High Prevalence of Diabetes is Driving the Global Diabetes Drugs Market at 6.50% of CAGR by 2027
“According to a new market research report published by Inkwood Research, “the Global Diabetes Drugs Market is proliferating at 6.50% of CAGR over the estimated years of 2018-2026.”
“Browse 22 market Data Tables and 33 Figures spread over 190 Pages, along with an in-depth TOC on Global Diabetes Drugs Market forecast 2019-2027.”
Diabetes mellitus also commonly referred to diabetes, metabolic morbidity that is responsible for increasing the sugar level in the blood. In this condition, the body reacts by either making inadequate insulin or improper usage of insulin. If the condition is not treated with care, it can further lead to damage to various organs such as eyes, kidneys, nerves, and others. According to the International Diabetes Federation (IDF) estimate, in 2015, more than 415 million adults were diagnosed with diabetes worldwide, and the number is expected to reach 642 million by 2040.
There is a high demand seen for diabetes drugs across the globe. One of the prime reason is the increase in the development of drugs that are safe, effective, easily available, provide long term relief, and affordable and cost-effective. In addition, the rise in the incidences of type-1 diabetes, improvement in reimbursement policies and availability and affordability of drugs are proliferating the market growth significantly. The market for diabetes drugs is bifurcated based on diabetes class and product class.
The incidence of diabetes has been skyrocketing, especially among children and young adults. A recent study has depicted that the calculation of early-onset of diabetes among teenagers has risen to double. This emergence is attributable to a couple of factors, including the adoption of western culture that led to an alteration in the food habits, decrease in day to day activity, and restrictive work ambiance. It has also been seen that obesity is one of the prime reason for Type II diabetes in adults and Type 1 in children below the age of 14 years. The risen obesity rates is caused by sedentary lifestyles and unhealthy diets. Also as per International Diabetes Federation (IDF) findings and with a similar result from repute organization such as WHO, CDC, NHS, etc., it is stated that diabetic population is expected shoot over 552 million by 2030 across the globe.
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Insulin delivery devices demand has been anticipated to be rising in the Diabetes Drugs Product Class market with its effective benefits such as providing better control to the diabetic people over their blood glucose levels. The price for syringes and insulin pens is minimal, enabling users to opt it as the first choice devices. However, the expensive price of insulin jet injectors and insulin pumps is negatively backing the adoption of this market. Insulin pumps and jet injectors also demand specific maintenance, which burdens the patients with additional expense. Nevertheless, the positive result in the progression of insulin pumps has introduced innovative products in the market, offering personalized insulin delivery as per specific requirements.
North America dominates the global diabetes market in terms of revenue share in the year 2018. The market in the region is driven based on key drivers such as the existence of diabetic population, obesity and efforts to decrease the duration of clinical trials by the US government. The United States is the highest contributing country in the North America market revenue. It holds the largest share in the regional market due to the easy accessibility and availability of therapies, aided by the reimbursement programs. This has resulted in a pool of diabetic patients opting for treatment, which propels the market growth at a rampant pace.
The top giants operating in the market are Novo Nordisk A/S, Glaxosmithkline, Eli Lilly And Company, Astellas Pharma, Diavacs Inc., Merck, AstraZeneca, Macrogenics, Inc., Braun Melsungen Ag, Xeris Pharmaceuticals, Xoma Corp., Sanofi, Pfizer and Albireo Pharma Inc.
It has become critically essential for the company players to shift their attention towards research and development, as it is a primary factor to back their sustenance in the global market. However, the high cost with regards to R & D and strict government regulations for the launch of any new drugs in the market are acting as a huge barrier to the operating companies in the market. Despite the above restrictive circumstances, the market is witnessing a pipeline of new entrants due to focus on healthcare cost-cutting and allowance to early introduction of low-cost drugs. This, in turn, poses a big threat for the old companies and create a lucrative opportunity for the new pharmaceutical companies.
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