According to Renub Research’s latest report, “Australia Diabetes Market, Size, Forecast 2023-2028, By SMBG Device, Continuous Glucose Monitoring (CGM), Insulin Pen, Insulin Pump, and Company Analysis” the Australia Diabetes Market is estimated to reach US$ 5.96 Billion by 2028. Diabetes is the biggest epidemic of the 21st century and the most significant challenge confronting Australia’s health system. Diabetes is the seventh most common cause of death by disease in Australia. It rapidly appears as a leading cause of death among Australians due to the growing obesity rate, aging population, and increasing overweight and unhealthy lifestyle of Australian people. However, it is also the fastest growing of heart attacks, strokes, amputations, kidney failure, depression, dementia, and severe infections, all of which contribute to premature death.
Growing Prevalence of Type-2 Diabetes in Australia
The number of people with type 2 diabetes has increased in Australia. Around 1.4 million Australians are living with known, diagnosed diabetes (types 1 2), and an estimated 500,000 are living with silent undiagnosed type 2 diabetes. There are now almost one million adults in Australia with type 2 diabetes, according to the Australian Institute of Health and Welfare. Substantially higher frequency and the older age of its sufferers, type 2 diabetes kills many more people than type 1. Almost one in five people over 75 have diabetes. Additionally, in Australia, seven in ten have their feet checked at once a year, and three in ten check their glucose levels daily. However, both kinds of diabetes can shorten lives. In addition, increasing cholesterol, body weight, family history, and trouble sleeping primarily contribute to Type-2 diabetes.
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Australia Diabetes Market has Numerous Vital Activities:
- Leadership for diabetes – national advocacy, policy, campaigns, and communication to raise awareness of diabetes and its impact.
- Living with diabetes – supporting self-care and choice, promoting the best possible management of diabetes to help prevent complications, and supporting all ages and stages of diabetes. These activities cover type 1 diabetes, type 2 diabetes, gestational diabetes, and other diabetes.
- Preventing diabetes – promoting and developing prevention policies and programs for risk assessment, early detection, and prevention in high-risk populations (two million Australians are at high risk of developing diabetes) and at a whole-of-population level.
Insulin Pens will Drive the Australia Diabetes Market
The demand for insulin pens has increased considerably in the Australia Diabetes Market owing to the surge in the incidence of diabetic patients coupled with their cost-effective nature as compared to insulin pumps. Although the two most popular brands in Australia; NovoNordisk, which has six devices, and Lilly, which has one. People in Australia use pre-filled cartridges containing 300 units available for most insulin options.
The Pharmaceutical Benefits Scheme provides the equivalent amount of insulin when dispensed as disposable pens or reusable cartridges. People with type 1 diabetes inject insulin daily, up to 4 or 5 times per day. Due to their long-term cost-effectiveness, there will be an increase in demand for Insulin Pens in Australia. Other advantages, such as accuracy, better convenience, and the rising prevalence of diabetes, are driving Australia diabetes market growth. Therefore, leading Australian manufacturers focus on technological innovations and ease of use over conventional insulin pens.
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After Insulin Pens, CGM, SMBG, and Insulin Pump also accounted for the largest share of the Australian diabetes market due to favorable government policies and better infrastructure technologies, which contributed to this segment capturing the maximum share in such demand.
In January 2021, the National Diabetes Services Scheme (NDSS) Australia approved using the Dexcom G6 CGM device through the NDSS Subsidy Initiative if diabetes patients use a Tandem t: slim X2 insulin pump and meet the NDSS criteria.
Government Initiatives
The National Diabetes Service Scheme is an Australian Government initiative and has operated successfully. It provides universal access for all Australians with diabetes to subsidized diabetes products, information, education, and support services. In Feb 2020, the Australian government initiated USD 300 million Continuous Glucose Monitoring (CGM) (FreeStyleLibre flash glucose monitoring system) free access to eligible type-1 diabetes patients. All these initiatives will help in steady growth of Australia Diabetes Market.
Competitive Landscape:-
Australia Diabetes Market Companies include B. Braun Melsungen AG, Eli Lilly and, Company, Terumo Corporation, Becton, Dickinson (BD), Novo Nordiskpsomed AG, Medtronic, Insulet Corporations, Abbott Laboratories, DarioHealth Crop, Dexcom, Inc, Roche Diagnostic, Tandem Diabetes Care.
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Market Summary:-
- By Devices: – The Report covers the Australia Diabetes Market by devices from 4 viewpoints. SMBG (Test Strips Market, Lancet Market, Meter Market and Forecast, Blood Glucose (SMBG) Users and Blood Glucose Devices Reimbursement), CGM (Glucose Sensor Market, CGM Transmitter Market, CGM User, and Reimbursement Policies of CGM devices in Israel) Insulin Pump (Insulin Pump Market, Insulin Pump User, and Reimbursement Policies Insulin Pump) and Insulin Pen – (User, Types – Disposable, Reusable and Smart Insulin Pen, Insulin Pen Needle Market, Reimbursement Policies.
- The company report covers the Australia Diabetes Market from Three viewpoints.
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