Diabetes is a long-term disorder in which too much sugar accumulates in the blood. It has been linked to a variety of health issues, including heart disease, nerve damage, and renal illness. Cardiac disorders, nerve damage, renal disorders and the like.
Diabetes is a chronic health condition wherein excess sugar is deposited in the blood resulting in various conditions such as Diabetes mellitus, often known as type 1 and type 2 diabetes, is the most prevalent kind of diabetes. Type-1 diabetes is a condition where the immune response is compromised resulting in poor pancreatic cell production that produces insulin.
However, there are medications that can help diabetics control their disease and avoid problems. Diabetic pills, or oral medications, are the most frequent kind of diabetes medication. These drugs, known as glucose-lowering agents, assist diabetics in maintaining appropriate glucose levels.
Covid-19 Impact & Market Status
During the forecast period, the diabetic medicines market is predicted to rise at a faster rate. Some of the primary reasons predicted to drive the market during the forecast period are the rising cases of diabetes, the incidents related to cardiovascular diseases (CVDs), and the growing elderly population. The pandemic played a crucial role in the development of the diabetic pharmaceuticals industry since it accelerated the development of injectable drug delivery methods and topical treatments for diabetes treatment. Furthermore, the pandemic limited people's activity for an extended period of time, resulting in gain of fats, obesity, and other complications, which raised the number of diabetes sufferers worldwide. As a result, the diabetic medicines sector has expanded during the epidemic.
Availability of cheaply available insulin.
The availability of low-cost insulin is assisting the diabetic medications market to expand at a rapid rate. Currently, instances of diabetes have grown exorbitantly. Also, the number of young adults with diabetes has also risen. As a result, the need for diabetic drugs has increased. The cheap cost of insulin is one of the key reasons why the diabetes pharmaceutical market is expected to grow. Patients have more money to spend on other therapies, such as diabetes medicines, while the cost of insulin continues to reduce. The growing use of continuous glucose monitoring is also helping to fuel the rise of the diabetic drug sector.
Increase in the rate of drug approvals.
Diabetes is, as we all know, one of the most worrisome and alarming issues in the world. The continuous increase in the number of people with diabetes has led to a rise in the number of people being prescribed diabetes drugs. The number of new diabetes drugs being approved by the drugs regulatory authority in various countries has increased significantly in the last decade. This is due to growing knowledge of the necessity of blood sugar regulation, as well as improved understanding of existing medications' mechanisms of action.
North America to show dominance over the diabetes drugs market
The diabetes drugs market is one of the world's most profitable markets in recent times. North America dominates the market, accounting for about one-third of total market revenue. Some of the industry's greatest names, including Pfizer, Eli Lilly, and Merck, are headquartered in the region. North America is currently the market leader in diabetic medications, with the United States accounting for the lion's share. The US has emerged as the largest regional market for diabetes medications. This is primarily due to the fact that a large portion of the North American population suffers from diabetes at a young age. In addition, the government has been very supportive when it comes to the use of diabetic drugs as they're looking forward to eliminating diabetes. North America is followed by Asia Pacific in terms of the usage of diabetes drugs, but the main restraint is the lack of proper health infrastructure in the developing nation of Asia Pacific.
The diabetes drugs market is expected to be of worth USD 79 billion at a CAGR of 5.8% during 2019-2029.
Diabetes pharmaceuticals are medications that are used to treat various type of diabetes by lowering blood glucose levels in the body.
Diabetes is managed by various types of drugs and medicines that are administered typically through oral consumption, or intravenous and subcutaneous delivery. Throughout the projected period, the diabetes medicines market is predicted to increase.
There are a number of potential benefits associated with the use of diabetes drugs. The most common of these are to control blood sugar levels and to improve the ability of the pancreas to secrete insulin. These drugs can reduce the need for insulin injections and help to prevent the long-term complications of diabetes.
Diabetes is a disorder that inhibits patients to utilize blood glucose optimally. Diabetes is primarily caused by a lack of insulin, a hormone that assists the body's utilisation of glucose for energy. Diabetes manifests itself in a number of ways, and the prevalence of each is increasing at an alarming rate.
The rising incidence of diabetes among people all over the world is the primary driver of the diabetes medication market's expansion. This is mostly due to people's bad eating habits, which result in a rise in body fat, eventually leading to diabetes. The discovery and marketing of diabetes treatment drugs is another factor contributing to the rapid increase in the number of diabetics. One of the most frequent kinds of diabetes is type 2 diabetes, often known as adult-onset diabetes. Adult-onset diabetes occurs when the body's cells grow resistant to the actions of the hormone insulin, leading blood glucose levels to increase. Drugs used to treat Type 2 diabetes serve to restore the cells' sensitivity to the actions of insulin, so aiding in disease management.
The main factors which are driving the diabetes drugs market are government regulations, the prevalence of diabetes, and the availability of diabetes drugs. Many governments around the world are taking measures to reduce the prevalence of diabetes by promoting healthy lifestyles, such as a balanced diet and regular exercise. This, in turn, is helping to reduce the risk of the disease. One example of government regulation is the US government’s decision to approve the first ever generic drug for diabetes.
The key market players in the diabetes drugs market includes AstraZenca, Eli Lily & Company, Novo Nordisk, Sanofi, Biocon Limited, Ranbaxy Laboratories Limited, etc.
Major Developments in The Diabetes Drugs Market: A Snapshot
- There has been a lot of new technologies like CGM, introduced to monitor and treat the diabetes. The benefits of using such technologies are that the patient doesn’t need to prick their fingers. As a result, all these technologies have been an added advantage to the diabetes drugs market.
- The closed loop system in diabetes drugs uses the data from the medication to improve the monitoring and adjustments of the person’s blood glucose levels through the use of a variety of sensors. The sensor is paired with a smartphone app that allows the person with diabetes to input their current blood glucose readings and adjust the same automatically.
Diabetes Drugs Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 79 billion|
|Growth Rate||CAGR of 5.8 % during 2021-2028|
|Segment Covered||Type, Drug Class, Channel, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||AstraZenca, Eli Lily & Company, Novo Nordisk, Sanofi, Biocon Limited, Ranbaxy Laboratories Limited, etc.|
Key Segments of the Diabetes Drugs Market
- By Type
- Type 1
- Type 2
- By Drug Class
- By Channel
- By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa