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Global Diabetes Drug Market Research Report 2022: Size, Forecasts, Industry Trends, Share, Growth, Insight, Impact of COVID-19, Company Analysis 2021-2027
Global Diabetes Drug Market is estimated to reach US$ 82.92 Billion in 2027 from US$ 63.13 Billion in 2021, growing at a CAGR of 4.6%
Diabetes is a long-term condition indicated by high blood sugar levels. It is caused by a malfunction in the pancreas, which secretes insulin. Besides, diabetes is also referred to as diabetes mellitus. High blood sugar levels cause thirst, hunger, and frequent urination. Diabetes complications such as diabetes ketoacidosis, heart disease, stroke, and kidney failure are caused by a lack of treatment.
Diabetes is treated with insulin infusion therapy - diabetes medications aid in preventing complications and controlling blood glucose levels. Metformin, Actos, Avandia, Lantus subcutaneous, and invokana are medications used to treat type 2 diabetes. All medicines are taken orally except for insulin, exenatide, liraglutide, and pramlintide.
Diabetes drugs have been used more frequently in recent years as the prevalence of diabetes has increased across all age groups. Some of the critical elements driving growth in the diabetes drugs market include an aging population, technological advancements, and increased sales of novel drugs.
Besides, government initiatives to combat diabetes are fueling the growth of the diabetes drugs market. The high manufacturing costs of drugs and insulin devices, on the other hand, are limiting the development of the diabetes drugs market. Furthermore, a lack of public awareness about diabetes treatment impedes the growth of the diabetes drugs market.
Synopsis of COVID-19 Impact on the Global Diabetes Drug Market:
The appearance of COVID-19 had brought the world to a halt. The healthcare crisis had a far-reaching impact on businesses across industries. The pandemic underscored the importance of chronic disease management and its role in public health.
People with diabetes were at the highest risk of becoming infected with the virus. As a result, population healthcare systems have prioritized infrastructure consolidation to improve chronic disease care. As a result, the current drug market is boosted, encouraging R&D investments. Furthermore, increased public awareness aided patients in making more clinically informed decisions about the pharmacological therapies required.
Disease Type: Type 2 Diabetes Holds Prominent Position:
Remarkably, due to higher prevalence worldwide, type 2 diabetes contributes significantly to the diabetes drugs market. Furthermore, rising obesity rates, rising disposable income, and improved healthcare facilities are some of the key factors driving the growth of the diabetes type 2 segment. Meanwhile, type 1 diabetes is expected to follow the type 2 segment and rise rapidly during the forecast period.
By Therapy, the Market for Insulin Remains Dominant:
The demand for insulin remains dominant, owing to imperfect competition from biosimilars in the market and patients' lack of trust in biosimilars.
In addition, we have examined the sub-segments for the segments as mentioned earlier based on therapy. Precisely, (DPP) IV inhibitor, SGLT-2, Alpha Glucosidase Inhibitor, and Biguanide are Oral Drug sub-segments, Glucagon-like peptide (GLP) 1 agonist, and Amylin receptor agonist are Injection Drug sub-segments and Rapid - Acting Insulin, Long-Acting Insulin, and Premixed Insulin are Insulin sub-segments covered in our report.
The America Accounts for Lion's Share
America holds the lion's share in 2021 and is expected to maintain its dominance throughout the forecast period. This is primarily due to an increase in the diabetes population in the American region due to stress, unhealthy diets, and obesity. Besides, there are over million diabetes patients in the American region, and this number is expected to ascend in the forthcoming years, according to our analysis.
Furthermore, the growth of the diabetes drug market in this region is aided by favorable government reimbursement policies and advanced healthcare infrastructure. Aside from that, Asia-Pacific countries are expected to generate higher demand in the coming years, owing primarily to initiatives undertaken by local governments and health organizations to raise awareness about diabetes, drugs, and devices.
Competitive Landscape
The competition among the participants is high, as each is attempting to develop new drugs and offer them at competitive prices. Furthermore, players are expanding into new markets to increase their market share, particularly in emerging economies where demand exceeds supply.
The diabetes drugs market is relatively fragmented, with only major and generic players. The few significant players studied in our report include
6. Market Share - Global Diabetes Drugs Market 6.1 By Disease Type 6.2 By Therapy - (Oral, Injection, Insulin) 6.3 By Oral Drug 6.4 By Injection Drug 6.5 By Insulin 6.6 By Regions
7. Disease Type - Global Diabetes Drugs Market 7.1 Type 1 Diabetes Drug Market 7.2 Type 2 Diabetes Drug Market
