The Global Diabetes Market is Majorly Boosted by Burgeoning Diabetic Population. As per the Analysis of Market Research Future (MRFR), the Global diabetes Drugs Market is Expected to Expand at a CAGR of 6.38% over the Forecast Period of 2020-2023.
Diabetes Drug Market – Overview
Diabetes is spreading at an alarming rate, and it is estimated that the prevalence of diabetes will double in the coming years. As per the research estimates of the International Diabetes Federation in 2016, almost 420 million adult population were suffering from diabetes, and the number is lily to go up at a rate of 8.4% by 2040. A number of drugs are available in the market for the treatment of diabetes although no treatment can cure it totally.
Various industry players are investing heavily in R&D to come up with a complete cure for the condition. The prevalence of diabetes can be attributed to lifestyle, smoking, obesity, stress and unhealthy dietary habits which have resulted in a steep surge in the number of affected people. Genetic predisposition is also a vital factor that can lead to the occurrence of the diseases in spite of countermeasures. Rise in the geriatric population, changes in food pattern and a substantial increase in smoking population have resulted in a high incidence rate of diabetes which generate high demand for diabetes drugs.
Combination therapy is the standard line of treatment for diabetes where a number of oral drugs are prescribed to control the disease. In case where oral drugs are adequately effective, injectable insulin therapy is adopted. Diabetes Drugs Market Size are associated with various side effects which include weight gain, anemia, fluid retention, respiratory infection, and others. There is a huge unmet need for new drugs with novel mechanisms of action to provide more effective treatment and less-severe side effect profile. New drugs are increasingly being added to the portfolio of various industry players which is being supported by a rise in the number of FDA approvals. A high number of clinical trials are going to develop a potent drug which could act as a cure for the diseases, and a significant number of oral drugs are currently in the late stage of development which could take the global diabetes drugs market ahead in the coming years. Other factors supporting the growth of the market include raising awareness regarding the disease, government programs for raising awareness among patients, and high investment in R&D activities.
On the other hand, the market growth might be deterred by high costs of diabetes drugs which are not affordable by lower income group, long approval process for drugs and stringent regulations.
Peptron (South Korea), Biocon (US), Amgen (US), Abbott (US), Akros Pharma (US), Daiichi Sankyo (Japan), Novartis (Switzerland), Takeda (Japan), Eli Lilly (US), Merck & Co. (US), Adocia (France), Boehringer Ingelheim (Germany), AstraZeneca (UK), Sunpharma (India), Pfizer (US), Novo Nordisk (Denmark), and Sanofi (France) are the key players in the global diabetes drug market.
March 2020- Zydus Cadila, a pharmaceutical manufacturer, announced that it has received tentative approval from the Us Food and Administration for selling its oral diabetes drug Sitagliptin and Metformin. The combination drug can be used to treat type 2 diabetes and would be available 50 mg, 100 mg, and 1000 mg doses.
The global diabetes drug market has been segmented based on type, route of administration, drug class, and end user.
By type, the global diabetes drug market has been segmented into type-1 diabetes and type-2 diabetes.
By route of administration, the global diabetes drug market has been segmented into oral, intravenous and other.
By drug class, the global diabetes drug market has been segmented into insulin, sensitizers, alpha-glucosidase inhibitors, SGLT-2 inhibitors, secretagogues, peptide analogs, and others. The secretagogues segment has been further segmented into sulfonylureas and non-sulfonylureas.
By end user, the global diabetes drug market has been segmented into hospital & clinics, ambulatory clinics and other.
By region, the global diabetes drug market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
A substantial pool of diabetic patients, a high number of obese people, changing lifestyle, and high healthcare expenditure is motivating the growth of the market. Moreover, surging awareness among people regarding diabetes management and the availability of superior drugs fuel the market growth.
Europe is the second largest market for diabetes drug. High smoking population, availability of funds for research and development along with government support are factors driving the market growth in Europe.
APAC is the fastest growing market for diabetes drugs. The increasing base of the diabetic population, increasing healthcare expenditure and elevation in the level of awareness are factors fostering market growth.
The MEA market accounts for the smallest share of the global market. Poor economic conditions, especially in the Africa region has restrained the growth of the market. The market growth in the Middle East is spurred by developed healthcare sector and high healthcare expenditure.
Browse Complete Premium 80 Pagers Research Report Enabled with 76 Respective Tables and Figures at https://www.marketresearchfuture.com/reports/diabetes-drug-market-1160
Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Phone: +1 646 845 9312
Email: [email protected]