A new study released by GlobalData, a London-based market research and analytics firm, estimates that the global market for type 1 diabetes treatments will double in the next decade, from $6.6 Billion in 2013 to $13.6 Billion by 2023. The study uses data from the major global markets for type 1 diabetes and considers both existing and emerging treatments.
The size, profitability, and growth of the T1D treatment marketplace underscores the critical role and responsibility of both JDRF and the ADA versus Big Pharma. One main reason so many of us donate to JDRF and the ADA is to ensure funding and support for promising cure research projects, which might otherwise not receive backing because they seem too small or too disruptive to Big Pharma.
Highlights of the GlobalData study include:
- There are two main drivers of T1D market growth:
- Increase in the rate of new diagnoses. The study expects there will be a continued increase in the percentage of the population diagnosed with T1D in the major markets, which include the US, France, Germany, Italy, Spain, the UK, Japan, and Canada.
- Increase in the average annual cost of treatment in the US. The study projects that per-patient cost increases will be primarily driven by innovations in insulin.
- The US accounted for 74% of global revenue for T1D therapies in 2014, projected to rise to 78% by 2023.
- In the US the average price of insulin is “5-6 times greater than in other major markets,” according to the study.
- The study projects that no new drugs/treatments which might enable beta cell regeneration will enter the market in the next decade. Beta cell regeneration could be a key component of a Practical Cure.