The Global Diabetes Drugs Market is expected to reach US$ 78,261.7 mn by 2026 owing to rising prevalence of diabetes the world over. Key insights into this growing market have been shared by Fortune Business Insights in its report, titled “Diabetes Drugs Market Size, Share and Global Trend By Drug Class (Insulin, DPP-4 Inhibitors, GLP-1 Receptor Agonists, SGLT2 Inhibitors), Diabetes Type (Type 1, Type 2), Route of Administration (Oral, Subcutaneous, Intravenous), Distribution Channel (Online pharmacies, Hospital Pharmacies, Retail Pharmacies) & Geography Forecast till 2026”.
Browse Complete Report Details @
The report comprehensively analyses the major factors that will influence the growth of the market. Diabetes is a chronic disease in which a person’s blood sugar or blood glucose gets too high. This glucose gets absorbed in the body through a hormone called insulin which is made in the pancreas. Insulin helps glucose enter the body’s cells, which, in turn, give the body energy to function.
When the body does not make enough insulin or fails to make any insulin at all, a person becomes diabetic. The disease has no cure and can cause major health problems with age. Diabetes drugs are the medication that an affected person has to consume to regulate her glucose levels.
Rising Number of Type 2 Diabetes Cases to Fuel the Market
Diabetes has various forms and the most prevalent ones include Type 1 (body fails to make any insulin), Type 2 (body does not make enough insulin), gestational (develops in pregnant women), and monogenic (rare genetic form of diabetes). Type 2 diabetes is the most common form of diabetes as it develops during middle age. The global diabetes drugs market is expected to grow considerably as Type 2 diabetes becomes even more widespread. Increasing sedentary lifestyle, rising stress levels, lack of exercise leading to obesity, and unhealthy food habits are the factors cited for the growth of the market.
Get Sample PDF Brochure @
North America Expected to Dominate the Market
North America is expected to hold a large chunk of the market share in the forecast period. This evaluation is based on the region’s revenue generation of USD 23,965.5 million in 2018. Moreover, rising prevalence of diabetes in the US is encouraging companies to develop novel and affordable drugs for the patients.
Growing awareness among the people regarding diabetes and anti-diabetic drugs in North America will aid growth of the global diabetes drugs market. North America is expected to be followed by Europe in terms of market share and revenue generation during the forecast period.
Some of the Main Key Players Covered in the Report
- Johnson & Johnson
- Bayer Pharmaceuticals
- Novo Nordisk
- Eli Lilly and Company
- Takeda Pharmaceutical Company Limited
- Boehringer Ingelheim
Undiagnosed Sections May Hinder Market Growth
The Centre for Disease Control and Prevention revealed that around 7.2 mn people in the US remained undiagnosed in 2017. The global diabetes drugs market may see restrained growth as a result, since a large number of people remain untapped.
However, as lifestyles get more sedentary and diagnostic methods get more advanced, the market is sure to gain momentum between 2018 and 2026 and register a CAGR of 6.1%.
Rising Demand for Insulin Treatments to Surge the Market
Insulin provides the one of the most efficient treatment methods for diabetes. As a result, there is a growing demand for low-cost insulin treatments, especially to combat Type 2 diabetes. The rapidly rising insulin segment is, therefore, expected to boost the global diabetes drugs market during the forecast period. This has also encouraged private and public investments in research and development, which, in turn, will accelerate market growth. For example, recently, a rapid-acting, low-cost insulin called Lispro was launched in its generic form by Eli Lilly and Company in the US.
Market Competition Set to Intensify
Key players are increasing their investments in research and development activities and launching new products to maintain their competitive edge. For example, in July 2019, the National Institute for Health and Care Excellence cleared Forxiga for treating Type 1 diabetes in England and Wales. The drug has been developed jointly by Bristol-Myers Squibb and AstraZeneca. The global diabetes drug market is expected to grow as a result.
Fortune Business Insights identifies some key players in the market which include Johnson and Johnson Services, Eli Lilly and Company, AstraZeneca, Novartis AG, Novo Nordisk A/S, Boehringer Ingelheim International GmbH, Sanofi, and a few others.
More Trending Topics from Future Business Insights: