Rising Prevalence of Type 2 Diabetes Is Propelling the Global Diabetes Drugs Market at 6.50% of CAGR During the Forecasting Years 2019-2027
“According to the new market research report published by Inkwood Research, the Global diabetes drugs market is propelling at a CAGR of 6.50% during the forecasting years.”
“Browse 22 market Data Tables and 33 Figures spread over 172 Pages, along with an in-depth TOC on global diabetes drugs market forecast 2019-2027.”
The diabetes drugs can be classified according to their mechanism of action as insulin-tropic or noninsulin-tropic. They can be employed into monotherapy or in combinatorial therapies. They are supposed to be used with caution as they can cause serious harm to patients with moderate or severe renal failure or other significant illness. Improvement policies for reimbursement, higher occurrence of type 1 diabetes and the availability of devices with better affordability are expected to proliferate the adoption of diabetes drugs in the present as well as the future scenario.
Progress of the insulin delivery devices: key market driver
The anabolic peptide hormone, Insulin, is translated and secreted from the beta cells located in the pancreas and it primarily promotes the storage of carbohydrates, amino acids and fat globules in the liver, skeletal muscle and adipose tissues. The development of insulin delivery devices such as a syringe, an injection pen, or an insulin pump will raise the adoption of treatment through Insulin among the increasing number of patients diagnosed with diabetes. Needle phobia, needle safety, development of finer needles and pre-filled insulin devices will also influence their demand, leading to an increased life expectancy of individuals with diabetes.
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Type 2 Diabetes: The key area of development reaping huge revenue in the diabetes drugs market
Diabetes is a metabolic group of diseases characterized by the chronically elevated levels of blood glucose, of which the more common form is the Type 2 diabetes. It has a strong and significant association with inactive lifestyles coupled with obesity. The symptoms lie in insulin resistance and pancreatic β cell dysfunction that results in relative insulin deficiency. Physical exercises and a strict diet can curb the conditions associated with type 2 diabetes. On top of that, the development of novel treatments for this disorder that are available and the growing public awareness as a result of promotions and incentives are expected to propel the diabetes drugs market with respect to type 2 diabetes.
North America is contributing significantly to the global diabetes drugs market
The North American diabetes drugs market is anticipated to grasp the largest market share by the end of 2027. The high obesity rate and accumulative diabetic patients are responsible for the higher demand of the diabetes drugs in the region. The United States is the highest contributor of revenue to the regional market of diabetes drugs which can be reasoned to the availability of reimbursement programs that provide therapies related to diabetes treatment. The enactment of various norms and policies for the development and studies of anti-diabetic drugs is also responsible for impelling the market progress.
Notable players in the global diabetes drugs market
Divac’s Inc., Albireo Pharma Inc., Merck, Xeris Pharmaceuticals, Astellas Pharma, Xoma Corp., AstraZeneca, Glaxosmithkline, Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Pfizer, Macrogenics, Inc., Braun Melsungen AG.
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