Worldwide Type 1 Diabetes Market Projected to Hit $9.9 Billion by 2033: Analysis
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New Delhi, Jan 2 (NationPress) The worldwide Type 1 diabetes market is anticipated to expand at a compound annual growth rate (CAGR) of 13.3%, rising from $2.2 billion in 2023 to $9.9 billion by 2033, according to a report released on Thursday.
The analysis by GlobalData, a data and analytics firm, indicates that growth will be particularly pronounced in seven major nations: the US, France, Germany, Italy, Spain, the UK, and Japan.
Within these nations, the US dominates the market, contributing to 80.4% of global sales in 2023 (equating to $2.2 billion). Projections suggest that it will capture an even larger market share during the forecast period, representing 91.6% of sales among the seven nations for Type 1 diabetes, amounting to $9.0 billion by 2033.
The anticipated growth in these regions is fueled by the expected launch of several late-stage pipeline products, including various immunomodulatory agents, throughout the forecast timeframe, as stated in the report.
“The rising preference for rapid-acting and ultra-rapid-acting insulin analogs, coinciding with the increasing use of insulin pumps, is projected to enhance patient outcomes by optimizing glycemic control,” remarked Sulayman Patel, a Pharma Analyst at GlobalData.
Research indicates that the significant number of prescribing physicians and patients have shown favorable attitudes towards using ultra-rapid insulin analogues, which is likely to propel the growth of the Type 1 diabetes market.
The late-stage pipeline for Type 1 diabetes includes several agents such as Eli Lilly’s insulin efsitora alfa, Novo Nordisk’s Awiqli (insulin icodec), Johnson & Johnson’s ustekinumab, Dompe Pharmaceuticals’ ladarixin, and Diamyd Medical’s vaccine for Type 1 diabetes.
Sanofi’s Tzield (teplizumab) is recognized as the sole approved disease-modifying therapy for Type 1 diabetes.
Approved by the FDA in November 2022, Tzield is the first treatment targeting the underlying mechanisms of the disease, effectively delaying the onset of stage 3 Type 1 diabetes in patients aged 8 and older.
The report anticipates that Tzield will receive approval in Europe and become the leading drug in the Type 1 diabetes market, with projected sales of $4.8 billion across the seven nations by 2033.
While the Type 1 diabetes market is poised for growth during the forecast period, it may encounter certain challenges that could hinder its expansion.
Potential obstacles to growth include the substantial financial burden associated with immunomodulatory agents, which may lead to insurance and reimbursement limitations affecting drug sales, as well as the high failure rates of clinical trials for developing disease-modifying therapeutics in the Type 1 diabetes sector.
The report forecasts that the increased adoption and introduction of additional immunomodulatory agents will result in significant market growth, with these agents expected to contribute to 63.5% of Type 1 diabetes sales by 2033, thereby driving overall market expansion in the Type 1 diabetes pharmaceutical landscape.
