Diabetes Drug Market Share, Analysis By Application, Types, Region And Business Growth Drivers By 2032

0
478

The Diabetes Drug Market Outlook And Analysis By Type of Diabetes, By Drug Class , By End Users (Hospital & Clinics, Ambulatory Clinics) - Forecast to 2032

 

The global diabetes drug market is expected to expand in size and grow at a CAGR of 4.7% over the forecast period of 2023-2032, claims Market Research Future (MRFR) in a minutely analysed research report. The diabetes drug market has been growing continuously on account of steadily growing number of cases and prevalence of diabetes over the past few years. Sedentary lifestyle along with consumption of high-calorie food accentuates the prevalence of diabetes. Owing to the high incidence and progressive nature of the disease, there are substantial high unmet medical needs which drives the diabetes drug market. There is no ultimate cure for diabetes although a variety of drugs are available in the market for the treatment of diabetes. This encourages researchers and biopharmaceutical companies to conduct clinical trials and research for the development of an effective drug for diabetes. Increased R&D activities coupled with funding by various governments across the world boosts the growth of the market. Moreover, increased expenditure on healthcare too supports the growth of the market. Approvals of multiple new drugs by FDA aimed at curing diabetes also helps in the expansion of the market. Continued strong growth in the diabetes drug market is fuelled by a rise in the global geriatric population who are at more risk of acquiring diabetes. Essential medicines critical to the treatment of diabetes are often unavailable in low-income and middle-income countries. Lack of affordability and access to diabetes drugs such as insulin remains a key impediment to the growth of the market. Other impeding factors include complex drug approval process and difficulties in drug commercialization. The high cost of diabetic drugs prompts the use of generics which restricts the growth of the market. Lack of long-term efficacy of available drugs are also expected to be a potential hindrance to the market growth.

Segmentation

The global diabetes drug market has been segmented based on types, route of administration, drug class, and end user. By type, the market has been segmented into type-1 diabetes and type-2 diabetes. By route of administration, the market has been segmented into oral, intravenous and other. By drug class, the market has been segmented into insulin, sensitizers, SGLT-2 inhibitors, alpha-glucosidase inhibitors, secretagogues, peptide analogs and others. The sensitizer segment has been further segmented into thiazolidinediones and biguanides. The Secretagogues segment has been further segmented into sulfonylureas and non-sulfonylureas. By end user, the market has been segmented into hospital & clinics, ambulatory clinics and other.

Regional analysis

The key markets of the global diabetes drug market share include the Americas, Europe, Asia Pacific and the Middle East & Africa. The Americas is leading the global market for diabetes drug owing to a large diabetic patient population. High expenditure on healthcare coupled with increasing awareness regarding the treatment options available also boosts the growth of the market.  Europe is the second largest market for diabetes drug. Availability of funds for research and development drives the market in Europe. Asia Pacific is the fastest growing market for diabetes drug owing to the increasing patient population, rising expenditure on healthcare due to increase in disposable income and need for better treatment. The Middle East holds the majority share of the Middle East & Africa market on account of the presence of a well-developed healthcare sector and high expenditure on healthcare, however, the poor economic conditions prevailing in Africa is likely to limit the growth of the market.

Competitive Landscape

The notable players of the market include Eli Lilly (US), Abbott (US), Biocon (US), Sanofi (France), Merck & Co. (US), Daiichi Sankyo (Japan), Akros Pharma (US), Adocia (France), Takeda (Japan), Novo Nordisk (Denmark), AstraZeneca (UK), Sunpharma (India), Novartis (Switzerland), Pfizer (US), Boehringer Ingelheim (Germany),  Amgen (US), and Peptron (South Korea).

 

Industry Updates

              In July 2018, Sun pharmaceutical Industries reportedly recalled over 2500 bottles of Metformin Hydrochloride tablets from Arizona. The voluntary recall was initiated due to the presence of a foreign substance in one lot, and FDA has confirmed the news.

 

              In July 2018, Highmark Inc. announced an agreement with Boehringer Ingelheim for a diabetes drug, Jardiance. The deal will focus on comparing actual per member, per month medical and pharmacy costs of Jardiance.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Email: [email protected]

Search
Categories
Read More
Wellness
Navigating the Path to Settlement: Understanding the ILR Visa in the UK
For individuals seeking to establish a long-term presence in the United Kingdom, the Indefinite...
By Visa Simple 2024-04-04 13:06:58 0 402
Other
The Health Benefits of Switching to CBD Vape Over Nicotine
  As the world increasingly focuses on wellness and healthier lifestyles, many people are...
By Bobby Blast 2024-10-15 15:39:26 0 70
Other
Wearable Electrocardiogram (ECG) Monitors Market to Observe Utmost CAGR 23.9% by 2029, Size, Share, Demand, Key Drivers, Development Trends and Competitive Outlook
The Wearable Electrocardiogram (ECG) Monitors market research report, as published by Market...
By Kritika Patil 2024-08-08 09:27:51 0 67
Other
https://www.facebook.com/Joanna-Gains-Keto-Pills-104765798888843
Joanna Gains Keto Weight gain problems are currently an issue that is causing concern all over...
By John Son 2022-04-23 09:49:23 0 830