Type 1 diabetes accounts for about 10-15% of all diabetes cases and is the main form of the disease in younger age groups in most developed countries. Its incidence varies by geography between over 24 cases/ 100,000 of the population under 14 in countries such as the US, UK, Northern Europe and Australia and 8-14 cases in much of Europe. It is a significant contributor to global healthcare costs, and the Organisation for Economic Co-operation and Development (OECD) estimated that the cost of treating and preventing diabetes and its consequences in 2010 was $345bn (IDF 2009).
The short and long-term health care costs associated with Type 1 diabetes were estimated to be $14.4 billion annually in 2010 in the USA alone. Any reduction in incidence, or even the severity of the disease, will result in a huge reduction in health care costs. By eliminating the disease, $433.5 billion of costs may be avoided in USA.
We estimate that the prevalence of Type 1 diabetes will rise from just over 3.1m in 2015 to over 3.5m in 2025 in USA alone. No detailed market/ pricing studies have been undertaken at this point, but the Company expects the market opportunity for the Vaccine could be in excess of $1 billion.