The report titled Global Diabetes Drugs Market covers definition, applications, classification, value chain structure and market performance by key leading countries/regions. In a detailed research methodology – wise, the Diabetes Drugs analysis with various aspects corresponding to the Globally Diabetes Drugs Market.
In further, the Diabetes Drugs Market includes drivers, restraints, threats, opportunities, trends, geographical/regional Diabetes Drugs markets, and competitive landscape.
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The global diabetes drugs market is expected to register a CAGR of around 7% during the forecast period of 2018–2023. Diabetes or diabetes mellitus, describes a group of metabolic diseases in which the person has high blood glucose (blood sugar), either because insulin production is inadequate, or because the body’s cells do not respond properly to insulin, or both. Patients with high blood sugar will typically experience polyuria (frequent urination), they will become increasingly thirsty (polydipsia), and constant hunger (polyphagia). Diabetes is a chronic metabolic disease wherein the body is either not able to produce insulin (Type-1) or is not able to utilize the generated insulin (Type-2). This elevated sugar level leads to various symptoms such as increased thirst, weight loss, high appetite, frequent and sweet smelling urination. If untreated, diabetes can cause various acute and chronic life-threatening complications.
Rising Prevalence of Diabetes
Diabetes is one of the most malignant diseases of the 21st century. WHO predicts that diabetes would be the seventh most leading cause of death by 2030. Prevalence of diabetes increased from 108 million in 1980 to 422 million in 2014. The rising prevalence of diabetes in the United States is the most influencing factor driving the market for diabetes drugs. 9.3% of the population of the United States, i.e., 29.1 million is diabetic. While 21 million of them have been diagnosed, 8.1 million remain undiagnosed. Statistics prove that one in ten individuals in the country has diabetes and a rise in this trend is expected to take the situation to one in three by 2050 (according to the Center for Disease Control and Prevention). Therefore, the demand for various diabetes-related devices is expected to increase in the United States. High prevalence of diabetes is witnessed Mexico as well, where a population of 11 million suffered from diabetes in 2015 (according to the International Diabetes Federation). With the increase in the diabetic population, the need and demand for diabetes drugs is expected to increase globally. The other factors, such as better adoption than other therapies and government initiatives are driving the diabetes drugs market.
High Cost of Diabetes Medications
Drugs for diabetes are rather expensive for a large segment (middle class or lower middle-class) of diabetic patients. While there are only few moderately priced-generic drug available such as Metformin drugs, all the other drugs that are more effective, are costly and have fewer side-effects. These drugs are beyond the purchasing capabilities of a majority of the diabetic population. Therefore, the market for new brand of drugs is hampered due to customer preference for generics over the branded drugs.
Due to the high-cost constraint, a large chunk of the diabetic population in the United States has been taking generic drugs over the past few years. In 2014, spending on diabetes drugs in the United States, per person, was more than any traditional medication. Moreover, over half the prescribed drugs in this class were generics. Another cost concerning factor is seen in the insulin market. Insulin, which was invented in 1921, is preferred by many. However, there is no generic version of the drug yet in the market. While it is considered as a classical medication for diabetes, it is unaffordable for many people, which would eventually hinder the growth of the global diabetes drugsmarket. The other factor, such as regulatory framework and adverse reaction to medications is also hindering the growth of the market.
United States Leads the Market in North America
In 2017, the United States diabetes drugs market held the largest market share in North America due to the presence of high quality healthcare system and increasing prevalence of diabetes in this region. In the Asia-Pacific sector, China and India have been identified as potential emerging markets due to the rising diabetic population in this region.
Top Players of Diabetes Drugs Market are listed below:
- Abbott Laboratories
- Johnson & Johnson
- Merck & Co.
- Novo Nordisk
- Eli Lilly and Company
- GlaxoSmithKline PLC
- Bayer AG
Reasons to Purchase the Report
Geographically, this Global report majorly split into several regions, covering
- North – South America
- Asia – Pacific
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The Diabetes Drugs Report provides the landscape and growth with the product lifecycle over the coming years, market space, market opportunities, market risk, the market overview of the Diabetes Drugs. It explains the gap between supply and consumption, tables and figures, SWOT analysis of the leading enterprises in the Diabetes Drugs Report. Further, the Diabetes Drugs Report is examined for price, cost and gross. Additionally, it provides a valuable source of suggestions and direction for enterprises and individuals who are taking part in this market.
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