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 trends. 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 trends 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 research report 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.
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