addition, insulin pumps provide more comfort and flexibility compared to conventional injection techniques, enabling patients to continue their insulin regimen while performing regular activities. Additionally, due to technological developments, insulin pumps have become more sophisticated and user-friendly, which has enhanced patient uptake. As manufacturers concentrate on creating new, cutting-edge solutions to fulfill the changing needs of consumers and healthcare professionals, the insulin pumps category is anticipated to maintain its market dominance in the years to come.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as product, end user, and region. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps identify potential alternatives for injectable diabetes care market growth opportunities.
Alternatives for Injectable Diabetes Care Market By Region
Based on the regions, the global alternatives for injectable diabetes care market are segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
According to the analysis of alternatives for injectable diabetes care market overview, North America accounted for the largest revenue share of approximately 38% globally. The high prevalence of diabetes and insulin use in North America has created a favorable environment to maintain alternatives for injectable diabetes care industry trends. According to CDC, In the United States, 37.3 million people, which is 11.3% of the U.S. population, have diabetes. Moreover, according to the article published in Health Affairs, over 30 million Americans have diabetes, and more than 7 million require daily insulin, which consumes at least 40% of their available income. This increased healthcare expenditure has increased demand for non-invasive and more patient-friendly treatment options, such as insulin pumps and oral medications. As such, increasing diabetes and insulin uptake in North America will continue to drive the adoption of alternative injectable diabetes care solutions in the coming years.
Based on the regions, the global alternatives for injectable diabetes care market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding alternatives for injectable diabetes care market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Alternatives for Injectable Diabetes Care Market Competitive Landscape
Multiple companies across the globe are investing in raising awareness and new product launches, which is expected to improve the alternatives for injectable diabetes care market outlook. Notable market participants account for the largest portion of the global alternatives for injectable diabetes care market size include
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats, keeping in mind the alternatives for injectable diabetes care industry trends.
Alternatives for Injectable Diabetes Care Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Alternatives for injectable diabetes care refer to non-invasive and patient-friendly treatment options for managing diabetes, such as insulin pumps, inhalable insulin, and oral medications.
North America has the largest alternatives for injectable diabetes care market size during the forecast period from 2023 to 2031.
The global alternatives for injectable diabetes care market is expected to grow with a revenue CAGR of 9.3% during the forecast period from 2023 to 2031.
Lack of awareness about the newly introduced devices is the major challenge hampering the growth of the global alternatives for injectable diabetes care market.
The major strategies key market players adopt involve strategic partnerships and collaborations to expand their market reach and capabilities.
The increased prevalence of diabetes is the major driving factor necessitating the use of alternatives for injectable diabetes care.
Key players in the Alternatives for injectable diabetes care market are Valeritas, Inc., Ypsomed AG, Insulet Corporation, F. Hoffmann-La Roche Ltd., Tandem Diabetic Care, Inc., and Cellenovo.
Increased demand for alternative injectable insulins with greater success rates and improvement in patient outcomes are the major growth opportunities in the global alternatives for injectable diabetes care market.
Insulin pumps have the largest alternatives for injectable diabetes care market size during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain