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Diabetes Drugs Market to Touch US$ 58.4 Billion by 2025, Says TMR
ALBANY, New York, June 19, 2019 /PRNewswire/ -- According to projections from the TMR analysts, the global diabetes drugs market is prognosticated to exhibit a healthy 3.6% CAGR between the forecast duration 2017 to 2025. At this rate, the market is predicted to be worth US$58.4 bn by 2025, rising from an estimated US$43.1 bn in 2016.
The Type 2 diabetes segment accounts for important sales of the global diabetes drug market among the distinct kinds. The high incidence of type 2, owing to sedentary lifestyles and obesity in all age groups is attributed to this situation. Geographically speaking, North America dominates the worldwide market for diabetes drugs because of unhealthy nutritional habits that lead to the region's elevated incidence of diabetes.
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Changing Lifestyle to Trigger Diabetes Drugs Market
The increased revenue per capita is leading to a sedentary lifestyle, in turn leading to a high incidence of obesity, a major cause of diabetes. The growing inclination to physical inactivity increases diabetes incidence and the demand for diabetes drugs in turn increases. This is due to the increase in the diabetes market in medicines. Diabetes drug markets are driven by the increasing incidence of diabetes in both advanced and developed countries. WHO reports that 422 million individuals worldwide suffered from diabetes. WHO has also indicated that 1.5 million individuals died from diabetes in 2012, boosting market growth during the forecast period. The rising incidence of diabetes is fuelling the demand in the global diabetes drug market to a large extent.
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Novel Industry Developments Boost Diabetes Drug Market
The demand for diabetes medicines led to significant research and development progress, including in 2017, the US healthcare firm Novo Nordisk A / S, with more than 90 years of diabetes innovation, introduced Xultophy, (an insulin degludec and liraglutide mixture) as a supplement to exercise and diet to enhance the type 2 diabetes mellitus glycemic control in adolescents. The WHO reports that 422 million individuals around the globe suffer from diabetes.
Patent expiry and exclusivity of drugs can however, during the forecast period, restrict the market of branded medicines. The existence of a robust product pipeline further fuels the global diabetes drug market.
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Personalized Medicine to Emerge as Key Market Trend
The growing use of personalized medicines is a significant trend anticipated to develop traction patterns in the diabetes drug market. Custom medicine is an evolving idea for treating illnesses, which includes specific information on a certain patient and then a therapy for the patient. A personalized medicine strategy to diabetes is likely to benefit from previous measures to avoid or treat disease using genetic screening tests. In the next few years, this trend could boost the augur well for the development of the global diabetes drug market.
The global diabetes drug market is projected to experience a healthy growth forthcoming years, according to a Transparency Market Research (TMR) study. The global market for diabetes drugs is presently fragmented with a large pool of market suppliers, which fosters palpable competition.
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In future the rivalry in the diabetes drug market is anticipated to amplify, with vendors' growing intent on capturing market shares. The focus is on the presentation of an innovative product. For instance, in association with JRDF, Biocon India recently developed the world's first oral insulin. The established participants adopt policies such as the development of strategic alliances, and mergers and acquisition to gain traction in the global diabetes drug market. Prominent players in the global diabetes drug market are Boehringer Ingelheim GmbH, Sanofi, Bayer AG, Novo Nordisk A/S, and Merck & Co.
This review is based on TMR's report titled, "Diabetes Drugs Market (Therapy - Glucagon-like Peptide-1 (GLP-1) Agonist, Dipeptidyl-peptidase-4 (DPP-4) Inhibitors, Sodium Glucose Co-transporter 2 (SGLT2) Inhibitors, and Insulin; Disease Type - Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, Impaired Glucose Tolerance and Impaired Fasting Glycaemia; By Distribution Channel - Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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