The
diabetes drug market is a growing industry, as diabetes is a widespread chronic
disease affecting millions of people worldwide. Diabetes drugs are medications
used to control blood sugar levels in people with diabetes.
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 industry 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
Diabetes Drug Market players 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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