Market Trends of New Zealand Insulin Drugs and Devices Industry
Rising diabetes prevalence
Type-1 diabetes has an unknown specific origin, whereas type-2 diabetes is brought on by daily lifestyle decisions and adjustments. Compared to ten years ago, the prevalence rate of type-2 diabetes has quadrupled. Over the past 20 years, type 1 diabetes mellitus (T1DM) has become much more common. This rise in frequency is largely attributable to the rise in obesity, which is the main risk factor for T1DM. Diabetes is one of the chronic diseases with the fastest growth rate in the US. One of the top three nations with a high incidence of diabetes in India. Based on lifestyle choices, numerous reports and surveys have shown a sharp rise in the population of people with diabetes.
Healthcare services in New Zealand are frequently separated into "primary care" and "secondary care." Most people often attend primary care as their first source of care. Typically, this is your family doctor or general practitioner. Although patients are required to pay for this service, those with low incomes frequently qualify for a discounted cost. In New Zealand, all children under the age of six can see a doctor without paying a fee. GP visits typically cost between NZ 45 and NZ 55, depending on the physician. There is no extra fee for visitors from other nations for a GP visit. After seeing their physician, patients may be referred to secondary care, typically considered specialized treatment. Specialist diabetes, specialist eye, specialist renal, and hospital services are just a few examples of the services typically managed out of the major hospitals. Patients can request a referral to specialized diabetic services if they are having any issues with their diabetes or, in some cases, if they use insulin for their diabetes. Although the expert services are free, some diabetes doctors also have private practices.
Insulin Drugs segment Expected to Witness Highest Growth Rate Over the Forecast Period
The Insulin Drugs are expected to grow with a CAGR of more than 4% in the market during the forecast period.
The Ministry of Health helped the New Zealand Society for the Study of Diabetes (NZSSD) release type 2 diabetes management guidelines recently, and they state that while the Special Authority criteria for empagliflozin and dulaglutide ensure access for those at high risk of cardiovascular and renal disease, the funding restriction is not entirely consistent with best practice. Public hospital departments offer free treatment for any complications or problems associated with diabetes. Except for New Zealand, the available therapeutic alternatives are comparable to those in every other developed country.
The types of diabetes medications sold in New Zealand are regulated by a government agency called Pharmac. As a result, New Zealand cannot access several pharmaceuticals that are supplied elsewhere. Nevertheless, there is frequently a medicine on the market that is almost identical. You can get insulin and practically all diabetes treatments in New Zealand. Novo Nordisk and Eli Lilly, the leading insulin producers, each has a wide range of goods available in New Zealand. Two widely available very short-acting insulin analogs are Novo Nordisk NovoRapid and Eli Lilly Humalog. Medication costs are the same throughout New Zealand. In New Zealand, each prescription medication will set you back USD 5.00. The roll-out of many new products, increasing international research collaborations in technology advancement, and increasing awareness about diabetes among people are expected to boost the market.
