Australia ranked seventh within the world for the prevalence of type 1 diabetes in children and 6th highest for incidence. there's also the rising prevalence of particularly type 2 diabetes and rising cases of youngsters and adolescents who are now impacted by type 2 diabetes in Australia. Type 1diabetes typically happens at an early age, its a commonest sort of childhood diabetes although it can occur at any age. Over 1 million Australians are diagnosed with diabetes. Australia is dragging behind many western countries in providing affordable access to its people with diabetes to new, proven technologies like CGM and Insulin pen which will significantly improve the management of diabetes. Australia Diabetes Market is predicted to succeed in USD 2.44 Billion by the year 2025.
The prevalence of diabetes in Australia has skyrocketed 3 times to 4.2% over the last 25 years. Around 1 million people in the country suffer from diabetes and around 2 million have pre-diabetes. Of these, 11% have type 1 diabetes, 87% have type 2 diabetes and a couple of women have gestational diabetes. We estimate that approximately 3.4 million citizens will suffer from diabetes by 2030. This high progression rates in diabetes are often attributed to the expansion in the elderly population, increased life expectancy, obesity, sedentary lifestyle, unhealthy diet and high-stress levels. Further, factors like smoking and physical inactivity have led to an increased prevalence of both kinds of diabetes in young people.
However, various new technologies for diabetes management have helped reduce adverse events and risk of insulin pump (IP) malfunctioning. This has also promoted the acceptance and adoption of sophisticated products resulting in improved patient compliance and better management of diabetes.
The improvement in government initiatives has also fuelled the market growth. The Australian government provides approximately 70% reimbursements for glucose test strips under the Pharmaceutical Benefits Scheme (PBS). The Australian Institute for Health and Welfare (AIHW) reports that the amount of latest Insulin Pump Therapy (IPT) users increased from 107 to 140 per month during the amount from 2003 to 2010-pushing up the amount of IPT users to 10,510 in 2010. Increased affordability thanks to the Government's Insulin Pump Program (IPP), subsidized Insulin Pump Consumables (IPC) and personal insurance has contributed to the increased use of IPT over the past 10 years.
The market of Self Monitoring blood glucose Device, Continuous Glucose Monitoring (CGM) Device, Insulin Pump, and Insulin Pen are growing thanks to the rising awareness for diabetes in Australia. Diabetes care in Australia has reached a high level of quality, but there's still a chance for further improvement. Diabetes is related to an uncountable of complications that affect the eyes, feet, kidneys, and cardiovascular health. Besides, diabetes is ranked within the top 10 leading causes of deaths in Australia. Diabetes could be a massive challenge to the nation’s health and economy.
Australian Government has essential roles in maintaining access to affordable, high-quality devices and services to support people with diabetes in self-management and treatment. The Australian Government providing support to people with diabetes through the National Diabetes Services Scheme, the Pharmaceutical Benefits Scheme, the Insulin Pump Program, and Medicare. In 2019, Biocon and Mylan N V launched insulin glargine biosimilar Semglee, first insulin PBS in Australia. In 2019, TAL, a number one Australian life insurance specialist, has launched a specialized product to guard people with diabetes mellitus in Australia.
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